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8–K Trading Gap Act of 2021
12/31/2022, 5:06 AM
Summary of Bill HR 4467
Bill 117 HR 4467, also known as the 8-K Trading Gap Act of 2021, aims to address a loophole in current securities laws that allows corporate insiders to trade on material nonpublic information before it is disclosed to the public through a Form 8-K filing. This practice, known as "8-K trading," can give insiders an unfair advantage in the stock market and harm investors.
The bill requires companies to establish policies and procedures to prevent 8-K trading by insiders. It also mandates that the Securities and Exchange Commission (SEC) conduct a study on the prevalence and impact of 8-K trading and report its findings to Congress.
Additionally, the bill increases penalties for violations of insider trading laws related to 8-K filings, including fines and potential criminal charges. It also provides protections for whistleblowers who report violations of the law. Overall, the 8-K Trading Gap Act of 2021 seeks to promote transparency and fairness in the stock market by closing the loophole that allows insiders to profit from nonpublic information. It aims to protect investors and ensure a level playing field for all participants in the market.
The bill requires companies to establish policies and procedures to prevent 8-K trading by insiders. It also mandates that the Securities and Exchange Commission (SEC) conduct a study on the prevalence and impact of 8-K trading and report its findings to Congress.
Additionally, the bill increases penalties for violations of insider trading laws related to 8-K filings, including fines and potential criminal charges. It also provides protections for whistleblowers who report violations of the law. Overall, the 8-K Trading Gap Act of 2021 seeks to promote transparency and fairness in the stock market by closing the loophole that allows insiders to profit from nonpublic information. It aims to protect investors and ensure a level playing field for all participants in the market.
Congressional Summary of HR 4467
8–K Trading Gap Act of 2021
This bill requires certain publicly traded companies to create policies reasonably designed to prevent executive officers and directors from trading their securities after a significant corporate event but before disclosing that event through a public filing. Certain companies required by regulation to adopt a code of ethics are exempt from this requirement.
Read the Full Bill
Current Status of Bill HR 4467
Bill HR 4467 is currently in the status of Bill Introduced since July 16, 2021. Bill HR 4467 was introduced during Congress 117 and was introduced to the House on July 16, 2021. Bill HR 4467's most recent activity was Referred to the House Committee on Financial Services. as of July 16, 2021
Bipartisan Support of Bill HR 4467
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4467
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 4467
To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to issue rules that prohibit officers and directors of certain companies from trading securities in anticipation of a current report, and for other purposes.
8–K Trading Gap Act of 2021
8–K Trading Gap Act of 2021
Comments
Sponsors and Cosponsors of HR 4467
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