stalkey

maybe I am way off base.

you are a portfolio manager (fiduciary) and your client owns XYZ Company's shares. You get to know some non-public information which would cause the shares price to go down. If you communicated that to your client - he would sell the shares at their current levels, and that would cause further movement of market price down... which is not good.

similarly if you told him something that was non-public, causing share price to move up (by buying shares) that too is not good.

So if it is non-public information - in this case - since you know that your clients own the shares - it would make sense to go back to the company and get them to make the information public.

CP