PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1440-1441)
Congressional Research Service
Version 00 · Introduced in Senate · Mar 11, 2015
Stop Illegal Insider Trading Act
This bill amends the Securities Exchange Act of 1934 governing manipulative and deceptive devices to make it unlawful for any person to: (1) purchase, sell, or cause the purchase or sale of any security on the basis of material information that the person knows or has reason to know is not publicly available; or (2) knowingly or recklessly communicate material information that the person knows or has reason to know is not publicly available to any other person under circumstances in which it is reasonably foreseeable that the communication is likely to result in a violation of this prohibition.
Excludes from the definition of "not publicly available" any information a person has developed independently from publicly available sources.
The Securities and Exchange Commission is permitted to exempt, by rule, any person, transaction, communication, or any class of persons, transactions, or communications from the prohibitions of this Act, if it determines that the exemption is necessary or appropriate in the public interest and consistent with the protection of investors.
People & committees
Sen. Reed, Jack [D-RI] · D–RI
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1440-1441)
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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