eTrade 2011 Annual Report Download - page 203
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Treatment of Inside Information
I
nside information is Proprietary or Confidential information about a securities issuer that is subject to special E*TRADE
p
olicies.
POLICY ON THE TREATMENT OF INSIDE INFORMATION
Definition of Inside Information
“Inside information” (also called material non-public or price-sensitive information) is defined under federal, state and other
j
urisdictional laws as non-public information about a securities issuer (e.g., a public company) that may have an impact on the price
of a security or other financial instrument or that a reasonable investor would be likely to consider important in making an investment
decision. Inside information may include but is not limited to, the following:
Consider all facts and circumstances in determining whether an item is Inside information. Contact the Legal or Compliance
Department if you have any questions as to whether an item is, or may be, Inside information.
Prohibited Uses of Inside Information
As an E*TRADE employee, you may not trade, encourage others (including family, friends, co-workers or any others) to trade, or
recommend securities or other financial instruments based on Inside information. In most jurisdictions, securities laws require those
with Inside information about a securities issuer to refrain from disclosing such information to others and to desist from trading in or
recommending the purchase or sale of securities or other financial instruments based upon such information. It is a violation of
E*TRADE policy and, in certain instances, the law, for insiders to communicate Inside information to others, and it is
25
•
financial or business information (for example, non-public company earnings information or estimates, dividend increases or
decreases, li
q
uidit
y
p
roblems or chan
g
ed
p
ro
j
ections);
•
operating developments (for example, new product developments, changes in business operations or extraordinary management
develo
p
ments or lar
g
e increases or decreases in orders); or
•
proposed corporate transactions or reorganizations (for example, proposed or agreed mergers, acquisitions, divestitures, major
investments or restructurin
g
s).