Bipartisan House Bill Seeks Stricter SEC Insider Trading Rules
Law360 (January 18, 2019, 9:29 PM EST) -- A new bipartisan bill introduced by House Committee on Financial Services leadership on Friday seeks to curb insider trading by calling for the U.S. Securities and Exchange Commission to explore amendments to its corporate insider rule.
Financial Services Committee Chair Maxine Waters, D-Calif., and Ranking Member Rep. Patrick McHenry, R-N.C., authored the Promoting Transparent Standards for Corporate Insiders Act, under which the SEC would look at changes to the agency’s Rule 10b5-1, the committee said.
Rule 10b5-1 allows insiders — company executives and major investors — to set up a trading plan for their stock and lets major holders sell a...
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