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Congress should define insider trading, influential U.S. judge says (Reuters)
Reuters, March 1, 2017
Congress should define insider trading, influential U.S. judge says
“Three months after the U.S. Supreme Court upheld his decision in a major insider trading case, a federal judge called on the new Congress to pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. U.S. District Judge Jed Rakoff in Manhattan said the United States has ‘fallen behind’ Europe in failing to recognize that insider trading should be defined by statute, not through ‘judge-made’ law that creates unnecessary uncertainty. ‘Something that is simpler and broader would be advantageous,’ Rakoff said on Wednesday at a securities litigation conference at the New York City Bar. ‘A statutory definition would be much preferable.'”
