Jason Gottlieb and Daniel Isaacs Coauthor Article on Need for a More Straightforward Insider Trading Statute
March, 27, 2017 - Jason Gottlieb and Daniel Isaacs coauthored the article “A Straightforward Insider Trading Statute Is Overdue,” that appeared on Law360 on March 24, 2017.
The article examines the absence of an express criminal statute prohibiting insider trading and the need for a national conversation about what, exactly, should be made criminal about trading on material, nonpublic information. This uncertainty has led to inconsistent prosecutions, definitions of violative behavior, and conflicting judicial decisions – an unfortunate state of affairs for actions to which criminal liability may attach.
In the interim, the authors reiterate that public companies and trading firms must remain diligent in their compliance and regulatory obligations, including implementing appropriate controls to prevent the improper dissemination of material, nonpublic information, and any improper trading based on that information.
The article will be featured in Law360’s Corporate, New York, Public Policy, Securities and White Collar sections and e-newsletters on March 27, 2017.