SIFMA requested that the SEC extend the comment period for proposed rule changes to various provisions covering affirmative defenses and disclosures related to insider trading.
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In response to an SEC request for comment on its semiannual regulatory agenda, the Council of Institutional Investors urged the SEC to prioritize compensation clawbacks, insider trading rules, and the proxy process.
SIFMA asserted that insider trading liability should not rely "solely on notions of friendship or family alone, but should instead focus on proof that the tipper obtained, directly or indirectly, something of a 'pecuniary or similarly valuable nature.'"