Securities Exchange Act — 15 USC Sec. 10(b) and 20— - Rule 10b-5(a) — 17 C.F.R. Sec. 240.10b-— - Insider Trading — Private-Plaintiff Version is a federal law that prohibits the use of material, non-public information for the purpose of buying or selling securities. This protection applies to all investors, regardless of their status as insiders or outsiders. The law also prohibits fraudulent practices in the securities markets, including misrepresentation, manipulation, and deceptive practices. There are two types of Securities Exchange Act — 15 USC Sec. 10(b) and 20— - Rule 10b-5(a) — 17 C.F.R. Sec. 240.10b-— - Insider Trading — Private-Plaintiff Version. The first type is the public-plaintiff version, which applies when a plaintiff brings a private action. This type of action is typically brought by an investor who has suffered a financial loss as a result of a violation of the Act. The second type is the private-plaintiff version, which applies when a private plaintiff brings a claim against a defendant who has allegedly violated the Act. This type of action is typically brought by an individual investor. In either case, the plaintiff must prove that the defendant engaged in insider trading and that the plaintiff suffered a financial loss as a result.
Securities Exchange Act - 15 USC Sec. 10(b) and 20A - Rule 10b-5(a) - 17 C.F.R. Sec. 240.10b-5 - Insider Trading - Private-Plaintiff Version
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FAQ
The U.S. Securities and Exchange Commission, or SEC, regulates the offer and sale of all securities, including those offered and sold by private companies.
SEC Rule 10b-5, states that it is illegal for any person to defraud or deceive someone, including through the misrepresentation of material information, with respect to the sale or purchase of a security.
Unlike Section 11, however, Rule 10b-5 applies to both public offerings and private placements.
Rule 10b5-1 allows insiders to sell company stock by setting up a predetermined plan that specifies in advance the share price, amount, and transaction date. The insider selling the stock and the broker carrying out the transaction must certify that they are not aware of any material nonpublic information (MNPI).
SEC Rule 10b-5, states that it is illegal for any person to defraud or deceive someone, including through the misrepresentation of material information, with respect to the sale or purchase of a security.
What is liability under Section 10(b) and Rule 10(b)(5) of the 1934 Act? Section 10(b) prohibits fraud in connection with the purchase and sale of any security. This provision applies whether or not the security is registered under the 34 Act. The SEC adopted Rule 10(b)(5) to implement section 10(b).
Do insider trading laws apply to private companies? The question is whether insider trading laws apply to privately held companies. The answer is yes. The securities laws apply to all securities, not just publicly traded ones.