Securities,
Corporate
Dec. 13, 2019
Insider trading bill passes milestone
On Dec. 5 the House passed a bipartisan bill that for the first time expressly prohibits illegal insider trading. The Insider Trading Prohibition Act, which passed by 410-13, both clarifies and expands the scope of illegal insider trading.
Jared L. Kopel
Senior Counsel
Alto Litigation PC
Email: jared@altolit.com
Alto Litigation PC, a San Francisco litigation firm specializing in securities, intellectual property and commercial litigation. Mr. Kopel's practice includes shareholder litigation and the defense of Government investigations.
The House of Representatives on Dec. 5 did something remarkable (at least for securities lawyers): It passed a bipartisan bill that for the first time expressly prohibits illegal insider trading. More importantly, the Insider Trading Prohibition Act ( the "ITPA"), which passed by 410-13, both clarifies and expands the scope of illegal insider trading.
The public likely assumes that federal law expressly bars insider trading. But insi...
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