2012年mock第一题
题目：One week prior to the IPO, Sahara’s Board of Directors approves and implements an Employee Share
Option Plan (ESOP). Existing staff members are allocated 10% of the upcoming IPO at a 25% discount to
the IPO price. Omar acquires his allocation with the intention of selling his shares at a profit after trading
commences. The details of the ESOP are highlighted in the IPO prospectus.
答案解释：
6. Does Omar’s participation in the ESOP most likely violate any of the Standards of Professional
Conduct?
A. No
B. Yes, with regard to “Priority of Transactions”
C. Yes, with regard to “Conflicts of Stock Ownership”
Answer = A
A is correct because by participating in the ESOP program, Omar does not violate any standards
because the ESOP program is fully disclosed in the IPO prospectus. When he sells his allocation,
he will need to ensure he gives clients and the company priority in order to avoid any standards
violation.对加粗部分不理解。
