The definition of "insider" is clearly and consistently defined in both Rule 10b-5 and Section 16(b)of the 1934 Act.

Question

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The definition of "insider" is not clearly and consistently defined across different provisions of securities laws, including Rule 10b-5 and Section 16(b) of the Securities Exchange Act of 1934. These rules focus on different aspects of insider trading and the obligations of insiders, leading to variations in how an "insider" might be interpreted in different contexts.

The Definition of "Insider" Is Clearly and Consistently Defined in Both