No. It is an infringement of copyright law to make an unauthorized copy of that movie. Full stop. If you go ahead with the intent to distribute, as we are led to believe is occurring, that then brings both potential jail time and penalties.
I would argue that we already have legislation to deal with this particular issue. Even with that, I would note two things. One, the U.S. has seen a proliferation of that kind of legislation, and it has been unsuccessful. Indeed the president of the National Association of Theatre Owners in the United States noted that the issue has expanded from a New York-Los Angeles issue to 15 states where this is now happening. I would also note that if we are going to criminalize that, we have to be very careful. Everybody walking in with a cellphone nowadays is effectively walking in with a camcorder as well. We have to be careful that this captures what I think copyright law already seeks to capture, which is those who are camcording for the purposes of distributing and actually profiting from that activity.