The SEC charged a former IT administrator for a cloud computing company and others with insider trading based on confidential information regarding the company's earnings results and financial performance.
A subcommittee of the House Financial Services Committee held a hearing to consider six legislative proposals intended to "hold public company executives accountable to both investors and the general public."
House Financial Services Committee Chair Maxine Waters introduced a bill to require the SEC to conduct a study on the operation of Rule 10b5-1, which allows insiders of publicly traded corporations to set up a trading plan.
In a New York Times opinion piece, SEC Commissioner Robert J. Jackson Jr. and former U.S. attorney for Manhattan Preet Bharara stated that the SEC should use its authority to clarify insider trading law.
A broker-dealer agreed to settle charges that it failed to maintain and enforce policies and procedures to prevent the disclosure of material nonpublic customer order information regarding the repurchase of shares by issuers.