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良爱洳 · 2020年09月15日

问一道题:NO.PZ2016040303000032 [ CFA III ]

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.

Answer 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.

想请问下,为什么本题涉及的准则是II(A)material nonpublic information, 而不是V(A) Diligence and reasonable basis,即题中人物“没有对信息的真实性做深入研究”?
1 个答案
已采纳答案

王暄_品职助教 · 2020年09月17日

嗨,从没放弃的小努力你好:


这里没有涉及到同学说的这个点哦,这里只是在说听到内幕消息应该怎么办。

听见了内幕消息,不可以自己使用也不可以让他人使用。

你说的这个点,只有在不是内幕消息的时候,才可以继续深入研究,然后利用这个消息在投资建议。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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