In This Issue:

- NFA Updates BASIC to Assist With Bylaw 1101 Diligence on Delegating CPOs

- Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case

- SEC Secures Victory on Fraud Allegations Against Technology Executive

- Excerpt from Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case -

On April 3, the US Court of Appeals for the Second Circuit denied the request of Preet Bharara, US Attorney for the Southern District of New York, for an en banc hearing after the court issued a ruling in December that drastically limited the scope of insider trading prosecutions. With the original ruling in United States v. Newman left in place, prosecutors will be required to prove beyond a reasonable doubt that the tippee had knowledge of the personal benefit received by the tipper who initially conveyed the insider information.