[CFA level 1模拟真题]Version 4 Questions－Q4 level

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Q4.  Darden Crux, CFA, a portfolio manager at SWIFT Funds, calls a friend to join him for dinner. The friend, a financial analyst at Comer Kinetics (CK) declines the invitation and explains hat she is performing due diligence on Orca Electronics, a company that CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on SWIFT’s approved stock list, Crux purchases Orca's common stock and call options for the SWIFT fund, Two. weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities ,giving the fund a profit of $3 million. According to the Standards of Practice Handbook, did Crux violate any CFA Institute Standards of Professional Conduct?

A. No

B. Yes, because he traded on material non-pubic information.

C. Yes, because be allowed his friend to pass on insider information.

D. Yes, because be should have waited three days instead of two before selling orca.

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答案和详解如下：

Q4.   B   07 Modular Level I. vol. l. pp. 36-45    Study Session 1-2-a

CFA Institute's Standards on Material Nonpublic Information requires members/candidates who possess material nonpublic information that could affect the value of an investment to not act or cause others to act on the information. Crux traded on material information Orca is about to be acquired by Cyber Kinetics. The information is nonpublic because it is not publicly available, which was verified when Crux researches Orca on the Internet and found nothing about the acquisition.

LEEFEI571

选b

skyjiao

b

水模样

b

jungle1009

see[em01]

vivian1022

b

fantasy_ln

see

ondesert

b

technet

b