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Judge Rakoff: Define Insider Trading in Simpler, Broader Terms
[Photo: UC Gould School of Law]
Reuters reports that 3 months after the U.S. Supreme Court upheld his decision in a major insider trading case, U.S. District Judge Jed Rakoff said that Congress should pass a law that simplifies and broadens the definition of when trading on confidential information is illegal. "Something that is simpler and broader would be advantageous."
In his speech, Rakoff spoke approvingly of the European Union's approach to insider trading, with its goal of ensuring equal access to information, and allowing punishment of those who "ought" to know their trading is wrongful.
"Because the EU approach focuses not on fraud but on equality of access," Rakoff said, "it has virtually none of the difficulties that plague U.S. law."
Among other things, Judge Rakoff said prior bills in Congress to define insider trading drew "vigorous" resistance from the SEC, in part because any definition might be too narrow.
