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Client Alert

28 September 2022 Wednesday

White Collar Defense & Corporate Investigations

Cheetah Mobile Enforcement Action Demonstrates SEC’s Focus on Rule 10b5-1 Trading Plans 

 

 

The SEC underscored its scrutiny of Rule 10b5-1 trading plans with the recent announcement of settled insider trading and other charges against the CEO and former President and CTO of Cheetah Mobile for sales conducted through such a plan.

In December 2021, the SEC proposed amendments to Rule 10b5-1,1 which provides an affirmative defense to insider trading liability for trades made in accordance with the rule’s requirements. One of the requirements is that when the person adopts a trading plan, they must not be aware of material, nonpublic information about the securities to be purchased or sold pursuant to the plan.

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RELATED PRACTICES

White Collar Defense & Corporate Investigations

 

Regulatory & Government Affairs

 

Securities Regulation

 

 
117 C.F.R. § 240.10b5-1(c)(1) (2021).

KEY CONTACTS

Michael R. Dreeben

Co-Chair, White Collar Defense and Corporate Investigations Practice

Washington, DC

+1 202 383 5400

mdreeben@omm.com

 

Steven J. Olson

Co-Chair, White Collar Defense and Corporate Investigations Practice

Los Angeles

+1 213 430 7855

solson@omm.com

 

 

Jorge deNeve

Partner

Los Angeles

+1 213 430 6649

jdeneve@omm.com

 

Andrew J. Geist

Partner

New York

+1 212 326 2207

ageist@omm.com

 

Bill Martin

Counsel

New York

+1 212 728 5942

wmartin@omm.com

 

Jamie Quinn

Counsel

Los Angeles

+1 213 430 6146

jquinn@omm.com

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