News & Analysis as of September 20, 2024

Securities Exchange Act › Personal Benefit

+ Follow

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Will the SEC’s shadow trading theory fall to SCOTUS’s major questions doctrine?

Cooley LLP on 11/7/2023

In August 2021, the SEC filed a complaint in the U.S. District Court charging Matthew Panuwat, a former employee of Medivation Inc., an oncology-focused biopharma, with insider trading in advance of Medivation’s announcement...more

The Second Circuit's Blaszczak Decision Fails to Resolve One Issue, Raises New Ones

WilmerHale on 1/27/2023

On December 27, 2022—nearly 18 months after hearing oral arguments—the Second Circuit issued its new opinion in United States v. Blaszczak, an important insider trading case involving the misappropriation of confidential...more

Blog: Is this insider trading?

Cooley LLP on 8/19/2021

On Tuesday, the SEC announced that it had filed a complaint in the U.S. District Court charging a former employee of Medivation Inc., an oncology-focused biopharma, with insider trading in advance of Medivation’s announcement...more

Bharara Task Force Overlooks California Insider Trading Statute

Allen Matkins on 1/29/2020

I have long advocated for a federal statutory definition of insider trading because I believe that the current approach has been for the courts to convict first and then explicate the theory supporting the conviction in a...more

Second Circuit Provides Easier Path for Criminal Insider Trading Cases

Perkins Coie on 1/27/2020

The U.S. Court of Appeals for the Second Circuit issued an opinion in United States v. Blaszczak on December 30, 2019 that could significantly affect the prosecution of criminal insider trading cases. The Second Circuit...more

Second Circuit Ruling May Make Insider Trading Easier to Prosecute

Locke Lord LLP on 1/24/2020

A recent ruling from the Second Circuit could make it easier for federal prosecutors to pursue insider trading charges. In U.S. v. Blaszczak, the panel made two major rulings that could have a significant impact on future...more

Prosecutors Not Required to Prove Tipper Received “Personal Benefit” to be Convicted Under Criminal Insider Trading Statute

Polsinelli on 1/9/2020

On December 30, 2019 the Second Circuit issued its opinion in United States v. Blaszczak, finding that the government can criminally prosecute insider trading under 18 U.S.C. 1348 without proving personal benefit to the...more

Second Circuit Holds that a “Personal Benefit” Is Not Required for Insider Trading Under Criminal Securities Statute

Proskauer - Corporate Defense and Disputes on 1/2/2020

The Second Circuit held earlier this week that the criminal statute proscribing securities fraud permits convictions for insider trading without proof that the provider of material, nonpublic information received a personal...more

House Passes Proposed Legislation Defining Insider Trading

Proskauer - The Capital Commitment on 12/13/2019

Since the Second Circuit’s 2014 decision in United States v. Newman triggered a debate about the personal benefit requirement, several bills have been introduced in Congress to define insider trading. The most recent effort...more

Insider Trading Prohibition Act Passed by the House of Representatives

WilmerHale on 12/13/2019

Last week, a large, bipartisan majority of the US House of Representatives passed a bill that would explicitly codify a ban on insider trading, with 410 votes in favor of the bill and 13 against (12 Republicans and one...more

New Bill Seeks to Bring Clarity to Insider Trading Law

Sheppard Mullin Richter & Hampton LLP on 8/1/2019

On May 7, 2019, Representative James Himes (D-Conn) introduced the “Insider Trading Prohibition Act” (H.R. 2534). The proposed legislation would amend the Securities and Exchange Act of 1934, §§15 U.S. Code §?78a et seq. (the...more

Insider Trading Law Alert: Better The Devil You Know? Tipping Liability, Martoma and the Rise of 18 U.S.C. § 1348

WilmerHale on 5/15/2019

Insider trading has frequently been splashed across headlines in recent months, with a congressman, an NFL player, a comedy writer, and a Silicon Valley executive all facing charges. In the background of these headlines are...more

Supreme Court Likely to Affirm Insider Trading Conviction in Salman but Leave Much of Newman Intact

K&L Gates LLP on 10/7/2016

Yesterday’s oral argument in Salman v. United States, the first insider trading case to reach the Supreme Court in nearly 20 years,left little doubt that the Court will affirm the criminal conviction in that case. It also...more

Newman: Respondent’s Opposition to Supreme Court Review

Dorsey & Whitney LLP on 8/31/2015

The battle lines are now clearly drawn over Newman and what constitutes impermissible tipping in violation of Exchange Act Section 10(b). Previously, the Government filed a petition for certiorari arguing that Newman, which...more

SEC Files Settled Insider Trading Case As Administrative Proceeding

Dorsey & Whitney LLP on 6/16/2015

One question in the wake of the Second Circuit’s decision in Newman regarding the personal benefit test for illegal tipping has been how the SEC would respond to a decision the U.S. Attorney told the Court would significantly...more

The Impact of Newman on SEC Enforcement: Part IV

Dorsey & Whitney LLP on 6/3/2015

This is the fourth segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Post Newman SEC Actions (continued) - 2. Administrative proceedings -...more

The Impact of Newman on SEC Enforcement: Part III

Dorsey & Whitney LLP on 6/2/2015

This is the third segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Post Newman SEC Actions - In the wake of Newman the SEC has three...more

Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

Katten Muchin Rosenman LLP on 12/17/2014

The US Court of Appeals for the Second Circuit recently held that, in order to convict a tippee for insider trading under Section 10(b) of the Securities Act of 1934 and Rule 10b-5, the government must prove beyond a...more

18 Results

View per page

Page: of 1

Securities Exchange Act › Personal Benefit

"My best business intelligence, in one easy email…"