Information about a company or security that is both material (would likely affect an investor's decision to buy or sell) and not yet available to the public. Fund managers encounter MNPI through board seats, management meetings, deal processes, and co-investor relationships.
Trading on MNPI violates federal insider trading laws. Fund managers must maintain policies to identify, track, and restrict activity when personnel possess MNPI.
This article is for informational purposes only and does not constitute legal advice. Consult qualified professionals for guidance specific to your situation.