A lot of investment companies don't want to be public, they want to be private so they don't have to.

许多投资公司根本不想公开化,他们希望保持私有化,以不披露信息

耶鲁公开课 - 金融市场课程节选

The idea, from the beginning at the SEC, was that insiders should not be allowed to trade on information that is not properly disclosed to the public.

证交会从成立开始就规定,局内人不得利用未公开披露的信息,进行内幕交易

耶鲁公开课 - 金融市场课程节选