Material Non-Public Information (MPNI)

Definition:

Material information about a company that has not been made public that a reasonable investor would likely consider important in making an investment decision to buy, sell or hold securities of that company. In other words, were the information disclosed it would likely have an impact on the share price. It is also referred to as MNPI. Trading on the basis of MNPI is Insider Trading. It is illegal for holders of Material Non-Public Information, regardless of how they obtained it, to trade stock in a company while in possession of such information relating to the company.

See also Insider Information. The concept is similar in many respects to Material Non-Public Information.

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