Expert research is valuable only when it is conducted within clear legal, contractual and ethical boundaries. Every participant has a role in protecting those boundaries.
The central rule
An expert may share experience and general professional knowledge they are permitted to discuss. They must not disclose confidential, proprietary or material non-public information, violate an agreement, misuse information belonging to another party or participate where an obligation prohibits it.
Confidential information
Confidential information can belong to a current or former employer, client, supplier, patient, customer or other party. It may include trade secrets, non-public pricing, internal plans, customer data, product roadmaps, unpublished research and many other forms of protected information. Leaving an organisation does not necessarily end confidentiality duties.
Material non-public information
Material non-public information—often shortened to MNPI—is information that is not public and could be important to an investment decision. Examples may include unreleased financial results, an unannounced transaction, a significant undisclosed customer development or other market-sensitive facts. Experts must not share it and clients must not solicit it.
Conflicts and restrictions
A professional may be unable to discuss a subject because of their employer policy, contract, board position, government role, clinical duties or another obligation. Screening must give the expert enough project context to identify a conflict, and the expert should decline whenever participation is uncertain.
Controls before the call
- Define a legitimate research purpose and target profile.
- Screen for relevant experience and potential conflicts.
- Provide the topic in enough detail for an informed eligibility decision.
- Require applicable terms and compliance attestations.
- Apply any client-specific restrictions before scheduling.
Responsible conduct during the call
The client should ask about permitted experience, market practices and professional judgment—not restricted facts. The expert should decline or redirect any question that may cross a boundary. Either participant should stop the conversation if a concern cannot be resolved.
When in doubt, do not disclose. Pause, reframe or end the discussion and seek appropriate guidance.
This article is general information about our operating approach and is not legal advice.