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Except that the shareholders would be out millions of dollars. Dollars that the perfidious CEO can now use to hire an army of lawyers and legislators to ensure that the shareholders never see a cent and that he never goes to jail. Also why would you expect the CEO's trades to be "subject to regulatory reporting" if the regulations no longer exist? Wasn't removing them the whole point of this exercise?
Even on just the civil side, large shareholders can bring class action civil suits on behalf of all shareholders who wish to join in, and the pockets of large shareholders can be far deeper than those of a given CEO. The SEC can do so as well alongside or in the absence of shareholder lawsuits. This already happens in our current world.
Nope, as I explicitly mentioned, the exercise just involved flipping the legality of insider trading. While a lot of compliance and regulatory reporting requirements were originally motivated by insider trading concerns, they can exist in the absence of insider trading being a criminal act.
In any case, in countries like the States, there are a lot of laws and regulations concerning corporate officer behavior, fraud in general, and securities fraud where insider trading is far from a load-bearing pillar, to the extent insider trading is even a consideration much less a pillar.
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