1. Insider trading

   		can be legal in the U.S. and does not have to be disclosed as long as public information is used.
   		can be legal in the U.S. if you use non-public information but disclose the trades.
   		can be legal in the U.S. if you use public information and disclose the trades.
   		cannot be legal under any circumstances.

1. In the United States, the definition of insider trading activities and who might be considered an inside trader are:

   		somewhat vague but easily recognized in court cases which gives rise to easy verdicts and sentencing.
   		somewhat vague and thus open to potential interpretation by the courts in terms of guilt and penalties.
   		very clear with exact penalties established for specific violations.
   		very clear with a broad range of penalties that may be applied.