道德

问题如下：

Are any of the senior analysts discussed by the research assistants when gathered around Pierce’s workspace in possession of information that could most likely lead to a violation of Standard II: Integrity of Capital Markets?

选项：

A.No B.Yes, Research Assistant 1’s senior analyst C.Yes, Research Assistant 2’s senior analyst

解释：

Solution

1. Incorrect. The statement by Research Assistant 1 (“One of the senior analysts I work with heard from an accountant at one of the companies she follows that they are about to retire a large group of assets. She’s afraid she may lose her job.”) indicates the senior analyst is in possession of insider information, which, if acted on, could lead to a violation of Standard II: Integrity of Capital Markets. The retirement of a large group of assets would be considered material. Additionally, the insider is an accountant, which would indicate he or she would be considered reliable. Information is material if its disclosure would probably have an impact on the price of a security or if reasonable investors would want to know the information before making an investment decision. The source or relative reliability of the information is also a determining factor in materiality. The standard recommendation is for the analyst to work with the company to publicly release the material inside information. The statement by Research Assistant 2 is “One of the senior analysts I work with heard from the receptionist at an independent research firm about the potential purchase of a large block of stock of a company under his coverage. I can’t wait to find out who it involves.” While the sale of a large block of stock would be considered material, in this case, the analyst is not given a specific company name and therefore would be unable to verify the information or act on it. The analyst therefore could not violate Standard II: Integrity of Capital Markets. The specificity of the information is a key factor in determining whether a particular piece of information fits the definition of material.

2. Correct. The statement by Research Assistant 1 (“One of the senior analysts I work with heard from an accountant at one of the companies she follows that they are about to retire a large group of assets. She’s afraid she may lose her job.”) indicates the senior analyst is in possession of insider information, which, if acted on, could lead to a violation of Standard II: Integrity of Capital Markets. The retirement of a large group of assets would be considered material. Additionally, the insider is an accountant, which would indicate he or she would be considered reliable. Information is material if its disclosure would probably have an impact on the price of a security or if reasonable investors would want to know the information before making an investment decision. The source or relative reliability of the information is also a determining factor in materiality. The standard recommendation is for the analyst to work with the company to publicly release the material inside information. The statement by Research Assistant 2 is “One of the senior analysts I work with heard from the receptionist at an independent research firm about the potential purchase of a large block of stock of a company under his coverage. I can’t wait to find out who it involves.” While the sale of a large block of stock would be considered material, in this case, the analyst is not given a specific company name and therefore would be unable to verify the information or act on it. The analyst therefore could not violate Standard II: Integrity of Capital Markets. The specificity of the information is a key factor in determining whether a particular piece of information fits the definition of material.

3. Incorrect. The statement by Research Assistant 1 (“One of the senior analysts I work with heard from an accountant at one of the companies she follows that they are about to retire a large group of assets. She’s afraid she may lose her job.”) indicates the senior analyst is in possession of insider information, which, if acted on, could lead to a violation of Standard II: Integrity of Capital Markets. The retirement of a large group of assets would be considered material. Additionally, the insider is an accountant, which would indicate he or she would be considered reliable. Information is material if its disclosure would probably have an impact on the price of a security or if reasonable investors would want to know the information before making an investment decision. The source or relative reliability of the information is also a determining factor in materiality. The standard recommendation is for the analyst to work with the company to publicly release the material inside information. The statement by Research Assistant 2 is “One of the senior analysts I work with heard from the receptionist at an independent research firm about the potential purchase of a large block of stock of a company under his coverage. I can’t wait to find out who it involves.” While the sale of a large block of stock would be considered material, in this case, the analyst is not given a specific company name and therefore would be unable to verify the information or act on it. The analyst therefore could not violate Standard II: Integrity of Capital Markets. The specificity of the information is a key factor in determining whether a particular piece of information fits the definition of material.

Guidance for Standards I–VII

• demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations