[CFA Level I] 4, Material Nonpublic Information and the Mosaic Approach

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The criteria for material nonpublic information under Standard II(A). • How the mosaic approach permits combining public data and nonmaterial nonpublic clues. • Why material nonpublic information cannot be sanitized by blending it into research reports. • The distinction between broad public dissemination and selective insider disclosure. • A two-step decision rule evaluating materiality and nonpublic status independently. This independent study resource is not affiliated with or endorsed by CFA Institute. Explore more study material at https://open-exam-prep.com/practice/cfa-level1 and watch our videos at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf