offers- a A person with advance a b. It is perfectly legal for persons an c Information about an impending, but unannounced, tender offer is treated the same as d. information regarding an unannounced tender offer is not "material under Basic v 25. Under the SEC's rules governing tender notice of a tender offer from either the target or the acquiror may not trade in the target's stock prior to public announcement associated an offeror to trade in a target's stock prior to public announcement of the offer any other material nonpublic information Levinson 26. Section 32la) o the Secuities Exchange Act of 1934- Provides criminal penalties for "willful" for "willfulr insider trading by individuals, but not the law is not a defense" to imprisonment for corporations "willfur securities fraud c Provides for criminal prosecution of insider trading by the SEC d. Provides jall entences up to 20 years for "wilful" violations of Rule 10b-5 27 In United Stotes v.Mortoma, the Second Circuit reasoned that a Only an officer, director or employee of a company can be an "insider subject to insider b. A "tippee" must give a financial reward to the insider-tipster to be guility of a 1ob-5 c Agift of inside information is the same as trading on the information and gifting the d. A reciplent of material non-public information from a corporate consultant may never trading prosecution under Rule 10b-5 insider trading violatiorn profits for purposes of insider trading prosecution trade on that information without violating Rule 10b-5 28. Which of the following is NOT a principal objective of the Securities Exchange Act of 1934? a. To regulate securities exchanges b. To regulate securities broker -dealers c. To regulate secondary trading in securities d. To regulate private equity funds 29. Which of the following companies is NOT required to file 100s and Ks with the SEC under the Securities Exchange Act of 1934 a. A hedge fund b. A company whose stock is traded on the NYSE