What does Ethiopian law say about insider trading?

The Capital Market Proclamation makes it illegal to abuse the market, and insider trading is the clearest example. “Inside information” (Article 93) is information that is specific or precise, has not been made public, and would likely have a material effect on a security's price if it were. An “insider” (Article 94) is anyone holding such information — for instance a director, employee or shareholder of the issuer.

Article 95 prohibits a person with inside information from trading in the affected (“price-sensitive”) securities, from encouraging someone else to trade in them, or from improperly passing the information on.

The Proclamation also empowers ECMA to police market manipulation and other unfair practices and to set penalties — the legal backbone of the fair, orderly and transparent market ECMA is required to maintain.