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Congress Moves To Enact Legislation Addressing Insider Trading By Its Own Members and Other Government Officials – Some Unintended Consequences
February 21, 2012
The STOCK Act pending in Congress, which is aimed at curbing insider trading by federal government officials, gives rise to major uncertainties about the breadth, scope, and duration of trading bans by which covered parties and those who communicate with them must abide. In the context of governmental activity that could affect the value of securities, it is far from clear what categories of information received by private sector persons from those covered by the Act are material, when such information can be considered "public" and how to determine when a tippee can resume trading activity.