SEC Adopts New Approach to Rule 10b5-1’s Affirmative Defense to Insider Trading and Related Matters 

January 24, 2023

Naz Jalali, Kevin Roggow, and Paul D. Hallgren discuss the recently adopted amendments to Rule 10b5-1 under the Securities Exchange Act by the Securities Exchange Commission in The Legal Intelligencer.

The amendments will go into effect February 27, 2023, and include imposing a cooling-off period between the adoption of the 10b5-1 plan and the commencement of trading, required director and officer certifications, restrictions on overlapping and single-transaction plans, and an expanded good faith requirement. In this article, Naz, Kevin, and Paul explain each new rule and share key takeaways. 

To read the full article, click here (subscription required).

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Paul D. Hallgren


(612) 260-9019

Mehrnaz Jalali


(212) 453-3949

Kevin Roggow


(212) 908-1294

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