Rep. Chris Collins is resigning ahead of a hearing related to insider trading charges.

The New York Republican on Monday submitted a resignation letter to Speaker Nancy Pelosi. It will be effective when it is read on the House floor during a pro forma session Tuesday, her office confirmed.

Collins, who had previously entered a not guilty plea in his federal criminal fraud case, has a change of plea hearing scheduled for Tuesday afternoon, raising the possibility he could agree to a deal offered by federal prosecutors. Collins is to appear before Judge Vernon Broderick of the U.S. District Court for the Southern District of New York at 3 p.m.

The scheduling of the hearing was first reported by The Buffalo News.

Collins faces eight counts of federal criminal charges involving conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and false statements. His trial is scheduled for Feb. 3.

Collins, along with his son, Cameron, and Stephen Zarsky, the father of Cameron’s future fiancée, are alleged by federal prosecutors to have engaged in an insider trading scheme involving an Australian biotechnology company — Innate Immunotherapeutics.