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So in the reading of the CFAI book:
pg. 50
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pg. 54 example 4:
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In both examples the information is material non-public information.  Is the above example not a violation because the research was paid for?  If so, what if an analyst releases a report to a select group before others because they paid more money, is that a violation of selective disclosure?  And if its because there was a payment issue, isn’t the bottom example more a violation because of stealing as opposed to trading on material non-public information?

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