Congress Moves A Step Closer To Codifying Prohibition On Insider Trading

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The law of insider trading has long been criticized as lacking clear standards for what constitutes a violation. Unlike many aspects of federal securities law, insider trading is not defined by statute or regulation. Instead, the contours of this complex area have for decades been drawn by shifting and sometimes conflicting judicial interpretations of the anti-fraud provisions of the Securities Exchange Act of 1934 and related rules. As a result, defendants accused of insider trading face a confusing legal landscape where the boundaries of unlawful conduct are nebulous and ill-defined, and where the likelihood of being charged in a civil complaint or an indictment can depend heavily on the discretion of individual enforcement officials and prosecutors.

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