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In late December, the Securities and Exchange Commission announced proposed rulesto address two controversial issues concerning insider trading. [FOOTNOTE 1]In the proposed rules, the commission addresses the question of whether the purchase or sale of a security in knowing possession of inside information alone violates the insider trading prohibitions or whether the government must show that the trader “used” the information in connection with the purchase or sale. The SEC also seeks to clarify the application of the “misappropriation” theory in the context of family and personal relationships. Both of the proposed rules are likely to have significant impact on this important and evolving area of the federal securities laws.

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