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RCP Congressional Bill Tracker - H.R. 1173

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H.R. 1173: Ban Insider Trading Act of 2015

Title: Ban Insider Trading Act of 2015

Introduced: Feb 27, 2015 (114th Congress)

Sponsor: (No First Name Found) (No Last Name Found) [-]

Status: Referred to Committee - Referred to the House Committee on Financial Services.

Summary: Ban Insider Trading Act of 2015 This bill amends the Securities Exchange Act of 1934 to make it unlawful to purchase or sell any security, or securities-based swap agreement, that is based upon information that the person knows (or should know) is material inside information. "Inside information" is defined as information that is nonpublic and obtained: illegally, directly or indirectly from an issuer who expects either confidentiality or that it will only be used for a legitimate business purpose, or in violation of a fiduciary duty. "Material information" is defined as information relating to an issuer or to a security which, if it were made public, would likely have a significant effect upon the security's price. Subjects a person to liability to prosecution for trading in prohibited securities while in possession of material nonpublic information if the person, without a legitimate business purpose, discloses intentionally to another person information that the discloser knows (or should know) is material inside information.

Votes


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