Task Force Recommends Insider Trading Legislation

As reported on Columbia Law School's Blog on Corporations and the Capital Markets, the Bharara Task Force on Insider Trading, chaired by former U.S. Attorney for the SDNY, Preet Bharara, and comprising former U.S. Attorneys and staff, academics and judges, has now issued its report and recommendations. The objective of the Task Force was to address the problem that insider trading law "has suffered—and continues to suffer—from uncertainty and ambiguity to a degree not seen in other areas of law, with elements of the offense defined by—and at times, evolving with—court opinions applying particular fact patterns." Why is that? Because insider trading law is not defined by statute and has instead "developed through a series of fact-specific court decisions applying the general anti-fraud provisions of our securities laws across a broadening set of conduct." The result has been a lack of clarity that "has left market participants without sufficient guidance" on how to