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标题: Reading 2-II: Standards of Professional Conduct & Guidan [打印本页]

作者: mayanfang1 时间: 2008-12-31 15:41 标题: [2009] Session 1-Reading 2-II: Standards of Professional Conduct & Guidance:

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.

作者: mayanfang1 时间: 2008-12-31 15:41

答案和详解如下：

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.

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.

Correct answer is C)

If the information is material and nonpublic, the Member or Candidate cannot trade or cause others to trade. It does not matter if the insider did not breach his fiduciary responsibility. The inside information is still material and nonpublic.

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