MNPI
Material non-public information: information not publicly available that a reasonable investor would consider important to a trading decision.
Why it matters
Handling it carelessly creates real regulatory exposure for advisory firms and their clients. This is a compliance obligation, not a best practice.
A worked example
Knowledge of an unannounced acquisition, an unpublished earnings figure, or a pending financing can all constitute MNPI.
What is typical
Firms maintain a restricted list and a wall-crossing log, and control who has access to what.
Related terms
Wall crossing
Formally bringing someone across an information barrier and making them an insider with respect to confidential information.
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