It’s more detailed than even that. You can trade if you disclose you are doing it for instance. Really what people should remember is that insider trading laws

It’s more detailed than even that. You can trade if you disclose you are doing it for instance. Really what people should remember is that insider trading laws aren’t to protect the rest of the market. They are to protect the existing investors. Illegal insider trading happens when you have fiduciary duty to someone else (other shareholders) and you steal from them.