Roundup: Marijuana decriminalization / Tony Spell / SEC rule change

    Final passage: A bill to decriminalize the possession of small amounts of marijuana for personal use in Louisiana won final passage in the Legislature today, making the penalty for smoking pot no more than a traffic ticket if Gov. John Bel Edwards signs it into law, The Daily Advertiser reports. The full Senate voted 20-17 in favor of the measure. Edwards hasn’t yet taken a public position on HB652 by Rep. Cedric Glover, D-Shreveport. Read the full story.   

    Back in court: Central pastor Tony Spell, who repeatedly flouted public health restrictions at his Life Tabernacle Church in the Baton Rouge suburb of Central and faces six state criminal counts as a result, is asking the 5th U.S. Circuit Court of Appeals to revive a lawsuit he filed last year challenging the state’s coronavirus restrictions. Read the full story. 

    New proposal: The Securities and Exchange Commission is drafting a proposal that would restrict plans that corporate insiders use to avoid insider-trading claims when buying or selling their own company’s stock. Speaking today at The Wall Street Journal’s CFO Network event, SEC Chairman Gary Gensler said he is seeking to revise rules that govern the arrangements, known as 10b5-1 plans. Insiders set up plans ahead of time and use them to schedule future trades. The arrangement gives executives a defense against insider-trading claims that would stem from having undisclosed material nonpublic information at the time of a trade. Read the full story.