SEC Chairman Gary Gensler said his agency is focused on adopting new rules to guard against company executives using private information to opportunistically sell shares of companies they oversee.
Securities and Exchange Commission Chairman Gary Gensler said Monday that his agency is focused on adopting new rules to guard against company executives using private information to opportunistically sell shares of companies they oversee, while acknowledging that the SEC must come up with new strategies to guard against market manipulation on social media.
One concern Gensler has is that there is no “cooling off period” mandated by the SEC for when a 10b5-1 plan is adopted and when it can start trading, though research shows that 40% of such plans begin trading within just two months after they are opened, while 14% start trading within a month. The Journal asked Gensler about revelations that the SEC wrote to Tesla TSLA, +1.01% CEO Elon Musk complaining that he had violated a 2018 settlement to presubmit tweets that discuss production figures for his various companies. The letters, according to the Wall Street Journal, said that Musk continues to violate that provision of the settlement, though “the feud appears to have ended in a stalemate without further consequence to Tesla or Mr. Musk.
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