答案和详解如下： 11、Which one of the following constitutes the illegal use of material nonpublic information? A) Trading based on your analytical review of the firm's future prospects. B) Trading immediately after attending the firm's annual shareholders’ meeting. C) Trading on information your sister, the firm's attorney, told you over dinner. D) Trading on overheard remarks made by an unreliable source at a cocktail party. The correct answer was C) Members may not trade on material nonpublic information; therefore, the information conveyed by the firm’s attorney may not be used by a member for trading purposes. 12、An analyst provides services for a charitable organization and in return gets free membership in the organization. Part of her job is to manage the liquid assets of the organization, and those assets include stocks. Her supervisor in the organization calls her and tells her to buy a certain stock for the portfolio based upon insider information from a board member in the organization. The analyst objects, but the supervisor says this is what they have always done and sees no reason for changing now. The analyst complies with the request. With respect to Standards IV(A), Loyalty to Employer, and II(A), Material Nonpublic Information, the analyst violated: A) both Standards IV(A) and II(A). B) only Standard IV(A) requiring duty of loyalty. C) neither Standard since she is working for a charity. D) only Standard II(A) that prohibits insider trading. The correct answer was D) An employee/employer relationship does not necessarily mean monetary compensation for services. Complying with the request is a violation of II(A) which prohibits trading on insider information. Standard IV(A) Loyalty deals with going into business for yourself, leaving an employer and continuing to act in the employer's best interest until their resignation becomes effective, and whistleblowing which means that the member's interests and their firm's interests are secondary to protecting the integrity of capital markets and the interests of the clients. 13、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) not trade using insider information based upon the rules of the SEC. C) trade using insider information as long as it is not with a client with laws against insider trading. D) trade using insider information. The correct answer was 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. 14、Which one of the following least accurately describes the CFA Institute Standard about using material nonpublic information? A) An analyst may not use material nonpublic information secured from sources that misappropriated the information. B) An analyst may use material nonpublic information as long as it has been developed under the Mosaic Theory. C) An analyst may violate this Standard by passing information to others even when it has been obtained from outside the company. D) An analyst using material nonpublic information may be fined by CFA Institute. The correct answer was D) Members may not use material nonpublic information for trading purposes unless, the information was developed under the Mosaic Theory. There is no provision for CFA Institute to issue fines to members. 15、Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm’s investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the: A) Wall Street Rule. B) legal list. C) mosaic approach. D) fire wall. The correct answer was D) To comply with Standard II(A), a fire wall provides an information barrier that prevents communication of material nonpublic information and other sensitive information from one department to another within a firm. | 
发表于 2008-4-7 10:10
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