Rules prohibiting or criminalizing insider trading on material non-public information exist in most jurisdictions around the world (Bhattacharya and Daouk, 2002), but the details and the efforts to enforce them vary considerably. In the United States, Sections 16(b) and 10(b) of the Securities Exchange Act of 1934 directly and indirectly address insider trading. The U.S. Congress enacted this law after the stock market crash of 1929.[2] While the United States is generally viewed as making the most serious efforts to enforce its insider trading laws,[3] the broader scope of the European model legislation provides a stricter framework against illegal insider trading.[4][5] In the European Union and the United Kingdom all trading on non-public information is, under the rubic of market abuse, subject at a minimum to civil penalties and to possible criminal penalties as well.[5] UK's Financial Conduct Authority has the responsibility to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.