Characteristics of Material Nonpublic Information

C

Information is "material" if its disclosure would be likely to have an impact on the price of a security or if reasonable investors would want to know the information before making an investment decision. In other words, information is material if it would significantly alter the total mix of information currently available regarding a security. Information is "nonpublic" until it has been disseminated to the marketplace in general and investors have had an opportunity to react to the information.