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2021-06-08

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SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans<blockquote>美国证券交易委员会主席评级呼吁对高管股票交易计划实施新限制</blockquote>

The Securities and Exchange Commission is drafting a proposal that would restrict plans that corpora

SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans<blockquote>美国证券交易委员会主席评级呼吁对高管股票交易计划实施新限制</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":117889072,"tweetId":"117889072","gmtCreate":1623129783496,"gmtModify":1634036622673,"author":{"id":3581989078925763,"idStr":"3581989078925763","authorId":3581989078925763,"authorIdStr":"3581989078925763","name":"Airland","avatar":"https://static.tigerbbs.com/7bdb66993de605ced4fc58e90a90b0e2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Coin please&nbsp;</body></html>","htmlText":"<html><head></head><body>Coin please&nbsp;</body></html>","text":"Coin please","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/117889072","repostId":1128603485,"repostType":4,"repost":{"id":"1128603485","kind":"news","pubTimestamp":1623122180,"share":"https://www.laohu8.com/m/news/1128603485?lang=zh_CN&edition=full","pubTime":"2021-06-08 11:16","market":"us","language":"en","title":"SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans<blockquote>美国证券交易委员会主席评级呼吁对高管股票交易计划实施新限制</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128603485","media":"wsj","summary":"The Securities and Exchange Commission is drafting a proposal that would restrict plans that corpora","content":"The Securities and Exchange Commission is drafting a proposal that would restrict plans that corporate insiders use to avoid insider-trading claims when buying or selling their own company’s stock.<blockquote>美国证券交易委员会正在起草一项提案，该提案将限制公司内部人士在买卖自己公司股票时为避免内幕交易索赔而使用的计划。</blockquote>Speaking Monday atThe Wall Street Journal’s CFO Network event, SEC Chairman Gary Gensler said he is seeking to revise rules that govern the arrangements, known as 10b5-1 plans. Insiders set up plans ahead of time and use them to schedule future trades. The arrangement gives executives a defense against insider-trading claims that would stem from having undisclosed material nonpublic information at the time of a trade.<blockquote>SEC主席加里·詹斯勒(Gary Gensler)周一在《华尔街日报》首席财务官网络活动上发表讲话时表示，他正在寻求修改管理这些安排的规则，即10b5-1计划。内部人士提前制定计划，并用它们来安排未来的交易。该安排为高管提供了针对因交易时拥有未披露的重大非公开信息而引发的内幕交易索赔的辩护。</blockquote>The plans often generate controversy because there is no required public disclosure of a plan at the time an insider sets one up. Some investors say plans can be manipulated because, for instance, executives can modify or cancel them. Public companies sometimes disclose the plans to mitigate the perception that executives are trading on nonpublic information.<blockquote>这些计划经常会引起争议，因为在内部人士制定计划时，不需要公开披露计划。一些投资者表示，计划可以被操纵，因为例如，高管可以修改或取消它们。上市公司有时会披露计划，以减轻高管利用非公开信息进行交易的看法。</blockquote>The SEC passed a rule creating 10b5-1 plans in 2000. The agency’s officialswere aware of weaknesses in the structure, former SEC Commissioner Joseph Grundfest said in 2013, but the agency hasn’t refined the rule.<blockquote>SEC于2000年通过了一项创建10b5-1计划的规则。前SEC专员约瑟夫·格伦德菲斯特(Joseph Grundfest)在2013年表示，该机构的官员意识到了该结构的弱点，但该机构尚未完善该规则。</blockquote>Mr. Gensler suggested Monday that rule changes are now due. “In my view, these plans have led to real cracks in our insider-trading regime,” he said.<blockquote>詹斯勒周一表示，现在应该改变规则了。“在我看来，这些计划导致了我们内幕交易制度的真正裂痕，”他说。</blockquote>He added that regulators would “ensure we are identifying and punishing abuses of 10b5-1 plans” under the current rule.<blockquote>他补充说，根据现行规则，监管机构将“确保我们识别并惩罚滥用10b5-1计划的行为”。</blockquote>A group of researchers at Stanford University, the University of Pennsylvania and the University Washingtonreported this yearthat some executives use the plans to conduct “opportunistic, large-scale selling of company shares.”<blockquote>斯坦福大学、宾夕法尼亚大学和华盛顿大学的一组研究人员今年报告称，一些高管利用该计划进行“机会主义、大规模出售公司股票”。</blockquote>One red flag, according to the researchers: Some insiders set up plans for a single trade that occurred within 60 days of the plan’s creation. Those trades, on average, allowed the executives to avoid losses of 4%, defined as the stock’s performance relative to industry peers during the six months following the first sale.<blockquote>研究人员表示，一个危险信号是：一些内部人士为计划制定后60天内发生的单笔交易制定了计划。这些交易平均使高管们避免了4%的损失，损失定义为该股在首次出售后六个月内相对于行业同行的表现。</blockquote>“The fact that the SEC is looking at this is smart and timely,” said Jina Choi, a partner at Morrison &amp; Foerster LLP and former head of the SEC’s San Francisco office. “There do seem to be some gaps, especially when you look at the academic studies.”<blockquote>Morrison&amp;Foerster LLP合伙人、SEC旧金山办事处前负责人Jina Choi表示：“SEC正在关注此事，这一事实是明智且及时的。”“似乎确实存在一些差距，尤其是当你查看学术研究时。”</blockquote>The SEC has brought relatively few enforcement actions over trading linked to a 10b5-1 plan,Ms. Choi wrote in a client notelast year. The last SEC case was brought in January 2012.<blockquote>Ms.SEC对与10b5-1计划相关的交易采取的执法行动相对较少。崔去年在一份客户报告中写道。SEC的最后一个案件是在2012年1月提起的。</blockquote>In one such case, the SEC in 2009 accused former Countrywide Financial Corp. Chief Executive Angelo Mozilo of insider trading related to 10b5-1 plans he had set up.Mr. Mozilo settled the claimsin 2010 without admitting or denying wrongdoing.<blockquote>在一起此类案件中，SEC于2009年指控Countrywide Financial Corp.前首席执行官Angelo Mozilo进行与其制定的10b5-1计划相关的内幕交易。Mozilo在2010年解决了索赔，没有承认或否认不当行为。</blockquote>An SEC proposal could try to reduce the risk of improper trading by requiring insiders to wait four to six months after a plan’s conception before trading; putting limits on plan cancellations or modifications; disclosing their adoption and any changes; and curbing the number of plans that executives can set up.<blockquote>美国证券交易委员会的一项提案可能试图通过要求内部人士在计划构思后等待四到六个月再进行交易来降低不当交易的风险；限制计划的取消或修改；披露其采用情况和任何变更；并限制高管可以制定的计划数量。</blockquote>“Insiders can cancel a plan when they actually do have material nonpublic information,” Mr. Gensler said. “This seems kind of upside-down to me. It also may undermine investor confidence.”<blockquote>“当内部人士确实掌握重要的非公开信息时，他们可以取消计划，”詹斯勒先生说。“对我来说，这似乎有点颠倒。这也可能削弱投资者的信心。”</blockquote>The Council of Institutional Investors asked the SEC in 2012 and 2013 to rein in 10b5-1 plans, saying they were subject to abuse. At the time, the SEC didn’t revise the rule that permits the plans.<blockquote>机构投资者委员会在2012年和2013年要求SEC控制10b5-1计划，称这些计划容易被滥用。当时，美国证券交易委员会没有修改允许这些计划的规则。</blockquote>Mr. Gensler also addressed changes at the Public Company Accounting Oversight Board, a body that oversees public-company auditors.The SEC last week fired the PCAOB’s chairman, William Duhnke, a Republican appointed in 2017. The SEC’s two Republican commissioners criticized the move.<blockquote>詹斯勒先生还谈到了上市公司会计监督委员会的变化，该委员会是一个监督上市公司审计师的机构。SEC上周解雇了PCAOB主席威廉·杜恩克(William Duhnke)，他是2017年任命的共和党人。SEC的两名共和党委员批评了此举。</blockquote>The PCAOB wasn’t living up to its role and mission as a setter and enforcer of auditing standards, Mr. Gensler said. “I supported taking a new direction and reinvigorating this important organization,” he said.<blockquote>詹斯勒表示，PCAOB没有履行其作为审计标准制定者和执行者的角色和使命。“我支持采取新的方向并重振这个重要的组织，”他说。</blockquote>Mr. Gensler has also signaled the SEC is drafting new rules or guidelines for special-purpose acquisition companies, a deal-making structure that flourished during the past year as an alternative to the traditional initial public offering.Mr. Gensler has questioned whether SPACs, which raised more than $100 billion this year, are good for small investors, who may not understand their complex structure and conflicts of interest.<blockquote>詹斯勒先生还表示，美国证券交易委员会正在为特殊目的收购公司起草新的规则或指导方针，这种交易结构在过去一年中作为传统首次公开募股的替代方案而蓬勃发展。Gensler质疑今年筹集了超过1000亿美元的SPAC是否对小投资者有利，因为他们可能不了解其复杂的结构和利益冲突。</blockquote>Mr. Gensler, a Democratic appointee, took over control of the SEC in April. He was chairman of the SEC’s sister agency, the Commodity Futures Trading Commission, during the Obama administration. At the CFTC, he implemented rules intended to reduce risk and increase transparency in the swaps market, after unregulated trading helped inflame the 2008 financial crisis.<blockquote>民主党任命的詹斯勒先生于四月份接管了SEC的控制权。在奥巴马政府期间，他是SEC的姐妹机构商品期货交易委员会的主席。在不受监管的交易引发了2008年金融危机后，他在CFTC实施了旨在降低掉期市场风险和提高透明度的规则。</blockquote>The CFTC under Mr. Gensler pushed most standardized swaps trades onto exchanges and required them to be guaranteed by clearinghouses.<blockquote>詹斯勒领导下的CFTC将大多数标准化掉期交易推到交易所，并要求它们由清算所担保。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans<blockquote>美国证券交易委员会主席评级呼吁对高管股票交易计划实施新限制</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans<blockquote>美国证券交易委员会主席评级呼吁对高管股票交易计划实施新限制</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nwsj2021-06-08 11:16\n\n</h4>\n</header>\n<article>\nThe Securities and Exchange Commission is drafting a proposal that would restrict plans that corporate insiders use to avoid insider-trading claims when buying or selling their own company’s stock.<blockquote>美国证券交易委员会正在起草一项提案，该提案将限制公司内部人士在买卖自己公司股票时为避免内幕交易索赔而使用的计划。</blockquote>Speaking Monday atThe Wall Street Journal’s CFO Network event, SEC Chairman Gary Gensler said he is seeking to revise rules that govern the arrangements, known as 10b5-1 plans. Insiders set up plans ahead of time and use them to schedule future trades. The arrangement gives executives a defense against insider-trading claims that would stem from having undisclosed material nonpublic information at the time of a trade.<blockquote>SEC主席加里·詹斯勒(Gary Gensler)周一在《华尔街日报》首席财务官网络活动上发表讲话时表示，他正在寻求修改管理这些安排的规则，即10b5-1计划。内部人士提前制定计划，并用它们来安排未来的交易。该安排为高管提供了针对因交易时拥有未披露的重大非公开信息而引发的内幕交易索赔的辩护。</blockquote>The plans often generate controversy because there is no required public disclosure of a plan at the time an insider sets one up. Some investors say plans can be manipulated because, for instance, executives can modify or cancel them. Public companies sometimes disclose the plans to mitigate the perception that executives are trading on nonpublic information.<blockquote>这些计划经常会引起争议，因为在内部人士制定计划时，不需要公开披露计划。一些投资者表示，计划可以被操纵，因为例如，高管可以修改或取消它们。上市公司有时会披露计划，以减轻高管利用非公开信息进行交易的看法。</blockquote>The SEC passed a rule creating 10b5-1 plans in 2000. The agency’s officialswere aware of weaknesses in the structure, former SEC Commissioner Joseph Grundfest said in 2013, but the agency hasn’t refined the rule.<blockquote>SEC于2000年通过了一项创建10b5-1计划的规则。前SEC专员约瑟夫·格伦德菲斯特(Joseph Grundfest)在2013年表示，该机构的官员意识到了该结构的弱点，但该机构尚未完善该规则。</blockquote>Mr. Gensler suggested Monday that rule changes are now due. “In my view, these plans have led to real cracks in our insider-trading regime,” he said.<blockquote>詹斯勒周一表示，现在应该改变规则了。“在我看来，这些计划导致了我们内幕交易制度的真正裂痕，”他说。</blockquote>He added that regulators would “ensure we are identifying and punishing abuses of 10b5-1 plans” under the current rule.<blockquote>他补充说，根据现行规则，监管机构将“确保我们识别并惩罚滥用10b5-1计划的行为”。</blockquote>A group of researchers at Stanford University, the University of Pennsylvania and the University Washingtonreported this yearthat some executives use the plans to conduct “opportunistic, large-scale selling of company shares.”<blockquote>斯坦福大学、宾夕法尼亚大学和华盛顿大学的一组研究人员今年报告称，一些高管利用该计划进行“机会主义、大规模出售公司股票”。</blockquote>One red flag, according to the researchers: Some insiders set up plans for a single trade that occurred within 60 days of the plan’s creation. Those trades, on average, allowed the executives to avoid losses of 4%, defined as the stock’s performance relative to industry peers during the six months following the first sale.<blockquote>研究人员表示，一个危险信号是：一些内部人士为计划制定后60天内发生的单笔交易制定了计划。这些交易平均使高管们避免了4%的损失，损失定义为该股在首次出售后六个月内相对于行业同行的表现。</blockquote>“The fact that the SEC is looking at this is smart and timely,” said Jina Choi, a partner at Morrison &amp; Foerster LLP and former head of the SEC’s San Francisco office. “There do seem to be some gaps, especially when you look at the academic studies.”<blockquote>Morrison&amp;Foerster LLP合伙人、SEC旧金山办事处前负责人Jina Choi表示：“SEC正在关注此事，这一事实是明智且及时的。”“似乎确实存在一些差距，尤其是当你查看学术研究时。”</blockquote>The SEC has brought relatively few enforcement actions over trading linked to a 10b5-1 plan,Ms. Choi wrote in a client notelast year. The last SEC case was brought in January 2012.<blockquote>Ms.SEC对与10b5-1计划相关的交易采取的执法行动相对较少。崔去年在一份客户报告中写道。SEC的最后一个案件是在2012年1月提起的。</blockquote>In one such case, the SEC in 2009 accused former Countrywide Financial Corp. Chief Executive Angelo Mozilo of insider trading related to 10b5-1 plans he had set up.Mr. Mozilo settled the claimsin 2010 without admitting or denying wrongdoing.<blockquote>在一起此类案件中，SEC于2009年指控Countrywide Financial Corp.前首席执行官Angelo Mozilo进行与其制定的10b5-1计划相关的内幕交易。Mozilo在2010年解决了索赔，没有承认或否认不当行为。</blockquote>An SEC proposal could try to reduce the risk of improper trading by requiring insiders to wait four to six months after a plan’s conception before trading; putting limits on plan cancellations or modifications; disclosing their adoption and any changes; and curbing the number of plans that executives can set up.<blockquote>美国证券交易委员会的一项提案可能试图通过要求内部人士在计划构思后等待四到六个月再进行交易来降低不当交易的风险；限制计划的取消或修改；披露其采用情况和任何变更；并限制高管可以制定的计划数量。</blockquote>“Insiders can cancel a plan when they actually do have material nonpublic information,” Mr. Gensler said. “This seems kind of upside-down to me. It also may undermine investor confidence.”<blockquote>“当内部人士确实掌握重要的非公开信息时，他们可以取消计划，”詹斯勒先生说。“对我来说，这似乎有点颠倒。这也可能削弱投资者的信心。”</blockquote>The Council of Institutional Investors asked the SEC in 2012 and 2013 to rein in 10b5-1 plans, saying they were subject to abuse. At the time, the SEC didn’t revise the rule that permits the plans.<blockquote>机构投资者委员会在2012年和2013年要求SEC控制10b5-1计划，称这些计划容易被滥用。当时，美国证券交易委员会没有修改允许这些计划的规则。</blockquote>Mr. Gensler also addressed changes at the Public Company Accounting Oversight Board, a body that oversees public-company auditors.The SEC last week fired the PCAOB’s chairman, William Duhnke, a Republican appointed in 2017. The SEC’s two Republican commissioners criticized the move.<blockquote>詹斯勒先生还谈到了上市公司会计监督委员会的变化，该委员会是一个监督上市公司审计师的机构。SEC上周解雇了PCAOB主席威廉·杜恩克(William Duhnke)，他是2017年任命的共和党人。SEC的两名共和党委员批评了此举。</blockquote>The PCAOB wasn’t living up to its role and mission as a setter and enforcer of auditing standards, Mr. Gensler said. “I supported taking a new direction and reinvigorating this important organization,” he said.<blockquote>詹斯勒表示，PCAOB没有履行其作为审计标准制定者和执行者的角色和使命。“我支持采取新的方向并重振这个重要的组织，”他说。</blockquote>Mr. Gensler has also signaled the SEC is drafting new rules or guidelines for special-purpose acquisition companies, a deal-making structure that flourished during the past year as an alternative to the traditional initial public offering.Mr. Gensler has questioned whether SPACs, which raised more than $100 billion this year, are good for small investors, who may not understand their complex structure and conflicts of interest.<blockquote>詹斯勒先生还表示，美国证券交易委员会正在为特殊目的收购公司起草新的规则或指导方针，这种交易结构在过去一年中作为传统首次公开募股的替代方案而蓬勃发展。Gensler质疑今年筹集了超过1000亿美元的SPAC是否对小投资者有利，因为他们可能不了解其复杂的结构和利益冲突。</blockquote>Mr. Gensler, a Democratic appointee, took over control of the SEC in April. He was chairman of the SEC’s sister agency, the Commodity Futures Trading Commission, during the Obama administration. At the CFTC, he implemented rules intended to reduce risk and increase transparency in the swaps market, after unregulated trading helped inflame the 2008 financial crisis.<blockquote>民主党任命的詹斯勒先生于四月份接管了SEC的控制权。在奥巴马政府期间，他是SEC的姐妹机构商品期货交易委员会的主席。在不受监管的交易引发了2008年金融危机后，他在CFTC实施了旨在降低掉期市场风险和提高透明度的规则。</blockquote>The CFTC under Mr. Gensler pushed most standardized swaps trades onto exchanges and required them to be guaranteed by clearinghouses.<blockquote>詹斯勒领导下的CFTC将大多数标准化掉期交易推到交易所，并要求它们由清算所担保。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/secs-gary-gensler-speaks-at-wsj-event-11623070099?mod=hp_lista_pos3\">wsj</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/secs-gary-gensler-speaks-at-wsj-event-11623070099?mod=hp_lista_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128603485","content_text":"The Securities and Exchange Commission is drafting a proposal that would restrict plans that corporate insiders use to avoid insider-trading claims when buying or selling their own company’s stock.Speaking Monday atThe Wall Street Journal’s CFO Network event, SEC Chairman Gary Gensler said he is seeking to revise rules that govern the arrangements, known as 10b5-1 plans. Insiders set up plans ahead of time and use them to schedule future trades. The arrangement gives executives a defense against insider-trading claims that would stem from having undisclosed material nonpublic information at the time of a trade.The plans often generate controversy because there is no required public disclosure of a plan at the time an insider sets one up. Some investors say plans can be manipulated because, for instance, executives can modify or cancel them. Public companies sometimes disclose the plans to mitigate the perception that executives are trading on nonpublic information.The SEC passed a rule creating 10b5-1 plans in 2000. The agency’s officialswere aware of weaknesses in the structure, former SEC Commissioner Joseph Grundfest said in 2013, but the agency hasn’t refined the rule.Mr. Gensler suggested Monday that rule changes are now due. “In my view, these plans have led to real cracks in our insider-trading regime,” he said.He added that regulators would “ensure we are identifying and punishing abuses of 10b5-1 plans” under the current rule.A group of researchers at Stanford University, the University of Pennsylvania and the University Washingtonreported this yearthat some executives use the plans to conduct “opportunistic, large-scale selling of company shares.”One red flag, according to the researchers: Some insiders set up plans for a single trade that occurred within 60 days of the plan’s creation. Those trades, on average, allowed the executives to avoid losses of 4%, defined as the stock’s performance relative to industry peers during the six months following the first sale.“The fact that the SEC is looking at this is smart and timely,” said Jina Choi, a partner at Morrison & Foerster LLP and former head of the SEC’s San Francisco office. “There do seem to be some gaps, especially when you look at the academic studies.”The SEC has brought relatively few enforcement actions over trading linked to a 10b5-1 plan,Ms. Choi wrote in a client notelast year. The last SEC case was brought in January 2012.In one such case, the SEC in 2009 accused former Countrywide Financial Corp. Chief Executive Angelo Mozilo of insider trading related to 10b5-1 plans he had set up.Mr. Mozilo settled the claimsin 2010 without admitting or denying wrongdoing.An SEC proposal could try to reduce the risk of improper trading by requiring insiders to wait four to six months after a plan’s conception before trading; putting limits on plan cancellations or modifications; disclosing their adoption and any changes; and curbing the number of plans that executives can set up.“Insiders can cancel a plan when they actually do have material nonpublic information,” Mr. Gensler said. “This seems kind of upside-down to me. It also may undermine investor confidence.”The Council of Institutional Investors asked the SEC in 2012 and 2013 to rein in 10b5-1 plans, saying they were subject to abuse. At the time, the SEC didn’t revise the rule that permits the plans.Mr. Gensler also addressed changes at the Public Company Accounting Oversight Board, a body that oversees public-company auditors.The SEC last week fired the PCAOB’s chairman, William Duhnke, a Republican appointed in 2017. The SEC’s two Republican commissioners criticized the move.The PCAOB wasn’t living up to its role and mission as a setter and enforcer of auditing standards, Mr. Gensler said. “I supported taking a new direction and reinvigorating this important organization,” he said.Mr. Gensler has also signaled the SEC is drafting new rules or guidelines for special-purpose acquisition companies, a deal-making structure that flourished during the past year as an alternative to the traditional initial public offering.Mr. Gensler has questioned whether SPACs, which raised more than $100 billion this year, are good for small investors, who may not understand their complex structure and conflicts of interest.Mr. Gensler, a Democratic appointee, took over control of the SEC in April. He was chairman of the SEC’s sister agency, the Commodity Futures Trading Commission, during the Obama administration. At the CFTC, he implemented rules intended to reduce risk and increase transparency in the swaps market, after unregulated trading helped inflame the 2008 financial crisis.The CFTC under Mr. Gensler pushed most standardized swaps trades onto exchanges and required them to be guaranteed by clearinghouses.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":863,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}