答案和详解如下： 6、A brokerage firm has a trading department and an investment-banking department. Often the investment-banking department receives material non-public information that would be valuable in advising the firm’s brokerage clients. In order to comply with the Standards, the firm: A) should record the exchange of information between the investment-banking department and the brokerage department. B) must divest one of the departments. C) must liquidate the stocks of companies for which the brokerage has material non-public information. D) should restrict employee trading in securities for which the firm is in possession of material non-public information. The correct answer was D) Restricting employee trading in stocks for which the firm has material non-public information is the best answer. Recording the exchange of information between the two departments is not the best option because there should be no exchange of information between these two departments. The other two answers, divesting a department or liquidating stocks of clients, are not suitable methods for addressing this potential problem. 7、A stockbroker who is a member of CFA Institute has a part-time housekeeper who also works for the CEO of Festival, Inc. One day the housekeeper mentions to the broker that she saw the CEO of Festival having a conversation at his home with John Tater, who is a nationally known corporate lawyer and consultant. The stockbroker is restricted from trading on this information: A) if the housekeeper says the meeting concerned a tender offer and the broker knows that it is non-public information. B) only if the broker knows that the meeting is non-public information. C) if the broker is friends with the CEO of Festival. D) for all of the reasons listed here. The correct answer was A) Standard II(A), Material Nonpublic Information, states “a member cannot trade or cause others to trade in a security while the member possesses material nonpublic information” A tender offer would certainly be material nonpublic information. Knowing that the meeting took place, and nothing else, does not restrict the broker. A reasonable investor would need to know more to determine if the information was material. Certainly being friends with the CEO is not an issue, so the answer “all of the reasons” is not correct. 8、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) II(A), Material Nonpublic Information, XYZ should encourage their investment banking clients to publicly disseminate this information. B) III(B), Fair Dealing, all clients should be informed of the information at the same time. 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. D) VI(B), Priority of Transactions, members of XYZ should refrain from trading for their families accounts who are also clients until trades for their other client accounts have been executed. The correct answer was C) The physical and information barrier erected between departments to prevent communication of material nonpublic information from one department to another is called a "Fire Wall." 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. 9、Regarding non-public information, which one of the following statements is FALSE? A) Disclosing material non-public information would have an impact on the price of a security or be of interest to a reasonable investor. B) An analyst may use some types of non-public information. C) A member can be summarily suspended for having received material non-public information. D) Information that has been disseminated to a few select individuals is still non-public. The correct answer was C) 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. 10、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 the information is made public. B) not acquire the shares until he has contacted Westtown's management and encouraged them to publicly announce the merger discussion. C) proceed to acquire the shares. D) not acquire the shares. The correct answer was A) 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. | 
发表于 2008-4-7 10:05
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