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Robert Heim Featured in Bloomberg Law Podcast on Proposed SEC Reform Related to SEC Rule 10b5-1 Plans

June 17, 2021

On June 17, 2021, Partner and Co-Chair of White Collar and Regulatory Enforcement Practice Robert Heim was featured in the Bloomberg Law Podcast addressing the proposed SEC reform to Rule 10b5-1 of the Securities Exchange Act, recently announced by the Chair of the SEC. Rule 10b5-1 provides public-company insiders an affirmative defense to a claim that the insider traded company securities on the basis of material nonpublic information while utilizing a mechanism to sell their shares through scheduled plans.  Robert describes the rule as popular amongst publicly traded companies as it has been traditionally part of the executive compensation package.

Robert outlines the history of Rule 10b5-1, and its goal of limiting insider trading and the requirements for corporate executives to utilize pre-established plans for the trading of insider shares. He notes that “these types of trading rules have been controversial” and explains the concerns that have caused the push for reform. Robert concludes by saying that the proposed changes to the rule along with the public commentary that the SEC takes into account will result in reform that will offer additional guidance moving forward.

Listen to the episode here.

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