What happens if an expert accidentally shares MNPI in a call?

Reputable networks have protocols: terminate the call immediately, isolate the recipient from trading activity, escalate to compliance, document the incident. The expert is typically removed from the network.

Does MNPI apply to private companies?

The strict legal definition applies to publicly-traded securities. But private companies often have analogous confidentiality obligations via NDAs, and the per-call attestation captures both.

How do networks screen for MNPI risk?

Through brief-vs-expert screening (e.g. excluding current employees of the topic company), cooling-off enforcement, per-call attestations, and real-time monitoring on regulated trading desks.

Material Non-Public Information (MNPI)

Material Non-Public Information (MNPI) is information about a publicly-traded company that has not been disclosed to the market and would, if disclosed, be likely to affect the company's share price. Discussing MNPI in expert calls is a regulatory violation.

Term: Material Non-Public Information (MNPI)
Section: Glossary
Last refreshed: Q1 2026

01/In Depth3–5 paragraphs

MNPI is the central compliance concept in expert-network work. Reputable networks have a primary obligation to ensure no MNPI is exchanged during paid consultations between experts and institutional clients.

The 'material' test is forward-looking: information is material if a reasonable investor would consider it important to the decision to buy, sell or hold the security. The 'non-public' test is binary: has the information been disclosed via channels that reach the broader market?

Current employees of publicly-traded companies cannot discuss their employer in expert calls because they presumptively hold MNPI. Recently-departed employees enter a cooling-off period (typically 6 months) before they can discuss their former employer; the cooling-off recognises that MNPI degrades in value over time.

MNPI rules apply across jurisdictions. The US enforces under SEC Rule 10b-5 and Reg FD. The EU enforces under the Market Abuse Regulation (MAR). The UK applies analogous standards under FSMA. Reputable expert networks design their compliance framework to satisfy all major jurisdictions simultaneously.

02/Examples5 concrete cases

+Confirmed but unannounced acquisition discussions — MNPI
+Unannounced earnings results for the previous quarter — MNPI
+Unannounced major customer wins or losses that would move guidance — MNPI
+General industry trends already discussed in public analyst reports — NOT MNPI
+Personal opinions on category dynamics based on public information — NOT MNPI

03/Frequently Asked3 questions

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04/See AlsoWhere this applies

04.2

INVESTMENT THESIS VALIDATION

Test the assumptions underlying your investment thesis before you commit capital.

05/Related Terms3 suggestions

COOLING-OFF

A cooling-off period is the mandatory waiting time between when an expert departs an employer and when they may be ma…

EXPERT ATTESTATION

An expert attestation is a short pre-call confirmation by the expert that they: (a) hold no Material Non-Public Infor…

COMPLIANCE FRAMEWORK

An expert-network compliance framework is the integrated set of controls a reputable network operates to ensure exper…

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