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The Insider Trading Prohibition Act: A Small Step Towards A Codified Insider Trading Law, Kayla Quigley
The Insider Trading Prohibition Act: A Small Step Towards A Codified Insider Trading Law, Kayla Quigley
Fordham Journal of Corporate & Financial Law
Many have called for reform to insider trading law, as the current judge-made doctrine is ambiguous, complicated, and ultimately permissive of many instances of trading on nonpublic information. Indeed, Congress has attempted several times to pass a uniform insider trading statute. Most recently, in December 2019, the House of Representatives passed the Insider Trading Prohibition Act (“ITPA”). The legislation codifies many current principles of insider trading jurisprudence while also expanding potential insider trading liability. Moreover, it attempts to fix gaps in the law that various cases, such as United States v. Newman, have declined to address.
Among other flaws, …