Reading 2-II: Standards of Professional Conduct & Guidance: Integrity of Capital Markets LOS A.: Material Nonpublic Information 1、Which of the following statements regarding Standard II(A), Material, Nonpublic Information, is least accurate? A) Information received from an insider who is not breaching his fiduciary responsibility may be traded on. B) Material, non-public information regarding a tender offer may not be traded on. C) If you receive the information in a public forum, it has been disseminated, and you can trade on it. D) If you figure the information via deductive reasoning, via the mosaic theory, you can use it. The correct answer was
A) If the information is material and nonpublic, the Member or Candidate cannot trade or cause others to trade. It does not matter if the insider did not breach his fiduciary responsibility. The inside information is still material and nonpublic. 2、Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of nonpublic information through her contacts with drug firms. Although no one piece of the information she collected is "material," Waters correctly concluded that the earnings of one of the drug companies would be unexpectedly high in the coming year. According to CFA Institute Standards of Professional Conduct, Waters: A) cannot legally invest or make recommendations based on this information. B) should urge the drug firm to make public dissemination of the information immediately. C) can use the information to make investment recommendations and decisions. D) may use the information, but only after approval from a compliance officer or supervisor. The correct answer was C) Members who can piece together items of nonmaterial nonpublic information with public information can, based upon the mosaic theory, use such information for trading purposes. 更多内容请下载以下文件：
 l1 reading 2-ii 习题.rar (84.14 KB)
[此贴子已经被作者于2008-1-8 16:06:17编辑过] | 
发表于 2008-1-8 11:41
|