答案和详解如下： Q4. According to CFA Institute Standards of Professional Conduct, which of the following statements about material nonpublic information is FALSE? Information is: A) nonpublic until it has been disseminated to a select group of investors. B) material if reasonable investors would want to know the information before making an investment decision. C) nonpublic until it has been disseminated to the marketplace in general. Correct answer is A)
Standard II(A), Material Nonpublic Information, states that information is “nonpublic” until it has been disseminated to the marketplace in general as opposed to a select group of investors. Q5. Which one of the following least accurately describes the CFA Institute Standard about using material nonpublic information? A) An analyst using material nonpublic information may be fined by CFA Institute. 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. Correct answer is A)
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. Q6. Insider trading can be defined as information that is: A) material and public. B) nonmaterial and nonpublic. C) material and nonpublic. Correct answer is C) Information is material if it would be important to the investor in their investment making decision. Information is nonpublic if it is not yet available to the public. Q7. According to Standard II(A), prohibition against the use of material nonpublic information, which of the following statements is least accurate? Members who possess material nonpublic information related to the value of a security are expected to: A) make reasonable efforts to insure the information's accuracy before recommending that others trade on the information. B) not trade on the information unless it was arrived at through the "mosaic theory." C) not trade on the information. Correct answer is A) Standard II(A), regarding material nonpublic information, prohibits those possessing material nonpublic information from trading or causing others to trade on that information. Members or candidates should make reasonable efforts to make sure the information is disseminated to the public. Trading based on the mosaic theory is acceptable because this is based on the analysis of public and nonmaterial nonpublic information. | 
发表于 2009-1-6 17:50
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