Under federal securities laws, a financial advisor who discloses material nonpublic information about an impending corporate tender offer to a friend has committed an insider trading statutory violation at the moment of disclosure, regardless of whether any securities transaction is ever executed by any party based on that information.
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The statement is false because a federal insider trading violation requires an actual purchase or sale of securities based on material nonpublic information.
The statement is false because an insider trading violation under federal securities law requires an actual transaction (buy or sell order) executed on the basis of material nonpublic information. Without a resulting trade, no statutory insider trading violation has occurred.
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Statutory Elements of Tipper/Tippee Insider Trading Liability