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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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202.887.4343
Washington, D.C.

Michael A. Asaro
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masaro@akingump.com
mailto:masaro@akingump.com?subject=Final%20Version%20of%20Stock%20Act%20Does%20Not%20Require%20Political%20Intelligence%20Consultants%20to%20Register

212.872.8100
New York

Melissa L. Laurenza
http://akingump.com/mlaurenza

mlaurenza@akingump.com
mailto:mlaurenza@akingump.com?subject=Final%20Version%20of%20Stock%20Act%20Does%20Not%20Require%20Political%20Intelligence%20Consultants%20to%20Register

202.887.4251
Washington, D.C.

James J. Benjamin, Jr.
http://akingump.com/jbenjamin

jbenjamin@akingump.com
mailto:jbenjamin@akingump.com?subject=Final%20Version%20of%20Stock%20Act%20Does%20Not%20Require%20Political%20Intelligence%20Consultants%20to%20Register

212.872.8091
New York

Patrick J. Dooley
http://akingump.com/pdooley

pdooley@akingump.com
mailto:pdooley@akingump.com?subject=Final%20Version%20of%20Stock%20Act%20Does%20Not%20Require%20Political%20Intelligence%20Consultants%20to%20Register

212.872.1080
New York


© 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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