Smith’s young brother-in-law, Adolfo Garcia, recently accepted a position as a broker at a third-party broker/dealer that trades with Omega. Garcia has a modest income and little savings. He is enthusiastic about investments and has enrolled as a CFA candidate. Smith calls Garcia early each morning to talk about the previous day’s events. At the end of their conversation, Smith places the call on speakerphone and resumes his work.
In his office, Garcia can hear Omega’s squawk box over the speakerphone. Garcia enjoys listening as Omega analysts discuss changes in ratings, economic forecasts, and capital market developments. 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.
Garcia frequently places large block orders for low-priced, small-capitalization stocks at the market price. Once the new system is operational, Smith processes the orders through the new trading system mechanism, which delays execution of portions of the orders and allows the firm to obtain a better price for Garcia.
Question
这两题前后不矛盾吗？第一题听了是违反misconduct而无关MNI，第二题因为涉及具体股票了所以又变成MNI了。
而且第二题Because this is a personal purchase, the standard relating to diligence and reasonable basis is not applicable.
这个角度也是没想到，题干中哪里有说personal purchase，题目不就只是说了“In one case, he immediately shorts the stock of Tefla Corporation after an Omega analyst downgrades a firm in the same industry.”，没提及个人账户啊