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Section 16(b) of the Securities Exchange Act of 1934

This lesson discusses sections 16(a) and 16(b) of the Securities Exchange Act of 1934. It begins with a discussion of the section 16(a) reporting requirement: who must file, what they must file, and when. It then proceeds with an element-by-element discussion of liability under section 16(b) for short-swing trading profits, including a brief introduction to the complexities introduced by derivative securities. It concludes with a discussion of enforcement issues: standing, limitations, and the right to attorneys' fees.

No prior knowledge of federal securities law is assumed, but the lesson does assume a general familiarity with corporate securities and the basic structure of the corporation.

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