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anyewumian · 2020年08月09日

问一道题:NO.PZ2016032801000032

问题如下:

Andrews, a private wealth manager, is conducting interviews for a new research analyst for his firm. One of the candidates is Wright, an analyst with a local investment bank. During the interview, while Wright is describing his analytical skills, he mentions a current merger in which his firm is acting as the adviser. Andrews has heard rumors of a possible merger between the two companies, but no releases have been made by the companies concerned. Which of the following actions by Andrews is least likely a violation of the Code and Standards?

选项:

A.

Waiting until the next day before trading on the information to allow time for it to become public.

B.

Notifying all investment managers in his firm of the new information so none of their clients are disadvantaged.

C.

Placing the securities mentioned as part of the merger on the firm’s restricted trading list.

解释:

C is correct.

The guidance to Standard II(A) –Material Nonpublic Information recommends adding securities to the firm’s restricted list when the firm has or may have material nonpublic information. By adding these securities to this list, Andrews would uphold this standard. Because waiting until the next day will not ensure that news of the merger is made public, answer A is incorrect. Negotiations may take much longer between the two companies, and the merger may never happen. Andrews must wait until the information is disseminated to the market before he trades on that information. Answer B is incorrect because Andrews should not disclose the information to other managers; no trading is allowed on material nonpublic information.

这道题答案C是不是有问题,还是因为最佳答案的原因

1 个答案

王暄_品职助教 · 2020年08月11日

嗨,爱思考的PZer你好:


这道题让我们选最不可能违反CFA准则的是哪个行为。

我们可以依次分析以下三个选项:

A:给信息留点时间被公布,于是选择等到地儿天在交易。(我们要做的时等到信息真正被公开后再利用信息交易,而不是仅仅等到第二天就去交易,这种等待没有意义,依然违反)

B:通知其他的manager这个merger,这样确保他们的客户可以获得优势(违反了资本市场的诚信,我们不可以利用内幕信息自己交易或者促使他们利用内幕信息交易)

C:将这两家公司的股票放入限制性清单(对比这三条,这条是最不可能违反的,放入限制性清单,这样分析师在写关于这两家公司的报告的时候,只能称述事实不能称述观点。所以这样做没有违反。同学你可能认为这样做还不够,比如还要有尽快促使信息公开等行为,但对比其他两条,这条就是最佳答案。)


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2022-03-30 15:17 1 · 回答

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2019-04-19 20:46 1 · 回答

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