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AL · 2021年11月12日

Non public info

* 问题详情,请 查看题干

NO.PZ201604030300004605

问题如下:

5. When listening to the Omega squawk box, does Garcia violate any CFA Institute Standards?

选项:

A.

No.

B.

Yes, the standard regarding professionalism.

C.

Yes, the standard regarding material nonpublic information.

解释:

B is correct.

Garcia violated the Standard of Professionalism by engaging in eavesdropping on confidential information including changes in analyst recommendations and pending block trades. According to Standard I(D) members must not engage in professional conduct involving dishonesty, deceit, or fraud or commit any act that reflects adversely on their professional reputation, integrity, or competence. Garcia engages in deceitful conduct in obtaining information from the squawk box. His actions reflect adversely on his professional reputation and integrity and thus violate Standard I(D).

Garcia is not in violation of Standard II(A) —Material Nonpublic Information, although he listens to the material nonpublic information on pending block trades. Possession of such material nonpublic information is not a violation of the Standard, which prohibits acting on the information.

這題裡面的 G哥偷聽到調研部門的投資建議 is non public 但也不是研究那家公司的內部信息啊  是他們研究的建議而已 不一定material ?或者是 那些公司請調研部門去寫報告 所以調研部門會知道?
1 个答案

王暄_品职助教 · 2021年11月12日

本题选择B, 因为他违反了I(D) Misconduct,因为deceitful conduct in obtaining information from the suqawk box,这是一种不诚信的行为。


而他听到的内容首先是analyst在讨论的,如下图;其中也涉及了评级的变化。评级的改变会有material effects,而且analyst也有可能透露一些建议。


但本题不选C,他没有违反Material nonpublice这条,因为他没有使用。

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NO.PZ201604030300004605 问题如下 5. When listening to the Omega squawk box, es Garcia violate any CFA Institute Stanr? A.No. B.Yes, the stanrregarng professionalism. C.Yes, the stanrregarng materinonpublic information. B is correct.Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(.Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information. He is careful not to tra in stocks mentioneexplicitly on the squawk box. Rather, he sometimes researches competitors another firms operating in the same instry. In one case, he immeately shorts the stoof Tefla Corporation after Omega analyst wngras a firm in the same instry.题目中提到他偷听到Omega公司分析师关于投资的讨论,然后据此做了研究,为避免直接使用内幕信息,去做空了相同行业的交易对手。1)只要不直接使用内幕信息进行交易就不算违反CFA职业道德的利用重大非公开信息进行交易么?2)如果题目改成他听到了内幕信息,并且自己做了研究证实了这个情况,然后基于自己的研究做了相同的交易,属于违反么?

2024-05-15 10:35 1 · 回答

NO.PZ201604030300004605 Yes, the stanrregarng professionalism. Yes, the stanrregarng materinonpublic information. B is correct. Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(. Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information.明明G已经aupon materinon public information了呀

2021-11-06 20:21 1 · 回答

Yes, the stanrregarng professionalism. Yes, the stanrregarng materinonpublic information. B is correct. Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(. Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information.misconct包括内容是不是特别广泛

2020-09-20 11:48 1 · 回答

到底选什么

2020-03-31 21:30 1 · 回答