In the past few years, many institutional investment funds have increased their use of political intelligence as part of their trading strategies. At the same time, the STOCK Act of 2012 now applies insider trading laws to congressional members and their staff, and the U.S. Securities and Exchange Commission has begun a high-profile investigation of a congressional staffer under the Act.
In addition, the Second Circuit’s recent decision in United States v. Newman has fundamentally altered the playing field for insider trading prosecutions. Our experienced panel, including a former congressman, will help you wade through these shifting sands and address the following questions:
- What, exactly, is “non-public” information when it comes from the halls of Congress rather than private industry?
- What type of “personal benefit” must a tipper of political intelligence receive in order to trigger insider trading liability?
- What is the significance for fund, investment advisor, financial institution, and other company compliance programs?