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Comment by lotsofpulp | Hacker News Reader

Define family member. Also, everyone in the US is already subject to insider trading regulations.

This is a solved problem. Employees of RIAs have the same trading restrictions. The SEC's adopting release[1] of the RIA Code of Ethics requirements gives a pretty good overview of how it works in the "Personal Securities Trading" section. Each RIA firm has their own policy implementing the rule but here's an example of how family is typically defined from a random firm's policy I found via DDG:

> “Immediate Family” generally means any relative by blood or marriage living in the individual’s household, any domestic partner or other minor child residing in his or her household and, whether or not living in the individual’s household, any other relative with respect to whose investments the individual has influence or control.

[1]https://www.sec.gov/rules/final/ia-2256.htm#P72_13634

I was bound by this when working for a Big 4 professional services firm — it was ludicrous that I had far more restrictions placed upon myself than congress did for just being an employee of a firm that did audit and attest work (which was not work I participated in). At a bare minimum we should make them follow the rules that anyone else with access to manipulate financial markets has to follow.

If that's the case then I would just tell my friend insider information that helps him then wait for him to tell me info as well.

And I can steal my neighbour's bike from the common bike room, both could land you in jail if it's ever discovered.

This is not some kind lf 'goctcha, i am so smart', all accountants, bank employees and traders are subject to these industry-standard restrictions.

Not quite true.

Congress has been explicitly exempted from insider trading regulations.

As far as I know, this was rectified in 2012 (or at least made explicit, some claim Congress was never exempt).

https://en.wikipedia.org/wiki/STOCK_Act

https://www.wsj.com/articles/SB10001424052970203711104577199...

https://www.congressionalinstitute.org/2018/08/16/can-member...

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