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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.

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