Series 14: 6.1.8.3.2. Material, Nonpublic Information

Taken from our Series 14 Online Guide

6.1.8.3.2. Material, Nonpublic Information

Insider trading requires knowledge of nonpublic information; otherwise, it’s just trading. If the juicy information you become aware of is on the front page of The Wall Street Journal, you’d hardly be acting on nonpublic information by trading on the basis of that information the day after publication.

The information must also be material.

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