Two members of the House Committee on Financial Services – Chair Maxine Waters and Ranking Member Patrick McHenry – proposed bipartisan legislation that would require the Securities and Exchange Commission to study and report back to the Committee within one year whether amendments to a current SEC rule authorizing corporate insiders to effectuate trades pursuant to pre-established trading plans should be amended to enhance prohibitions against insider trading (click here to access the relevant existing SEC Rule 10b5-1). Under the proposed law, the SEC would also be required to evaluate whether any amendments to its trading plan rule might inhibit the ability of corporations to hire prospective employees that would become insiders and the general impact on capital formation.
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