Series 14: 6.3.2. Insider Trading

Taken from our Series 14 Online Guide

6.3.2. Insider Trading

SEC rules regarding insider trading are slightly different with regard to tender offers. These rules apply as soon as any person “has taken a substantial step or steps to commence” a tender offer. Anyone other than the offeror who possesses material nonpublic information about a tender offer may not trade on that information if the person knows or has reason to know that it was acquired from (1) the offeror; (2) the target; or (3) any employ

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