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SEC RIN: 3235-AM86 Publication ID: Fall 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: 17 CFR 229.402    17 CFR 229.408    17 CFR 232.405    17 CFR 240.10b5-1    17 CFR 240.14a-101    17 CFR 240.14c-101    17 CFR 240.16a-3    17 CFR 249.104    17 CFR 249.105    17 CFR 249.220f    17 CFR 249.308a    17 CFR 249.310    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 15 U.S.C 77c(b)    15 U.S.C. 77f    15 U.S.C. 77g    15 U.S.C. 77j    15 U.S.C. 77q    15 U.S.C. 77s(a)    15 U.S.C. 77z-3    15 U.S.C. 78c    15 U.S.C. 78i    15 U.S.C. 78j    15 U.S.C. 78l    15 U.S.C. 78m    15 U.S.C. 78n    15 U.S.C. 78o(d)    15 U.S.C. 78t-1    15 U.S.C. 78u-1    15 U.S.C. 78w(a)    15 U.S.C. 78mm    15 U.S.C. 80a-8    15 U.S.C. 80a-20(a)    15 U.S.C. 80a-24(a)    15 U.S.C. 80a-29    15 U.S.C. 80a-37    15 U.S.C. 7264    ...   
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