How STOCK Act Could Restrict 'Political Intelligence'

Law360, New York (January 18, 2012, 4:26 PM EST) -- Last month, the Senate Homeland Security & Governmental Affairs Committee passed the "Stop Trading on Congressional Knowledge Act," or "STOCK Act"[1] and the House Financial Services Committee held hearings on similar legislation.[2] The primary purpose of this act is to close a loophole in the law that may allow members of Congress to legally trade securities based upon nonpublic "political intelligence." However, the legislation could have significant, perhaps unintended, consequences for investment advisers and those in the financial services industry.

The current Senate and House versions...
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