If you possess material nonpublic information that could affect the value of an investment you must not act or cause others to act on that information.

Information is material if its disclosure may affect the price of a security, or if reasonable investors would want to know the information before investing. Topics which should be considered material in an insider trading context include:

• A forthcoming dividend declaration or mission.
• Corporate reorganizations or takeovers.
• The acquisition or loss of a major contract.
• A major purchase or sale of company assets.
• An event of default.
• Knowledge of forthcoming press coverage of a company's affairs, whether positive or negative.
• Substantial increases or decreases in earnings projections.

The source or reliability of the information also determines materiality. The less reliable, the less material.