Bharara Task Force on Insider Trading Issues Its Report

Executive Summary

For too long, insider trading law has lacked clarity, generated confusion, and failed to keep up with the times.  Without a statute specifically directed at insider trading, the law has developed through a series of fact-specific court decisions applying the general anti-fraud provisions of our securities laws across a broadening set of conduct.  As a consequence, the law has suffered—and continues to suffer—from uncertainty and ambiguity to a degree not seen in other areas of law, with elements of the offense defined by—and at times, evolving with—court opinions applying particular fact patterns.  The rules of the road have … Read more