H.R. 1625 · 114th Congress
Insider Trading Prohibition Act
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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
HimesSponsor31 cosponsors · 29 D, 2 R
D
Cleaver
CM
D
Maloney
SW
R
Womack
EE
D
Esty
JC
D
Carney
KS
D
Sinema
SD
D
DelBene
LL
R
Lance
SP
D
Peters
JC
D
Cooper
PM
D
Murphy
DH
D
Heck
JP
D
Polis
DK
D
Kilmer
DB
D
Beyer
ES
D
Swalwell
NL
D
Lowey
DT
D
Titus
MC
D
Capuano
JD
D
Delaney
JL
D
Larson
GM
D
Moore
SM
D
Maloney
TS
D
Sewell
KR
D
Rice
SD
D
Davis
RL
D
Larsen
AB
D
Bera
RK
D
Kind
SM
D
Moulton
JS
D
Speier3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Securities Exchange Act of 1934 to prohibit any person from trading securities or effectuating such trades while in possession of related material, nonpublic information, or while either knowing or recklessly disregarding that the information has been obtained wrongfully, or that the transactions would constitute a wrongful use of such…
What it does: CRS summary · Introduced in House · Mar 25, 2015
Insider Trading Prohibition Act
This bill amends the Securities Exchange Act of 1934 to prohibit any person from trading securities or effectuating such trades while in possession of related material, nonpublic information, or while either knowing or recklessly disregarding that the information has been obtained wrongfully, or that the transactions would constitute a wrongful use of such information.
It shall also be unlawful for any person whose own securities transactions violate this Act to communicate wrongfully to another person material, nonpublic information relating to either those transactions or the market for them if the other person:
- purchases, sells, or causes the purchase or sale of, any security or security-based swap or enters into or causes the entry into any security-based swap agreement, to which such communication relates; or
- communicates the information to another person who makes or causes such a transaction while in possession of such information.
The other person's ensuing purchase, sale, or entry while in possession of such information must also be reasonably foreseeable.
A standard and a knowledge requirement are prescribed for acts constituting unlawful trading in securities.
A person who has neither participated in, profited from, nor induced violations of this Act is shielded from liability even though that person controls or employs the violator.
The Securities and Exchange Commission is authorized to exempt from this Act persons, securities, or transactions, subject to any necessary or appropriate terms and conditions, if it determines that the exemption is not inconsistent with the purposes of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Insider Trading Prohibition Act
Latest action (Mar 25, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 25, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.