Scope of SEC Act to cover outsiders

The Securities and Exchange Commission is holding public hearings until Sunday, 25 September, on a proposed amendment to the SEC Act. The amendment will broaden the scope of the SEC Act's coverage to include outsiders who use inside information for illegal trades. Currently, the scope of the SEC Act is limited to insiders related to a deal or transaction. The final version of the amendment is expected to be completed by the end of the year and we will continue to monitor developments.