Nevertheless, the proposed Insider Trading Prohibition Act (H.R. 2534) (Act) could clarify the legal haziness that financial institutions, corporate executives, and casual investors regularly wrestle, and at the same time raise new legal issues.
As one of a few bills receiving bipartisan support in such a charged political environment, it appears that some version of the Act has a chance to land on the president’s desk. With a potential revamping of insider trading law within reach, industry participants are on notice that the Department of Justice, Securities and Exchange Commission, and the Commodity Futures Trading Commission will have a new weapon to punish alleged misconduct on Wall Street and beyond.
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