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luckygrace · 2024年05月06日

请问JONES把这事情单独告诉WONG了是否属于内幕信息?

NO.PZ2023021602000025

问题如下:

Claire Jones, CFA, is an analyst following natural gas companies in the United States. At an industry energy conference, the chief financial officer of Alpine Energy states that the company is interested in making strategic acquisitions. At a separate event, Alpine's head of exploration commented that he is bullish on natural gas production prospects within northeastern Pennsylvania. Jones is aware that Alpine currently has very little exposure to this region. She also knows another company in her universe, Pure Energy, Inc. is based in northeastern Pennsylvania and controls significant assets in the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets. Jones attempts to contact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business trip to northeastern Pennsylvania. Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases significant positions in client accounts. The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets?

选项:

A.Yes, Jones' recommendation is based on insider information

B.No

C.Yes, both Jones and Wong have acted on insider information

解释:

Jones has used the mosaic theory to combine nonmaterial, nonpublic information with material public information.

请问JONES把这事情单独告诉WONG了是否属于内幕信息?因为目前Jones的消息源复合马赛克理论,所以Jones和Wong都不违反。 那假如JONES的消息源重大非公开,那么WONG也就属于violation了,对吗?

1 个答案
已采纳答案

王暄_品职助教 · 2024年05月07日

1、关于当前情境:在题目描述中,Jones所收集的信息主要是基于Alpine Energy高层的公开言论、Alpine的潜在兴趣、以及Pure Energy的财务和地理位置。这些信息单独或结合起来,并没有直接指向Alpine即将收购Pure Energy这一具体事件。因此,基于这些信息做出的推荐并不构成内幕交易。所以,按照题目中的描述,Jones和Wong都没有违反与资本市场诚信有关的标准。

2、关于您的假设:如果Jones的消息源是重大且非公开的信息,例如她确切知道Alpine即将收购Pure Energy,并将此信息告诉了Wong,那么这就是内幕交易。在这种情况下,Jones和Wong都违反了与资本市场诚信有关的标准,因为他们都是基于未公开的重大信息进行交易的。

因此,在原始情境中,Jones和Wong的行为都是合规的。但在您的假设下,如果Jones确实掌握了重大且非公开的信息,并与Wong分享,那么两者的行为都属于违规。

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