A subsidiary of X Enterprises is registered with the London Stock Exchange and another subsidiary with the New York Stock Exchange. X Enterprises is an energy company that has planned on heavily investing in two simultaneous untested photovoltaic projects in a week’s time through its subsidiaries in the United Kingdom and United States. Dr. Y is a technical consultant for both projects and holds 5% shares of both subsidiaries. The CEO of X Enterprises shares the date when the projects would be made public with Dr. Y. The day prior to this, Dr. Y sells all of his shares in the two subsidiaries, and the day the two projects are declared, the price of the each share drops by 0.5% in the New York Stock Exchange and 0.0001% in the London Stock Exchange. The securities regulatory agencies in both the United States and United Kingdom seek to prosecute Dr. Y on receiving a complaint from the CEO of X Enterprises. Do you think Dr. Y would be held liable for insider trading? Discuss.