Q4.The mosaic theory is the idea that an analyst can:

A)   make recommendations or trade based on several pieces of public or nonpublic information, each piece by itself being nonmaterial, but when compiled the information becomes material.

B)   make investment recommendations on the basis of several pieces of nonpublic information as long as the aggregate information remains nonmaterial.

C)   base his recommendations on nonpublic material information only for the clients of the company, but not for the general public.

Q5.Insider trading can be defined as information that is:

A)   material and nonpublic.

B)   material and public.

C)   nonmaterial and nonpublic.

Q6. An analyst is allowed to trade on information that he has predicted, such as a corporate action or event, using perceptive assembly and analysis of material public information or nonmaterial, non-public information. This is called the:

A)   assessment theory.

B)   mosaic theory.

C)   deduction theory.

Q7.Which of the following statements concerning Standard II(A), Material Nonpublic Information, is TRUE? A member:

A)   can trade on material non-public information if the information was not obtained through a breach of duty.

B)   cannot trade on material non-public information.

C)   can trade on material non-public information if the information has not been misappropriated.

答案和详解如下：

Q4.The mosaic theory is the idea that an analyst can:

A)   make recommendations or trade based on several pieces of public or nonpublic information, each piece by itself being nonmaterial, but when compiled the information becomes material.

B)   make investment recommendations on the basis of several pieces of nonpublic information as long as the aggregate information remains nonmaterial.

C)   base his recommendations on nonpublic material information only for the clients of the company, but not for the general public.

Correct answer is A)

The mosaic theory permits an analyst to make recommendations based upon several pieces of public or nonmaterial information, even though the complied result is both material and nonpublic.

Q5.Insider trading can be defined as information that is:

A)   material and nonpublic.

B)   material and public.

C)   nonmaterial and nonpublic.

Correct answer is A)

Information is material if it would be important to the investor in their investment making decision. Information is nonpublic if it is not yet available to the public.

Q6. An analyst is allowed to trade on information that he has predicted, such as a corporate action or event, using perceptive assembly and analysis of material public information or nonmaterial, non-public information. This is called the:

A)   assessment theory.

B)   mosaic theory.

C)   deduction theory.

Correct answer is B)         

This deductive reasoning is legal (does not constitute trading with inside information) and is called the mosaic theory.

Q7.Which of the following statements concerning Standard II(A), Material Nonpublic Information, is TRUE? A member:

A)   can trade on material non-public information if the information was not obtained through a breach of duty.

B)   cannot trade on material non-public information.

C)   can trade on material non-public information if the information has not been misappropriated.

Correct answer is B)         

Members cannot trade on material nonpublic information until that same information is made public. It does not matter if the information was not misappropriated or not obtained through a breach of duty

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