Xxxxxxx Xxxxxxx Laws. By participating in the Plan, you expressly agree to comply with Cigna’s Securities Transactions and Xxxxxxx Xxxxxxx Policy and any other of its policies regarding xxxxxxx xxxxxxx or personal account dealing applicable to you. Further, you expressly acknowledge and agree that, depending on your country of residence or your broker’s, or where the Shares are listed, you may be subject to xxxxxxx xxxxxxx restrictions and/or market above laws which may affect your ability to accept, acquire, sell or otherwise dispose of the Shares, rights to the Shares (e.g., the Units) or rights linked to the value of the Shares, during such times you are considered to have, “inside information” or similar types of information regarding Cigna as defined by the laws or regulations in the applicable country. Local xxxxxxx xxxxxxx laws and regulations may prohibit the cancellation or amendment of orders you place before you possessed such information. Furthermore, you may be prohibited from (a) disclosing such information to any third party (other than on a “need to know” basis) and (b) “tipping” third parties or causing them otherwise to buy or sell securities (including other employees of Cigna or any of its Subsidiaries or Affiliates). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Cigna policies. You expressly acknowledge and agree that it is your responsibility to comply with any applicable restrictions, and you should consult your personal advisor for additional information on any trading restrictions that may apply to you.
Xxxxxxx Xxxxxxx Laws. Xxxxxxx xxxxxxx occurs when an actor with access to non-public information uses that information to trade corporate securities. Non-public information is typically ascertained via a trader’s position inside of a firm – as a director, manager or majority shareholder with greater access to firm operations – where they may have special knowledge of unannounced takeover bids, upcoming earnings reports, or any other information that may impact the value of their shares. There are several reasons, both substantive and methodological, why xxxxxxx xxxxxxx makes a useful policy domain for my purposes. First, xxxxxxx xxxxxxx highlights the distributional conflict at the heart of the political competition over investor protection. By definition, not every trader has equal access to non-public information; only certain actors enjoy a unique advantage. When xxxxxxx xxxxxxx is banned, information traders – traders who invest in knowledge of publicly available information – can profit from the informational advantage gleaned from their research. When xxxxxxx xxxxxxx is allowed, however, insiders will routinely beat information traders in the market, thereby undermining those traders’ material incentives to participate in securities trading (Goshen and Parchomovsky, 2001, summarized in Beny 2005, 2007). In so doing, unchecked xxxxxxx xxxxxxx depresses the value of shares held by shareholders that are not privy to insider information, regardless of whether they are engaged in active trading. The distributional consequences of xxxxxxx xxxxxxx are not confined to information traders and other minority shareholders. Xxxxxxx, Xxxxxxxxx and Xxxxx (2005) demonstrate that analyst following – a proxy for the degree of investor interest in a firm – increases after the enforcement of an xxxxxxx xxxxxxx ban, particularly in emerging markets. Similarly, Bris (2005), Bhattarchaya and Douak (2000) and Xxxx (2005, 2007) all find that xxxxxxx xxxxxxx laws increase stock market liquidity. By reducing the expected returns for outside holders of securities and thereby lowering the demand for corporate securities by outside investors, allowing unfettered xxxxxxx xxxxxxx increases firms' cost of capital (ex. Beny 2005; Xxxxxxxxxxxx and Xxxxx 2002). This has welfare implications for entrepreneurs in countries without an effective ban on xxxxxxx xxxxxxx who are less able to raise new funds on capital markets, the public who has an implicit interest in a healthy capital market and its ability to ...
Xxxxxxx Xxxxxxx Laws. Each Holder agrees that it will not sell, transfer or otherwise dispose of Registrable Securities in a manner contrary to applicable securities laws. A period in which one or more Holders are prohibited from selling, transferring or disposing of Registrable Securities pursuant to such laws shall not be deemed a Delay Period for the purposes of this Agreement.
Xxxxxxx Xxxxxxx Laws. Partner must comply fully with applicable xxxxxxx xxxxxxx and securities Laws governing transactions in Xxxx securities. If Partner possesses or has access to material, nonpublic information about Xxxx, Partner must use that information solely for the purpose for which it was provided to Partner. Partner may not use that information to trade in Xxxx securities and Partner may not provide the information to others so they can trade in Xxxx securities.
