Insider Trading and Prediction Markets
At Insmed, employees are required to comply with all insider trading laws. It is against the law and a violation of Insmed’s Insider Trading Policy to: (1) trade in the securities of Insmed or any of our business partners if your decision to trade is based on material nonpublic information; or (2) provide tips for anyone else to trade based on material nonpublic information or otherwise misappropriate such information. Serious fines and
penalties to both individuals and Insmed can result from violations of insider trading laws.
We also place restrictions on our employees’ ability to participate in prediction markets — online platforms where you buy or sell event contracts that pay out based on the outcome of a future event, whether or not such contracts are technically “securities.” It is a violation of our Insider Trading Policy to enter into an event contract where the subject is: (1) Insmed, its securities, or anything related to Insmed; or (2) any other company when you are aware of confidential information about such company obtained through your position at Insmed.
When in doubt, please refer to the full text of the Insider Trading Policy.
How we do it
- We prohibit the use of material nonpublic information for personal benefit or the sharing of this information with anyone, even family members.
- We train employees on Insmed’s Insider Trading Policy.
Did you know?
Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, hold, or sell securities, or if the facts would have been viewed by the reasonable investor as having significantly altered the “total mix” of information made available. Both positive and negative information may be material. Material information is “nonpublic” if it is not generally known or available to the public. Some categories of information that are particularly sensitive and reasonably likely to be considered material include:
- Quarterly or annual earnings information and guidance
- Significant developments regarding products or product candidates, including significant clinical trial results or regulatory developments
- Changes in senior management
- New strategic directions for Insmed
- News of a merger or an acquisition or financing events
If you have any questions or concerns, please consult the Insider Trading Policy or reach out to a member of the Legal department.
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