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S 702 114th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Securities Securities and Exchange Commission (SEC)

Stop Illegal Insider Trading Act

Introduced: March 11, 2015 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 11, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1440-1441)
Mar 11, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Stop Illegal Insider Trading Act

This bill amends the Securities Exchange Act of 1934 governing manipulative and deceptive devices to make it unlawful for any person to: (1) purchase, sell, or cause the purchase or sale of any security on the basis of material information that the person knows or has reason to know is not publicly available; or (2) knowingly or recklessly communicate material information that the person knows or has reason to know is not publicly available to any other person under circumstances in which it is reasonably foreseeable that the communication is likely to result in a violation of this prohibition.

Excludes from the definition of "not publicly available" any information a person has developed independently from publicly available sources.

The Securities and Exchange Commission is permitted to exempt, by rule, any person, transaction, communication, or any class of persons, transactions, or communications from the prohibitions of this Act, if it determines that the exemption is necessary or appropriate in the public interest and consistent with the protection of investors.

What's happening now March 11, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1440-1441)

 Committees of jurisdiction 1