Prohibition on trading while aware of prioritized covered information

(a) Prohibition It shall be unlawful for any person, directly or indirectly, while aware of prioritized covered information and before that information is generally available, to— (1) purchase, sell, or otherwise enter into a transaction involving— (A) a security or security-based swap; (B) a commodity, contract of sale of a commodity for future delivery, commodity option, or swap; or (C) a contract offered through a speculative information market; (2) cause or direct another person to enter into a transaction described in paragraph (1); or (3) communicate prioritized covered information to another person if the person communicating the prioritized covered information knows, or reasonably should know, that the recipient of the prioritized covered information is likely to enter into a transaction described in paragraph (1) while aware of that prioritized covered information and before the prioritized covered information is generally available. (b) Knowledge of prioritized access A person shall not be liable under subsection (a) unless the person knew, or reasonably should have known, that the applicable prioritized covered information was obtained through prioritized access. (c) Breach of duty not required A violation of subsection (a) shall not require proof that the applicable prioritized covered information was obtained or communicated through a breach of a fiduciary duty, a relationship of trust or confidence, or any other duty of trust or confidence. (d) Securities and security-based swaps A violation of this section involving a transaction involving a security or security-based swap shall be treated as a violation of section 21A of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1), and the Securities and Exchange Commission may enforce that violation in the same manner, by the same means, and with the same jurisdiction, powers, and remedies available to the Commission under such section 21A, without regard to whether that transaction would otherwise (but for the operation of this subsection) constitute a violation of such section 21A. (e) Commodities, futures, options, swaps, and speculative information market contracts A violation of this section involving a transaction involving a commodity, a contract of sale of a commodity for future delivery, an option, a swap, or a contract of sale of a commodity offered through a speculative information market shall be treated as a violation of section 6(c) of the Commodity Exchange Act (7 U.S.C. 9), and the Commodity Futures Trading Commission may enforce that violation in the same manner, by the same means, and with the same jurisdiction, powers, and remedies available to the Commodity Futures Trading Commission under such section 6(c), without regard to whether that transaction would otherwise (but for the operation of this subsection) constitute a violation of such section 6(c). (f) Rulemaking Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission and the Commodity Futures Trading Commission shall jointly issue such rules as may be necessary to carry out this section.