Under the Securities and Exchange Act (the SEA), insiders knowing material non-public information relating to a particular stock should refrain from trading such stock unless they wait 18 hours after the information becomes public. However, the SEA does not have any definitions of public/non-public information and whether the material information at issue is public or non-public tends to be an open question in some cases. Insider trading is a felony that would severely punish violators and thus all the elements of the felony, including material non-public information, should be reasonably predictable, but the SEA fails to do so. It seems worse that courts so far have had different points of view in this regard. This article suggests that the SEA consider providing more clear criteria to determine when material non-public information becomes public. This article is expected to have a comparative law study with the U.S. and to offer a proposal to reform the existing regulations with respect to insider trading.