简介“内幕交易”一词的定义并没有出现在联邦证券法中,它一般用来形容在证券交易中对重大非公共信息的使用。对于这种错误的交易行为,1934年《证券交易法》第10(b)款和证券交易委员会10b-5规则将其作为一种欺诈进行处罚。第10(b)款一般性的禁止利用“任何操纵性的或欺骗性的工具或阴谋”;10b-5规则禁止从事任何与证券买卖相关的欺诈或欺骗或者可能造成欺诈或欺骗的行为、做法或者商业模式。法院将上述规范适用“内幕信息”的 INTRODUCTION The definition of “insider trading” does not appear in the federal securities laws and is generally used to describe the use of material, non-public information in securities transactions. Section 10 (b) of the Securities Exchange Act of 1934 and the SEC’s Rule 10b-5 penalize this wrong transaction as a fraud. Paragraph 10 (b) generally prohibits the use of “any manipulative or deceptive instrument or conspiracy”; 10b-5 prohibits the practice of any fraudulent or deceptive activity relating to the sale of securities or any act which may lead to fraud or deceit , Practices or business model. The court applies the above norm to “insider information.”