In recent weeks, two bills aimed at curbing the misuse of nonpublic information sailed through the House of Representatives. H.R. 2534, the Insider Trading Prohibition Act (Insider Trading Act), and H.R. 4335, the 8-K Trading Gap Act of 2019 (8-K Gap Act), each received more than 96% of votes cast in the lower chamber. The Insider Trading Act could bring much-needed clarity to the definition of the impermissible use of material nonpublic information. While the objectives of the 8-K Gap Act are laudable, that measure would likely result in tinkering around the edges rather than causing significant changes ...
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