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True nested transactions are not possible. MapObjects 2 cannot StartTransaction inside another transaction. However, it is possible to perform multiple updates (or CancelUpdates) within a single transaction.
This example illustrates how to do multiple updates within a single transaction:
Set recs = MySDELayer.Records
While not recs.EOF
recs.Fields.Item("Shape).value = newShp
recs.Fields.Item("attributename").Value = newValue