答案和详解如下： Q8. 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. Q9. 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 on information your sister, the firm's attorney, told you over dinner. C) Trading immediately after attending the firm's annual shareholders’ meeting. Correct answer is B) 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. Q10. Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of nonpublic information through her contacts with drug firms. Although no one piece of the information she collected is "material," Waters correctly concluded that the earnings of one of the drug companies would be unexpectedly high in the coming year. According to CFA Institute Standards of Professional Conduct, Waters: A) cannot legally invest or make recommendations based on this information. B) may use the information, but only after approval from a compliance officer or supervisor. C) can use the information to make investment recommendations and decisions. Correct answer is C) Members who can piece together items of nonmaterial nonpublic information with public information can, based upon the mosaic theory, use such information for trading purposes. Q11. 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) trade using insider information. C) not trade using insider information based upon the rules of the SEC. Correct answer is 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. | 
发表于 2009-1-6 17:51
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