‘Eddie Murphy Rule’ Among Provisions in Dodd-Frank

Back in January, CFTC Chairman Gary Gensler said it was the CFTC’s position that the insider trading laws in the securities world should be expanded to the futures world, making it illegal to trade on non-public information from agencies like the U.S. Treasury, Federal Reserve and Department of Agriculture. Gensler cited the exploits of Billy Ray and Winthrop in the movie “Trading Places” to explain why such an expansion of the law should occur. As discussed in this post on my Enforcement Action blog, the “Eddie Murphy Rule” made it in to the financial reform legislation signed by President Obama last week.