Insider trading is defined as any securities transaction made when the person behind the trade is aware of material, non-public information. Rule 10b-5, which is often cited in insider trading cases, applies to all transactions in all securities regardless of whether or not they are registered under the Securities Act of 1933 or the Securities Exchange Act of 1934 Act. Therefore, it would seem that the securities laws with respect to insider trading would apply to transactions involving 144A securities just as they would to publicly-traded securities. If your specific situation has unique or unusual circumstances, however, you should consult with counsel.