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Short answer, depending on the system.
You're legal ROM wise if you own a copy of the actual game that you have a ROM of.
There is some question emulator wise because of a patent Nintendo filed regarding emulation of handheld devices on handheld machines (e.g. pdas, cell phones). The question is there because there is plenty of prior art, not to mention that it is an obvious thing, either of which alone invalidate the patent. But until someone takes them to court and has it legally removed, GBA, etc emulators are in violation of Nintendo's patent.
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