From Boardroom to Courtroom: Episode 8: Shadow Insider Trading

Sy Lorne, Senior Advisor and former Vice Chair and Chief Legal Officer at Millennium Management as well as a former General Counsel of the SEC, joins the show for a wide-ranging conversation on the evolution of securities enforcement from the inside out. The headline topic is shadow insider trading — the SEC’s push to extend liability to trades in economically related securities, what Panuwat actually changed, and how a major hedge fund builds compliance around the doctrine. Sy also walks through what he’s seen across his career at the SEC, Salomon Brothers, Munger Tolles, and now on the buy side, including how enforcement priorities really get set and what stays constant from one administration to the next.