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In overturning the convictions of the two other traders, Todd Newman and Anthony Chiasson, the court derided the "doctrinal novelty" of Bharara's approach, and held that it is not enough to prove that someone traded on a tip that she should have known constituted material nonpublic information; instead, prosecutors need to prove that she was affirmatively aware of the dodgy provenance of the tip.
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On top of that, Élan has fitted self-cleaning bacteria-resistant floor tiles made from 40% re- constituted materials, and is using compostable cleaning towels and capes.
So what constitutes "material" information?
His use of the flashback could constitute material for a colloquium on the subject (which everyone who thinks they are writing novels ought to be made to attend).
In a report released yesterday by the S.E.C., Ms. Unger said the commission needed to define clearly what constitutes material information.
Published in scientific journal Scanning, researchers from Stockholm University wrote: "The ring may... constitute material evidence for direct interactions between Viking Age Scandinavia and the Islamic world.
Figuring out what exactly constitutes material information is largely an exercise in futility because the Supreme Court has adopted a definition so vague that almost any tidbit about a company could fall within it.
So an important issue will be whether the S.E.C. can show that knowing the size of Goldman's trades in particular was sufficiently important on its own to constitute material nonpublic information to set up liability for insider trading.
Failure to do so would constitute material non-disclosure on our part, which is a serious matter.
While that might constitute "material consideration" in the eyes of the FTC, it's different enough from paying substantial cash sums for promotional coverage that I felt including Warby Parker in that paragraph suggested an inaccurate parallel.
This decision was based on the fact that there is no consensus on what constitutes material deprivation [4], [23].
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com