MNPI in Expert Calls: Where the Line Sits

What material non-public information means in expert research, where the risk is highest, and how to keep calls on the right side of the line.

By the Savnec research team6 min read

Material non-public information (MNPI) is information a reasonable investor would consider important that has not been made public. Expert networks exist to share experience and judgment, never MNPI.

Where the risk is highest

  • Current employees of a company being discussed
  • Recent leavers who still hold current knowledge
  • Anyone close to a pending transaction, earnings release or regulatory decision

That is why we screen for employment status and apply cool-off periods before a call is booked.

What clients can do

Frame questions around industry dynamics and historical experience rather than a named company’s unreleased results, and end the call if an expert starts to cross the line. Read more in our compliance framework.

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