Rakoff Urges Securities Bar To Write Insider Trading Law

Law360, New York (March 1, 2017, 8:36 PM EST) -- U.S. District Judge Jed S. Rakoff urged securities lawyers on Wednesday to write a statute prohibiting insider trading, lamenting that enforcement of what is now judicially-created law has grown complicated and uncertain.

Judge Rakoff focused on the complicated enforcement of American insider trading law in a speech on Wednesday at the New York City Bar’s annual Securities Litigation Institute, telling attendees that the U.S. has fallen behind foreign regulators in jurisdictions like Europe that have a straightforward insider-trading statute on the books.

“The United States, by failing to recognize, unlike most other developed countries, that a meaningful effective straightforward, simple ban...

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