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- UID
- 223191
- 帖子
- 221
- 主题
- 173
- 注册时间
- 2011-7-11
- 最后登录
- 2016-9-1
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Two Ethics Scenarios from QBANK
I have listed two scenarios which I need someone to clarify for me:
First situation: An analyst receives information of news on a conference call intended for an analyst audience, essentially disseminating the news to the public, therefore no longer non-public material. However, the question clearly stated that the analyst is not to act on this information until a further date when the news would be disseminated via a news report. Question: Isn't the information public once it is announced to the group of analysts? I mean, any one of the those analysts can act on it and tell their clients, ultimately telling the entire public of the information way before the news report is broadcasted.
Second situation: Fox is an investment adviser with a client, Gordon, who is an employment lawyer. Fox is at lunch and happens to be nearby Gordon and the CEO of Bluestar who are having lunch together. Fox overhears the two talk about a higher expected earnings announcement of Bluestar. Before the earnings release, Gordon contacts Fox and asks her to purchase 3,000 shares for his portfolio.
What should Fox do? Answer: Must refuse t purchase shares for Gordon.
However, I would have chosen another answer: Can purchase shares for Gordon, but cannot ever purchase shares for her (Fox) personal account. My reason is she accidentally stumbled on their conversation. Suppose if Fox never went to lunch and Gordon came to her ask her to buy this block of shares; she would have had to, unaware for his reasoning to purchase the stock. Thank you. |
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发表于 2011-7-13 15:34
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