Bharara Task Force Calls On Congress To Ban Insider Trading

Law360 (January 27, 2020, 4:22 PM EST) -- A task force led by former U.S. Attorney Preet Bharara on Monday called on Congress to pass clear and concise insider trading legislation, saying in a report that a bill recently passed by the House of Representatives gets partway there.

The group, which includes Southern District of New York Judge Jed Rakoff and several former enforcement officials, was formed in 2018 to consider fixes or alternatives to the current regime, under which insider trading is typically charged as fraud under Section 10(b) of the Securities Exchange Act.

The law does not currently prohibit insider trading outright, but has been interpreted to...

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