3.0.0 1173 2023-01-11T13:28:38Z 2023-01-11T13:28:38Z House HR 2015-02-27 114 [Congressional Record Volume 161, Number 34 (Friday, February 27, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LYNCH:H.R. 1173.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8 Clause 18 of the United StatesConstitution.[Page H1501]]]> hsba00 Financial Services Committee House Standing Referred to 2015-02-27T14:05:45Z Ban Insider Trading Act of 2015 114 1097 HR 2015-02-26 Referred to the House Committee on Financial Services. Related bill CRS 2015-02-27 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-02-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-02-27 Introduced in House IntroReferral 1000 9 Library of Congress L000562 Rep. Lynch, Stephen F. [D-MA-8] Stephen Lynch D MA F. 8 N H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2015-03-03 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2015-03-03 False D000399 Rep. Doggett, Lloyd [D-TX-35] LLOYD DOGGETT D TX 35 2015-05-12 False C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2015-11-17 False Finance and Financial Sector Criminal investigation, prosecution, interrogation Financial services and investments Fraud offenses and financial crimes Securities Finance and Financial Sector 00 2015-02-27 Introduced in House 2015-03-09T20:23:03Z Ban Insider Trading Act of 2015

This bill amends the Securities Exchange Act of 1934 to make it unlawful to purchase or sell any security, or securities-based swap agreement, that is based upon information that the person knows (or should know) is material inside information.

"Inside information" is defined as information that is nonpublic and obtained:

  • illegally,
  • directly or indirectly from an issuer who expects either confidentiality or that it will only be used for a legitimate business purpose, or
  • in violation of a fiduciary duty.

"Material information" is defined as information relating to an issuer or to a security which, if it were made public, would likely have a significant effect upon the security's price.

Subjects a person to liability to prosecution for trading in prohibited securities while in possession of material nonpublic information if the person, without a legitimate business purpose, discloses intentionally to another person information that the discloser knows (or should know) is material inside information.

]]> Ban Insider Trading Act of 2015 Display Title Ban Insider Trading Act of 2015 Official Title as Introduced To amend the Securities Exchange Act of 1934 to prohibit trading on material inside information. Introduced in House IH Short Titles as Introduced Ban Insider Trading Act of 2015 Introduced in House 2015-02-27T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1173ih/xml/BILLS-114hr1173ih.xml 2015-02-27 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.