Judy: Hello, thanks for calling the Translation Ethics Hotline, this is Judy, how may I help you?
Trench: Hi, I’m in a bit of a quandary here. You see, lately I’ve been getting nothing but joint venture contracts, partnership agreements, bills of sale, that sort of thing.
Judy: I see.
Trench: And, well, it makes me wonder how the stock market’s doing.
Judy: The stock market?
Trench: Yeah. You see, if I get all these contracts and glowing stock analyses and whatnot, doesn’t that mean that the stock market’s going to get better?
Judy: I guess so, sure.
Trench: And if I just happen to have some capital lying around that I need to invest, and I just happen to invest it in some equity funds because I see things are improving in the business community…
Judy: Uh-huh.
Trench: Well, I guess my question is: does that qualify as insider trading?
2 comments:
I guess, it all depends on how deep *inside* you have penetrated the business establishment ... :-O
According to BAFin, translators who translate texts containing "price-sensitive" information are primary insiders. This means not only that listed companies outsourcing such texts directly to translators must add them to the register of insiders they're now required to maintain, the translators, too, must maintain a register of customers for whom they've translated texts containing price-sensitive information, together with details of the texts (date received/returned, title). If an agency is involved, that agency also has to maintain a register. These registers must contain quite a lot of personal information, BTW. The BAFin has the right to conduct an on-site inspection of any party (including translators) it suspects of having illegally exploited inside information.
When we asked the BAFin for clarification and guidance on what precisely the obligations of translators are, they told us "We just do banks and financial services providers, so you're on your own. But you're certainly primary insiders, so you'll have to be very, very careful". Great, innit...
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