Wednesday, January 2, 2013

Pension Funds Want Insider Curbs

In a letter Friday to the Securities and Exchange Commission, the Council of Institutional Investors expressed concern that corporate insiders might be abusing their position by improperly profiting from trading their company shares while in possession of confidential information. The group cited a recent investigation by The Wall Street Journal, which indicated that "many executives at public companies have adopted practices…that are inconsistent with the spirit, if not the letter" of U.S. securities law, the letter says.

The letter was addressed to Elisse B. Walter, the SEC's new chairman. She declined to comment on the letter.

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