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李晨昱 · 2024年07月31日

为啥选B,不明白逻辑

NO.PZ2018062009000069

问题如下:

Q. A CFA Institute member would violate the standard for material nonpublic information by:

选项:

A.

conducting price distortion practices.

B.

inappropriately causing others to act.

C.

inadequately maintaining investment records.

解释:

B is correct. Under Standard II.A Material Nonpublic Information, members having material nonpublic information that could affect the value of an investment must not cause others to act on the information.

A is incorrect because price distortion is mentioned in the Standard II.B Market Manipulation, not Standard II.A Material Nonpublic Information.

C is incorrect because the maintenance of appropriate records to support investment analyses is noted in Standard V.C Record Retention, not Standard II.A Material Nonpublic Information.

为啥选B,不明白逻辑

1 个答案

王暄_品职助教 · 2024年07月31日

选择B选项的逻辑是基于“重大非公开信息”(Material Nonpublic Information)。

这个标准规定,如果CFA协会会员掌握了能够影响投资价值的重大非公开信息,他们不得利用这些信息为自己或他人谋取利益,也不得使他人基于这些信息采取行动。这是为了防止不公平的交易和信息滥用,保护市场的公平性和透明度。


A选项提到“进行价格扭曲行为”。虽然价格扭曲行为可能是不合法的,但它更多地与标准II.B“市场操纵”(Market Manipulation)相关,而不是标准II.A“重大非公开信息”。市场操纵指的是通过欺诈、误导或其他操纵手段来影响证券价格,而不一定是基于重大非公开信息。


B选项说“不当地导致他人行动”。这直接违反了标准II.A的规定。如果你掌握了重大非公开信息,并导致他人基于这些信息做出投资决策,那么你就违反了不得使他人基于重大非公开信息采取行动的原则。


C选项提到“未能妥善保存投资记录”。这与标准II.A无关,而是与标准V.C“记录保留”(Record Retention)相关。记录保留标准要求会员保留足够的记录来支持他们的投资决策和分析。


因此,选择B选项是因为它直接违反了CFA协会关于重大非公开信息的标准,即不得使他人基于这些信息进行投资决策。这是为了保护市场的公平性和透明度,防止信息滥用和不公平交易。

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