Michael Arnold and Lisa Kohl Author Article for The Review of Securities & Commodities Regulation on Recently Adopted Amendments to Rule 10b5‑1

Cravath partner Michael L. Arnold and of counsel Lisa M. Kohl authored an article entitled “The SEC’s New 10b5‑1 Rules and Emerging Insider Trading Policy Best Practices,” which was published by The Review of Securities & Commodities Regulation in June 2023. The article reviews the U.S. Securities and Exchange Commission’s recently adopted rules, which significantly limit the availability of the affirmative defense provided by Rule 10b5‑1 under the Securities Exchange Act of 1934, and the new related disclosure requirements. The article also examines the effects of the amendments on companies’ insider trading policies and procedures and provides best practices that have emerged as a result of the new rules.

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