[Edit: some kind stranger explained to me how to bypass the depth limit so I’ve posted it below. Leaving this here anyways as I don’t like editing the past] I

[Edit: some kind stranger explained to me how to bypass the depth limit so I’ve posted it below. Leaving this here anyways as I don’t like editing the past] I can’t reply to your response down thread as HN limits the depth of nested comments, so I’ll post here to your previous response. I can do this all night if you want. I have a law degree (never practiced as I found other ways to make significantly more money) and my focus in law school was securities law. I am 100% certain of the law on this, regardless of how many times you cherry-pick sections out of context to try to make a point. But here’s my response to your latest: This regulation refines the fair disclosure regulation when issuers (and people acting on their behalf, the definition of which you quoted), are required to make fair disclosure to the broad market of certain material, non-public information. This regulation does not imply that insider trading can only be perpetrated by insiders of an issuer. This is simply incorrect.