December 6, 2021

Volume XI, Number 340


The STOCK Act Three Years Later

Enacted three years ago, the Stop Trading on Congressional Knowledge Act (the “STOCK Act”) applied civil and criminal insider trading liability to certain trading based on material nonpublic information obtained from Congress, the Executive Branch, or the Judiciary.  For hedge funds, other registered investment advisers, banks, lobbying and political consulting firms, and many others, the STOCK Act presents a significant and poorly understood compliance risk.   

During our discussion, we will take a look back over the first three years of the STOCK Act and address:

How the STOCK Act applies to routine interactions with public officials

What counts as material nonpublic information in a governmental context

DOJ and SEC insider trading enforcement trends

U.S. v. Newman - what are the implications for the STOCK Act, if any?

Practical tips for STOCK Act compliance policies, practices, and training

Presented by:

Rob Kelner, Chair, Election and Political Law Practice

David Kornblau, Co-Chair, Securities Enforcement Practice

Mythili Raman, Former Acting Assistant Attorney General for the Criminal Division, DOJ

Kerry Burke, Partner, Corporate and Securities Practices