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Insider Trading and the Law: A Legislative History of the Insider Trading Sanctions Act of 1984, Pub. Law No. 98-376

NCJ Number
121374
Author(s)
B D Reams Jr
Date Published
1989
Length
579 pages
Annotation
The Insider Trading Sanctions Act of 1984 was enacted to respond to the increasingly widespread incidence of insider trading and to protect the stabilities of the U.S. securities market from negative public perceptions about companies and the national economy.
Abstract
The Act is designed to deter security traders from capitalizing on material, nonpublic information about the company involved in the transaction which is not available to other investors. The Act increases the maximum fines and authorizes the Securities and Exchange Commission (SEC) to seek civil penalties from the trader of up to three times the amount of gain or loss avoided. In addition, the SEC can bring previously proscribed administrative proceedings for misconduct in the commodities market or against violators of the requirement to disclose information about a tender offer. Congress defined the persons subject to the sanctions and set a five-year statute of limitations. This legislative history presents the law as enacted as well as relevant reports, hearings, and Congressional commentary in chronological order. A bibliography of readings in legal periodicals is provided for those who wish to begin research into this particular statute.

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