SEC Chairman Gary Gensler wants stronger insider trading rules after executives such as Elon Musk and Jeff Bezos sold a record amount of stock this year
The SEC is considering stronger insider trading rules to ensure CEOs and other executives aren't buying and selling shares when informed by non-public information.
Chairman Gary Gensler wants the SEC to consider enacting a 120-day cooling-off period for company officers and directors for any new or changed portfolio management plan. CEOs and corporate leaders including Microsoft's Satya Nadella, Amazon founder Jeff Bezos and Tesla's Elon Musk sold a record $69 billion in stock in 2021.
Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves while arriving to a discussion at the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020.The Securities and Exchange Commission is considering stronger rules to ensure CEOs and other corporate bigwigs aren't violating insider trading laws as executive stock sales continue to hit record levels in the final days of 2021.
The current set of rules creates a "safe haven" for corporate insiders and companies to trade their own equity as part of pre-announced portfolio management plans. By declaring in advance when and how they plan to trade, executives protect themselves from future accusations of insider trading.
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