On December 5, 2019, by an overwhelming 410-13 majority, the U.S. House of Representatives passed the “Insider Trading Prohibition Act” (the “ITPA” or the “Act”). While still subject to Senate approval, the passage of the ITPA in the House is significant because it shows wide, bi-partisan approval for codifying – and potentially broadening – the prohibitions against insider trading. The ITPA would bring clarity to certain aspects of insider trading law, but it would also expand the current prohibitions on insider trading, and potentially broaden the circumstances in which DOJ and the SEC may prosecute insider trading.
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