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Tours hawaii on In interpreting and applying SEC Rule 10b5, an argument that is frequently invoked is the misappropriation theory. Under this theory, when a person misappropriates confidential information for securities trading purposes in breach of fiduciary duty, he or she defrauds the principal of the exclusive use of the information. The person therefore commits fraud in connection with a securities transaction, violating section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b5. Rule 10b5 has been bolstered by several other rules to take into account special cases occurring in securities markets. The disclose or abstain rule covers outsiders who are in a special relationship with a company that gives them access to confidential information regarding its affairs, such as its consultants, lawyers, auditors and bankers. Such outsiders are termed temporary or constructive insiders. As per the rule, corporate insiders, as well as temporary or constructive insiders, who possess material nonpublic information must disclose it before trading or abstain from trading until the information is publicly disseminated. Tours hawaii 2016.

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