He said it has to be really disclosed and he likened it to labeling.

他认为信息披露必须落到实处,他把这比作贴标签

耶鲁公开课 - 金融市场课程节选

The idea, from the beginning at the SEC, was that insiders should not be allowed to trade on information that is not properly disclosed to the public.

证交会从成立开始就规定,局内人不得利用未公开披露的信息,进行内幕交易

耶鲁公开课 - 金融市场课程节选