Subject: Policy Alert - Final Version of Stock Act Does Not Require Political Intelligence Consultants to Register
From: "Akin Gump News and Alerts" <[email-masked]>
To: "Biden, Hunter" <[email-masked]>
Date: Mon, 26 Mar 2012 14:32:06 -0400

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    March 23, 2012   
   
Final Version of Stock Act Does Not Require Political Intelligence Consultants to Register

On Thursday, March 22, 2012, the U.S. Senate voted 96-3 to pass the version of the Stop Trading on Congressional Knowledge Act (“STOCK Act”) adopted by the U.S. House of Representatives in February of this year.  (see our alerts here
http://www.akingump.com/communicationcenter/newsalertdetail.aspx?pub=2987
 and here
http://www.akingump.com/CommunicationCenter/newsalertdetail.aspx?pub=2995
).  The final version sent to President Obama for signature bans insider trading by members of Congress, their staff and those executive branch employees who are required to file financial disclosure statements, but does not require “political intelligence consultants” to register and report their activities under the Lobbying Disclosure Act.  Instead, the bill requires that the Comptroller General of the United States and the Congressional Research Service, within one year, submit a report detailing the role of political intelligence in the financial markets. 

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Steven R. Ross
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Michael A. Asaro
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Melissa L. Laurenza
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James J. Benjamin, Jr.
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Patrick J. Dooley
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© 2012 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party.

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