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SEC Rule 10b5-1, codified at , is a regulation enacted by the United States Securities and Exchange Commission (SEC) in 2000.〔(【引用サイトリンク】title=Final Rule: Selective Disclosure and Insider Trading )〕 The SEC states that Rule 10b5-1 was enacted in order to resolve an unsettled issue over the definition of insider trading,〔(【引用サイトリンク】title=Final Rule: Selective Disclosure and Insider Trading: Insider Trading Rules )〕 which is prohibited by SEC Rule 10b-5. Different courts of appeals had come to different conclusions about what constituted insider trading under Rule 10b-5 — specifically, whether someone could be held liable for insider trading simply by trading while in possession of inside information, or whether a trier of fact must find that the person actually used that inside information when making the trade. == "Possession" versus "use" == Paragraph (a) of the Rule essentially repeats the holding of the United States Supreme Court in ''United States v. O'Hagan'',〔(【引用サイトリンク】title=United States, Petitioner v. James Herman O'Hagan )〕, which defines insider trading under the misappropriation theory. It states, in full, that Paragraph (b) addresses the unsettled "possession" versus "use" issue, stating that a person violates Rule 10b-5 simply by trading while in "possession" of inside information. It states, in full, that In other words, under 10b5-1(b) a person could be liable for insider trading simply by possessing inside information regarding a given security, breaching a fiduciary duty to the source of the information, and then trading it with a self-serving intent, even if he or she would have made the trade anyway. See 'United States v. O'Hagan'', 521 U.S. 642, 652 (1997). But it is unlikely the SEC will detect or particularly care about a small trade that would have occurred anyway. A large trade or series of trades that reap unusual benefits for a trader, however, will likely be detected, and it would be difficult to prove that the material non-public information did not contribute to the decision to make the trade. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「SEC Rule 10b5-1」の詳細全文を読む スポンサード リンク
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