If the information gathered is required to be made public, they won't go gather it. It's simple incentives. There is no market regulatory philosophy that says

If the information gathered is required to be made public, they won't go gather it. It's simple incentives. There is no market regulatory philosophy that says "thou shalt not profit from working harder or smarter." Rather, working harder/smarter is encouraged, because when information is discovered, the new owner of that information acts on it in such a way that it creates price pressure in the market to push that security to be more accurately priced. This is an unalloyed good. Yes, the people who get the information may profit from it, in a similar way any capitalist profits by reacting to price signals. There is no guarantee that all information should be available to everyone. If your information gathering is better and more determined, and your analysis superior, you may profit more than those who do not put in the effort.