Insider Trading Bill Would Clarify, Expand Years Of Case Law

By Bridget Moore, Brendan Quigley and Joseph Perry (December 11, 2019, 5:17 PM EST) -- On Dec. 5, by an overwhelming 410-13 majority, the U.S. House of Representatives passed the Insider Trading Prohibition Act. While still subject to Senate approval, the passage of the ITPA in the House is significant because it shows wide, bipartisan approval for codifying — and potentially broadening — the prohibitions against insider trading.

The ITPA would bring clarity to certain aspects of insider trading law, but it would also expand the current prohibitions on insider trading, and potentially broaden the circumstances in which the U.S. Department of Justice and the U.S. Securities and Exchange Commission may prosecute insider trading.

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