Glossary of Municipal Securities Terms

INSIDER TRADING

Conduct in violation of federal securities laws whereby a person buys or sells a security, in breach of a fiduciary duty or other relationship of trust and confidence, on the basis of material, non-public information. Insider trading also may occur when, in breach of a fiduciary duty, a person discloses such material, non-public information to a third-party who buys or sells a security on the basis of such information. See: INFORMATION BARRIER; RULE 10b-5.

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