Q15.Marion Klatt, CFA, is a representative for Thiel Financial Network. Klatt received a phone call at home from William Kind, a junior executive at Westtown Development Company, asking whether Klatt had heard that Westtown had just reached an agreement to acquire a major shopping mall chain at a very favorable price. (Klatt had not heard this news, and Klatt was able to confirm that the information had not yet been made public.) Kind requested that Klatt acquire 10,000 shares of Westtown for Kind’s personal account.

Klatt should:

A)   not acquire the shares until he has contacted Westtown's management and encouraged them to publicly announce the merger discussion.

B)   not acquire the shares.

C)   not acquire the shares until the information is made public.

Q16.Regarding non-public information, which one of the following statements is FALSE?

A)   An analyst may use some types of non-public information.

B)   A member can be summarily suspended for having received material non-public information.

C)   Disclosing material non-public information would have an impact on the price of a security or be of interest to a reasonable investor.

Q17.The investment-banking department of the XYZ Brokerage House often has information that would be of significant use to the firm's brokerage clients. In order to conform to CFA Institute Standards of Professional Conduct, which of the following policies should XYZ adopt?

According to Standard:

A)   III(B), Fair Dealing, all clients should be informed of the information at the same time.

B)   II(A), Material Nonpublic Information, XYZ should encourage their investment banking clients to publicly disseminate this information.

C)   II(A), Material Nonpublic Information, XYZ should establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and the brokerage operations.

答案和详解如下：

Q15.Marion Klatt, CFA, is a representative for Thiel Financial Network. Klatt received a phone call at home from William Kind, a junior executive at Westtown Development Company, asking whether Klatt had heard that Westtown had just reached an agreement to acquire a major shopping mall chain at a very favorable price. (Klatt had not heard this news, and Klatt was able to confirm that the information had not yet been made public.) Kind requested that Klatt acquire 10,000 shares of Westtown for Kind’s personal account.

Klatt should:

A)   not acquire the shares until he has contacted Westtown's management and encouraged them to publicly announce the merger discussion.

B)   not acquire the shares.

C)   not acquire the shares until the information is made public.

Correct answer is C)

Standard II(A) prohibits members from taking investment action if they possess material nonpublic information. Kind has a duty to keep information confidential that he acquired in the course of his duties at Westtown. The information is clearly material, so Klatt is not permitted to trade on it. Klatt should make reasonable efforts to achieve public dissemination of the information by contacting management and encouraging them to make the information public. Klatt may not trade on the information until it is made public.

Q16.Regarding non-public information, which one of the following statements is FALSE?

A)   An analyst may use some types of non-public information.

B)   A member can be summarily suspended for having received material non-public information.

C)   Disclosing material non-public information would have an impact on the price of a security or be of interest to a reasonable investor.

Correct answer is B)

All of these are true except that a member can be suspended for having received material non-public information. The member can receive such information as part of their regular duties or by accident. Neither is punishable in and of itself, and penalties only apply if the member trades or causes others to trade on the information. The member may have certain duties, such as trying to disseminate the information after receiving it. An analyst may use nonmaterial non-public information.

Q17.The investment-banking department of the XYZ Brokerage House often has information that would be of significant use to the firm's brokerage clients. In order to conform to CFA Institute Standards of Professional Conduct, which of the following policies should XYZ adopt?

According to Standard:

A)   III(B), Fair Dealing, all clients should be informed of the information at the same time.

B)   II(A), Material Nonpublic Information, XYZ should encourage their investment banking clients to publicly disseminate this information.

C)   II(A), Material Nonpublic Information, XYZ should establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and the brokerage operations.

Correct answer is C)         

The physical and information barrier erected between departments to prevent communication of material nonpublic information from one department to another is called a "firewall." Departments should be separated. For example, the investment banking and corporate finance departments of a brokerage firm should be segregated from the sales and research departments. Family member accounts who are also clients should be treated like any other client accounts and should not be given special treatment or disadvantaged.

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