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#1957222 - 08/26/14 11:27 PM Definition of Insider
*W*W* Offline
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Looking for a definition of an Insider. Will someone point me in the right direction? Not finding it in the Exam Manual.
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#1957224 - 08/26/14 11:38 PM Re: Definition of Insider *W*W*
Xian Ngyuen Offline
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SEC Rules 10b5-1 and 10b5-2 might help. Generally it is someone who possesses material non-public information.

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#1957235 - 08/27/14 12:02 PM Re: Definition of Insider *W*W*
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Without knowing the context, we're guessing. However, if you mean for the purposes of SAR filing:

...directors, officers, employees, agents or other institution-affiliated parties

If the person works for your bank in almost any context, he or she is an "insider" for the purposes of identifying and reporting "insider abuse."
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#1957236 - 08/27/14 12:06 PM Re: Definition of Insider *W*W*
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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And if you go to the FDIC Act, the definition of institution affiliated party is:

(u) INSTITUTION-AFFILIATED PARTY.--The term "institution-affiliated party" means--
(1) any director, officer, employee, or controlling stockholder (other than a bank holding company or savings and loan holding company) of, or agent for, an insured depository institution;
(2) any other person who has filed or is required to file a change-in-control notice with the appropriate Federal banking agency under section 7(j);
(3) any shareholder (other than a bank holding company or savings and loan holding company), consultant, joint venture partner, and any other person as determined by the appropriate Federal banking agency (by regulation or case-by-case) who participates in the conduct of the affairs of an insured depository institution; and
(4) any independent contractor (including any attorney, appraiser, or accountant) who knowingly or recklessly participates in--
(A) any violation of any law or regulation;
(B) any breach of fiduciary duty; or
(C) any unsafe or unsound practice,
which caused or is likely to cause more than a minimal financial loss to, or a significant adverse effect on, the insured depository institution.
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#1957440 - 08/27/14 05:19 PM Re: Definition of Insider *W*W*
*W*W* Offline
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Posts: 835
Thanks, everyone!
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