No - for example, at the fund I used to work for the traders would report positions they were trading in but had no MNPI to compliance. For example, “I am building a position in Joes Automotive Supply”. That stock would go on the watch list and if you wanted to buy a security of Joes, you would submit a form to compliance. Compliance would check with the trader, possibly with you about why, and then let you trade it. About the only good reason for that would be that you were impressed by the analyst’s work and want to buy after all the clients are done and even that isn’t a good idea IMHO.
If they had MNPI as we often had for bank debt transactions, the company would go on a completely different restricted list. That meant you couldn’t touch that and you would likely be fired if you did. The restricted list also covers fund transactions so if one analyst got MNPI for bank debt, another analyst couldn’t buy the stock for client accounts.
There is nothing wrong with having MNPI and people have it all the time. It’s just a matter of making sure that nobody uses it for trading.