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Defining what is criminal in America is quintessentially a legislative function. So how is it that the SEC redefined the crime of insider trading? For that is precisely the purport of a set of SEC rules that went into effect last week. The SEC's response would be that Congress delegated to it the authority to define fraud. Not so fast, say Otto Oberbmaier and Robert Berezin.
November 01, 2000 at 12:00 AM
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The original version of this story was published on Law.Com
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