Some folks—especially those living in the states governed by the U.S. Court of Appeals 2nd Circuit—might believe that it's now okay to relax corporate insider trading policies. But don't do it.

Why would anyone even consider loosening up a corporation's insider trading policy? After all, the Securities and Exchange Commission (SEC) has had a string of conviction victories for insider trading tipper/tippee liability, including the high-profile conviction of former Goldman Sachs director Rajat Gupta.

The answer is the surprising victory the 2nd Circuit handed the defendants in United States v. Newman in 2014.