SEC's White Says Agency Mulled Insider Trading Ban

Law360, New York (March 24, 2015, 6:58 PM EDT) -- U.S. Securities and Exchange Commission Chairwoman Mary Jo White said Tuesday that the agency has considered whether it should write a rule to explicitly ban insider trading, addressing lawmakers in the wake of a Second Circuit decision that raised the bar to convict those who trade on nonpublic information.

Responding to a line of inquiry from U.S. Rep. Jim Himes, D-Conn., over whether the SEC would welcome congressional legislation defining and explicitly banning insider trading, White said that crafting an insider trading rule would be “challenging to codify” and, perhaps more interestingly, that the commission itself has considered whether it should...

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