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🍀 · 2024年05月15日

关于利用内幕信息进行交易

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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.

He is careful not to trade in stocks mentioned explicitly on the squawk box. Rather, he sometimes researches competitors and other firms operating in the same industry. In one case, he immediately shorts the stock of Tefla Corporation after an Omega analyst downgrades a firm in the same industry.

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?

1 个答案
已采纳答案

王暄_品职助教 · 2024年05月15日

1)关于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的问题:

是的,只要不直接使用内幕信息进行交易,通常不会被视为违反CFA关于利用重大非公开信息的职业道德标准。然而,这里的关键是确保没有利用这些非公开信息来获得不公平的交易优势。仅仅知道非公开信息,但没有据此进行交易,并不构成违反。但在此案例中,Garcia的行为可能被视为不道德的,因为他通过偷听(eavesdropping)获得了可能对他交易决策产生影响的信息,即使他没有直接交易被提及的股票,这种行为仍然可能对他的专业声誉和诚信产生不利影响,从而违反了职业行为准则。

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,是否属于违反的问题:

这种情况可能更加复杂。虽然Garcia是基于自己的研究做出的交易决策,但如果他的研究起点是非法获得的非公开信息,那么这可能仍然被视为利用非公开信息进行交易。关键在于,即使他通过自己的研究证实了这些信息,但如果他的研究是基于非法获得的信息,那么他的行为仍然可能被视为违反了职业道德。此外,如果他的交易行为与他之前获得的非公开信息有直接的关联,那么这也可能被视为利用非公开信息进行交易,从而违反相关职业道德标准。

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2021-11-12 13:09 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

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