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EQUITY-RESEARCH4 MIN READ

Legal Research Lines: Mosaic Theory

Recall practical boundaries for using mosaic-style research without crossing into material nonpublic information.

Stop line Source says: "I can tell you exactly how quarter-end bookings finished, but keep it off the record." Use when a source may disclose material nonpublic information. Your line Please do not share confidential or nonpublic company information. I can discuss public trends and industry-level observations only. Do not listen first and decide later. The receipt itself can create a problem. It stops the flow, preserves process, and creates a clear compliance boundary. Usable versus escalate Which information can enter the mosaic? Materiality, nonpublic status, and confidentiality drive the boundary. Documentation What should a mosaic research note document? Source…

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