Guiana, French Map on For 420 insider trading example, the trade could have been made pursuant to a pre-existing plan or contract. Rule 10b5-2 specifies that a person receiving confidential information under certain circumstances would owe a duty of trust or confidence and thus be liable under the misappropriation theory. These circumstances include: 1. When the person agreed to keep information confidential 2. When the persons involved in the communication had a history, pattern, or practice of sharing confidences that resulted in a reasonable expectation of confidentiality 3. When the person who provided the information was a spouse, parent, child, or sibling of the recipient, unless it could be shown that there was no reasonable expectation of confidentiality in such a relationship. In the United States, the law on insider trading has evolved through several landmark cases such as SEC v. Guiana, French Map 2016.
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