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What are the three requirements for 10b-5 liability?
  1. Scienter (intent to deceive)
  2. Deception (lying or insider trading)
  3. in connection with actual purchase or sale of securities

What are the additional two elements a private actor must prove for damages in a 10b-5 action?
  1. Reliance (actual or fraud on the market)
  2. Loss causation

What are the three elements for 16b (short-swing) trading?
  1. Reporting corporation (listed on national exchange or at lease 500SH and $10M in assets)
  2. Defendant is officer, director or >10% SH
  3. buying/selling stock within 6 mo. period

What is the reporting requirement for Sarbanes-Oxley?

CEO and CFO must certify, based on their knowledge, the reports filed with the SEC do not contain falsehoods

What are the three types of people that can be liable for insider trading?
  1. Tipper
  2. Tippee
  3. Missappropriator