Securities Act 1934
All of the following are considered insider information EXCEPT:
Insider info = material + nonpublic. Once publicly announced, it's no longer inside information.
Complete Analysis & Legal Rationale
Once a dividend is declared (publicly announced by the board of directors), it is public information, not insider information. Insider information is material nonpublic information such as undisclosed mergers, undisclosed management changes, or financial problems not yet revealed to the public.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing concept in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA materials.