> It is against the law for holders of nonpublic material information to use the information to their advantage in trading stocks. The US and Europe differ on

> It is against the law for holders of nonpublic material information to use the information to their advantage in trading stocks. The US and Europe differ on how exactly this should work. In Europe, your view is correct. In the US, it's about obligation. You can trade on material non-public info if you discovered it on your own without doing anything illegal.