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I just listened to a podcast today about insider trading... and apparently, there’s not actually a law against insider trading itself. Technically what you get prosecuted for is stealing information, or something like that. Obviously there is tons of case law to support the illegality of insider trading, but you can’t find an actual law that says “you will go to jail if you do insider trading”.


I'm pretty sure SEC Rule 10b-5[1] covers insider trading, along with various supplementary rules.

[1]: https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=3d58bfb5f1...


Technically, a Rule is not a Law.


There are anti-fraud provisions in securities law; insider trading is prosecuted as a form of fraud.


This methodology is not uncommon. Mail fraud and bribery of foreign officials are prosecuted as "depriving the public of honest services".




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