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SEC RIN: 3235-AM86 Publication ID: Spring 2022 
Title: Rule 10b5-1 and Insider Trading 

The Division is considering recommending that the Commission adopt amendments to address concerns about the use of the affirmative defense provisions of Exchange Act Rule 10b5-1.  The Commission proposed amendments that would add new conditions to the availability of an affirmative defense under an Exchange Act rule that are designed to address concerns about abuse of the rule to opportunistically trade securities on the basis of material nonpublic information in ways that harm investors and undermine the integrity of the securities markets.  

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Not Yet Determined   
Legal Deadline:  None
Action Date FR Cite
NPRM  02/15/2022  87 FR 8686   
NPRM Comment Period End  04/01/2022 
Final Action  04/00/2023 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Noel Sean Harrison
Division of Corporation Finance
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-3249