) ▁was ▁en act ed , ▁the ▁vi ability ▁of ▁the ▁m osa ic ▁theory ▁has ▁been ▁retained ▁within ▁the ▁United ▁States ▁under ▁the ▁Sec ur ities ▁and ▁Exchange ▁Commission [ 2 ]. ▁Broad ly ▁speaking , ▁the ▁SE C ▁requires ▁public ▁corpor ations ▁to ▁register ▁their ▁stock ▁sales ▁and ▁protect s ▁invest ors ▁in ▁the ▁municipal ▁se cur ities ▁mark ets . ▁Though ▁it ▁was ▁not ▁created ▁by ▁the ▁Sec ur ities ▁and ▁Exchange ▁Commission , ▁it ▁has ▁placed ▁a ▁jud icial ly ▁im posed ▁limitation ▁on ▁the ▁information ▁gathered ▁by ▁ins ider ▁trad ing . ▁If ▁the ▁U . S . ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁de ems ▁that ▁there ▁is ▁illegal ▁ins ider ▁trad ing , ▁they ▁can ▁free ze ▁assets ▁tied ▁to ▁the ▁company ' s ▁shares . ▁The ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁explains ▁that ▁this ▁non public ▁information , ▁known ▁as ▁research ▁to ▁the ▁security ▁anal yst s , ▁isn ' t ▁b anned ▁from ▁“ dis clos ing ▁a ▁non - material ▁piece ▁of ▁information ▁to ▁an ▁anal yst , ▁even ▁if , ▁un be known st ▁to ▁the ▁iss uer , ▁that ▁piece ▁helps ▁the ▁anal yst ▁complete ▁a ▁" m osa ic " ▁of ▁information ▁that , ▁taken ▁together , ▁is ▁material ” [ 3 ]. ▁The ▁SE C ▁constantly ▁are ▁evalu ating ▁tr ends ▁and ▁when ▁unknown ▁trad ers ▁purchase ▁equ ity ▁call ▁options ▁that ▁are ▁millions ▁of ▁dollars . ▁The ▁SE C ▁can ▁also ▁free ze ▁accounts ▁on ▁susp icion