H.R. 1097 · 114th Congress
Ban Insider Trading Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LynchSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Feb 26, 2015
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ban Insider Trading Act of 2015
Latest action (Feb 26, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 26, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.