What is the "disclose or abstain" rule in insider trading prevention?
QUESTION
Which SEC rule broadly prohibits fraud and deception in connection with securities trades?
QUESTION
What is "misappropriation" theory in insider trading enforcement?
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ANSWER
Trading on MNPI stolen from a source owed a duty. This theory holds individuals liable for breaching duties to the information's source, not necessarily the issuer, by trading on stolen MNPI.