NO.PZ201604030300004605
问题如下：
5. When listening to the Omega squawk box, does Garcia violate any CFA Institute Standards?
选项：
A.No.
B.Yes, the standard regarding professionalism.
C.Yes, the standard regarding material nonpublic information.
解释：
B is correct.
Garcia violated the Standard of Professionalism by engaging in eavesdropping on confidential information including changes in analyst recommendations and pending block trades. According to Standard I(D) members must not engage in professional conduct involving dishonesty, deceit, or fraud or commit any act that reflects adversely on their professional reputation, integrity, or competence. Garcia engages in deceitful conduct in obtaining information from the squawk box. His actions reflect adversely on his professional reputation and integrity and thus violate Standard I(D).
Garcia is not in violation of Standard II(A) —Material Nonpublic Information, although he listens to the material nonpublic information on pending block trades. Possession of such material nonpublic information is not a violation of the Standard, which prohibits acting on the information.
He is careful not to trade in stocks mentioned explicitly on the squawk box. Rather, he sometimes researches competitors and other firms operating in the same industry. In one case, he immediately shorts the stock of Tefla Corporation after an Omega analyst downgrades a firm in the same industry.
题目中提到他偷听到Omega公司分析师关于投资的讨论，然后据此做了研究，为避免直接使用内幕信息，去做空了相同行业的交易对手。
1）只要不直接使用内幕信息进行交易就不算违反CFA职业道德的利用重大非公开信息进行交易么？
2）如果题目改成他听到了内幕信息，并且自己做了研究证实了这个情况，然后基于自己的研究做了相同的交易，属于违反么？
