Some of the keys elements of liability under insider trading rules are if the tipper has a fiduciary duty to a company or its shareholders and if the tipper meets the personal benefits test (even something as simple as enhancing reputation or friendship).

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What are the key elements of liability under insider trading rules?

The tipper has fiduciary duty to a company or its shareholders and the tipper meets the personal benefits test

The tipper has fiduciary duty to a company or its shareholders and a trade was transacted based on the inside information

The tipper meets the personal benefits test and a trade was transacted based on the inside information

A trade was transacted based on the inside information only