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leozhenlin · 2020年10月25日

问一道题:NO.PZ2016032801000037

问题如下:

During a round of golf, Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account.

选项:

A.

Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.

B.

Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.

C.

Rodriguez did not violate the Code and Standards because the comments made to Hart were not intended to solicit an investment in Mega Retail.

解释:

A is correct.

Hart’s decision to invest in the retail fund appears directly correlated with Rodriguez’s statement about the successful quarter of Mega Retail and thus violates Standard II(A) –Material Nonpublic Information. Rodriguez’s information would be considered material because it would influence the share price of Mega Retail and probably influence the price of the entire exchange-traded retail fund. Thus, answer B is incorrect. Answer C is also incorrect because Rodriguez shared information that was both material and nonpublic. Company officers regularly have such knowledge about their firms, which is not a violation. The sharing of such information, however, even in a conversation between friends, does violate Standard II(A).

题目读懵了,老师可以讲解一下么,谢谢

1 个答案

Debrah_品职答疑助手 · 2020年10月26日

嗨,从没放弃的小努力你好:


这道题目是说,Mega公司CFO Rodriguez向当地投资顾问也是他的朋友Hart提到,Mega的销售季度非常出色,较现在的市场估计高出10%。第二天,Hart开始购买大量零售基金。

Hart的作法显然是违背了Standard II(A) –Material Nonpublic Information。

这道题目先判断信息是否是:Material 和 Non-public的。Material是指利用这个信息获利,Non-public就是字面意思非公开。

这个CFO的信息来源肯定是可靠地。这个超预期的信息,也是能获利的。这个信息没有公开(因为是对这个季末的预期)也是Non-public的。所以这个信息是内幕信息。

另外根据准则,这个内幕信息,不限于买卖单只股票。还限制衍生品,Mutual fund和另类投资。可以理解为任何基于这个内幕信息的交易。

下面是来自原版书,参考黑体:
Members and candidates must not use material nonpublic information to influence their investment actions related to derivatives (e.g., swaps or option contracts), mutual funds, or other alternative investments.


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