答案和详解如下： Q12. A CFA Institute member is a U.S. citizen living and working in a foreign country. That country has no laws against insider trading. Based on this information, the CFA Institute member may: A) not trade using insider information based upon the CFA Institute Standards. B) trade using insider information. C) not trade using insider information based upon the rules of the SEC. Correct answer is A) CFA Institute Standard II(A) prohibits trading using insider information. A member may not trade using such information regardless of the rules of the country where he/she lives. Q13. The term "material" in the phrase "material nonpublic information" refers to information that is likely to affect significantly the market price of the issuing company's securities or that:
A) is acquired by the financial analyst from a special or confidential relationship with the issuing company. B) is derived by the financial analyst from direct communication with an issuing company's management. C) is likely to be considered important by reasonable investors in determining whether to trade a particular security. Correct answer is C) An item of information is material if its disclosure would be likely to have an impact on the price of a security, or if reasonable investors would want to know the information before investing. Q14. A CFO who is a CFA Institute member is careful to make his press releases—some of them containing material and previously undisclosed information—clear and understandable to his readers. While writing a new release, he often has his current intern proofread rough drafts. He also sends electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard II(A), Material Nonpublic Information, the CFO is: A) not in violation of the Standard. B) only in violation by e-mailing the pre-release version to his brother but not the intern, because the intern is in essence an employee of the firm. C) violating the standard by either showing the pre-release version to his intern or sending it to his brother. Correct answer is C) Standard II(A), Material Nonpublic Information, says that a member must be careful about handling material non-public information. As a member of CFA Institute, the CFO must limit the people who see important information before it is released. It would not be appropriate to involve an intern or a relative in the process. Q15. According to Standard II(A), prohibition against the use of material nonpublic information, which of the following statements is least accurate? Members who possess material nonpublic information related to the value of a security are expected to: A) not trade on the information unless it was arrived at through the "mosaic theory." B) make reasonable efforts to insure the information's accuracy before recommending that others trade on the information. C) not trade on the information. Correct answer is B) Standard II(A), regarding material nonpublic information, prohibits those possessing material nonpublic information from trading or causing others to trade on that information. Members or candidates should make reasonable efforts to make sure the information is disseminated to the public. Trading based on the mosaic theory is acceptable because this is based on the analysis of public and nonmaterial nonpublic information. | 
发表于 2009-1-12 16:21
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