The Insider Trading 'Mess' Congress Is Trying To Fix

By Thomas Zaccaro, Nicolas Morgan and Lily Lysle ( May 15, 2019, 1:26 PM EDT) -- The House Committee on Financial Services recently approved a bill, the Insider Trading Prohibition Act, which creates a statutory definition of insider trading in response to what Rep. Jim Himes, D-Conn., called a "judicial mess" of court decisions on the subject. This "judicial mess" exists, of course, because Congress has never adopted an explicit prohibition on insider trading, leaving it to the courts to interpret and develop the contours of an insider trading prohibition within the context of the existing anti-fraud provisions of the federal securities laws....

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