Bermuda last week passed the Criminal Code Amendment Act 2004, which makes market manipulation and insider trading criminal offenses for the first time in the jurisdiction.
The legislation newly passed by the Senate imposes fines of up to $100,000 and a five year jail sentence for market manipulation, and a seven year custodial sentence and $175,000 fine for those found guilty of insider trading.
The government explained that the new laws were put in place following reviews of the financial services sector conducted by the International Monetary Fund (IMF) and the UK government.
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