Q22.The term "material" in the phrase "material nonpublic information" refers to information that is likely to affect significantly the market price of the issuing company's securities or that:

A)   is likely to be considered important by reasonable investors in determining whether to trade a particular security.

B)   is acquired by the financial analyst from a special or confidential relationship with the issuing company.

C)   is derived by the financial analyst from direct communication with an issuing company's management.

Q23.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.

Q24.Which of the following statements regarding Standard II(A), Material, Nonpublic Information, is least accurate?

A)   Material, non-public information regarding a tender offer may not be traded on.

B)   If you receive the information in a public forum, it has been disseminated, and you can trade on it.

C)   Information received from an insider who is not breaching his fiduciary responsibility may be traded on.

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