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1 1 (2019)

handle is hein.congrec/cboinstdg0001 and id is 1 raw text is: Congressional Budget Office \ Cost Estimate June 19, 2019 By Fiscal Year, Millions of Dolars 2019 2019-2024 2019-2029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 * * * * H.R. 2534 would define and prohibit illegal insider trading.' It also would prohibit instances in which one person wrongfully communicates nonpublic, material information to another person in connection with securities trading, regardless of whether or not a payment or a promised personal benefit was involved. Under H.R. 2534, the Securities and Exchange Commission (SEC) would determine if the new insider trading prohibitions also apply to automated security-trading transactions. Current law prohibits the use of any manipulative or deceptive device or contrivance when trading securities.2 Likewise, federal regulations prohibit people from engaging in any act, practice, or course of business which operates ... as a fraud or deceit in connection with securities trading.' To date, the SEC has used those general anti-fraud provisions, informed by judicial decisions and case law, to prosecute instances of illegal insider trading. CBO expects that H.R. 2534 would expand the SEC's authority to prosecute unlawful insider traders. The SEC might commence more enforcement actions and impose additional 1. According to the Securities and Exchange Commission, illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, on the basis of material, nonpublic information about the security. 2. 15 U.S. Code 78j. 3. 17 CFR 240.1Ob-5. See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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