Which of the following is NOT true regarding the misappropriation theory of insider trading?

A. If a trader discloses to a source of nonpublic information that he or she plans to trade on the basis of that information, there is no violation under the misappropriation theory.

B. Liability under the misappropriation theory requires deception.

C. The misappropriation theory widens the class of persons who can be found liable for insider trading.

D. The trader cannot be held liable unless he or she is an insider of the company whose securities are traded.