HB 25-07: NO INSIDER TRADING ACT (Final Voting)

[Elcaspar]

NO INSIDER TRADING ACT

To improve ethical standards for Members of Congress

Be it enacted by the Congress of the Republic of Atlasia assembled

SECTION I: TITLE.
This law shall be referred to as the No Insider Trading Act.

SECTION II: DEFINITIONS.

(a) The term "covered investment" refers to an investment in a security, commodity, a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative. This term shall not refer to:
 (i) A widely held investment fund if the fund is publicly traded; or the assets of the fund are widely diversified; and the reporting individual neither excercises control over nor has the ability to exercise control over the financial interests held by the fund.
 (ii) An Atlasian Treasury bill, note or bond.
(b) The term "covered person" refers to:
 (i) A sitting Member of Congress.
 (ii) An individual employed as an officer or employee of Congress required to file a report under the Ethics in Government Act of 1978.

SECTION III: PROHIBITIONS.

(a) Except as provided in Section IV, no covered person may:
 (i) Purchase or sell any covered investment.
 (ii) Serve as an officer or member of any board of any for-profit association, corporation or other entity.
 
SECTION IV: EXCEPTIONS.

(a) A covered person may hold any covered investment held before the date on which the covered person took office.
 (i) A covered person may not buy or sell any investment described in this subsection except if:
 (A) The investment is placed in a qualified blind trust as described in Section V.
 (B) They have divested themselves of any investment under paragraph (ii).
 (ii) A covered person may sell a covered investment during the 6-month period beginning on:
 (A) The date on which the covered person takes office or begins employment.
 (B) The date of enactment of this act.

SECTION V: TRUSTS.

(a) A covered person may place their securities holdings in a qualified blind trust persuant to section 102(f) of the Ethics in Government Act of 1978.
(b) A blind trust permitted under this subsection shall meet the criteria in section 102(f)(4)(B) of the Ethics in Government Act of 1978.

SECTION VI: ENFORCEMENT.

(a) Whoever knowingly fails to comply with this Act shall be subject to a civil penalty of not less than 10% of the value of the covered investment that was purchased or sold in violation of this Act, as applicable.

SECTION VII: IMPLEMENTATION.

(a) This act shall take effect immediately upon passage.

House of Representatives
Passed the House of Representatives 5-0-2-2


People's Regional Senate
Passed 6-0 in the Atlasian Senate Assembled,

We go straight to final voting as it has already passed the House and Senate beforehand.

You have 48 hours to vote

[SevenEleven]

Aye

[Mike Thick]

Aye

[Joseph Cao]

My corporate sponsor tells me this is a good bill to support. I shall enthusiastically do so.

Aye.

[Lincoln Republican]

Aye

[Gracile]

Aye

[Elcaspar]

Aye

[Elcaspar]

Voting period is now closed.

Ayes: 6 (Sev, Ted Bessell, Joseph Cao, Lincoln Republican, Gracile, Elcaspar)
Nays: 0
Abstentions:0 
Not Voting: 3 (Razze, HCP, Encke)

The bill has been passed.

[Elcaspar]

NO INSIDER TRADING ACT

To improve ethical standards for Members of Congress

Be it enacted by the Congress of the Republic of Atlasia assembled

SECTION I: TITLE.
This law shall be referred to as the No Insider Trading Act.

SECTION II: DEFINITIONS.

(a) The term "covered investment" refers to an investment in a security, commodity, a future, or any comparable economic interest acquired through synthetic means such as the use of a derivative. This term shall not refer to:
 (i) A widely held investment fund if the fund is publicly traded; or the assets of the fund are widely diversified; and the reporting individual neither excercises control over nor has the ability to exercise control over the financial interests held by the fund.
 (ii) An Atlasian Treasury bill, note or bond.
(b) The term "covered person" refers to:
 (i) A sitting Member of Congress.
 (ii) An individual employed as an officer or employee of Congress required to file a report under the Ethics in Government Act of 1978.

SECTION III: PROHIBITIONS.

(a) Except as provided in Section IV, no covered person may:
 (i) Purchase or sell any covered investment.
 (ii) Serve as an officer or member of any board of any for-profit association, corporation or other entity.
 
SECTION IV: EXCEPTIONS.

(a) A covered person may hold any covered investment held before the date on which the covered person took office.
 (i) A covered person may not buy or sell any investment described in this subsection except if:
 (A) The investment is placed in a qualified blind trust as described in Section V.
 (B) They have divested themselves of any investment under paragraph (ii).
 (ii) A covered person may sell a covered investment during the 6-month period beginning on:
 (A) The date on which the covered person takes office or begins employment.
 (B) The date of enactment of this act.

SECTION V: TRUSTS.

(a) A covered person may place their securities holdings in a qualified blind trust persuant to section 102(f) of the Ethics in Government Act of 1978.
(b) A blind trust permitted under this subsection shall meet the criteria in section 102(f)(4)(B) of the Ethics in Government Act of 1978.

SECTION VI: ENFORCEMENT.

(a) Whoever knowingly fails to comply with this Act shall be subject to a civil penalty of not less than 10% of the value of the covered investment that was purchased or sold in violation of this Act, as applicable.

SECTION VII: IMPLEMENTATION.

(a) This act shall take effect immediately upon passage.

House of Representatives
Passed the House of Representatives 5-0-2-2


People's Regional Senate
Passed 6-0 in the Atlasian Senate Assembled,

House of Representatives:
Passed the House of Representatives 6-0-0-3