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On Wednesday, President Donald Trump signed two executive orders (titled Promoting the Rule of Law Through Transparency and Fairness in Civil Administrative Enforcement and Adjudication and Promoting the Rule of Law Through Improved Agency Guidance Documents) that require agencies to publish all informal guidance online and to limit its use in enforcement actions. In his Oval Office signing ceremony, the President defended the orders, arguing that “all too often, guidance documents are a…
The Second Circuit recently decided a pair of insider trading cases that provide additional guidance on the law following the court’s 2017 decision in Martoma.  In United States v. Klein, 2019 U.S. App. LEXIS 858 (2d Cir. Jan. 10, 2019), the Second Circuit upheld Defendant Schulman’s insider trading conviction. Schulman, the “tipper,” did not directly trade on material, non-public information, but rather shared it with Klein, a tippee, who did. On appeal, Schulamn argued that…