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SHAO · 2024年08月24日

老师,请教下关于重大非公开信息的概念

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NO.PZ201604030100004404

问题如下:

4. When recommending the purchase of additional Greenhornfood company shares, Voser least likely violates the Standard relating to:

选项:

A.

loyalty to employer.

B.

integrity of capital markets.

C.

diligence and reasonable basis.

解释:

C is correct.

Voser least likely violated the Standard relating to diligence and reasonable basis. Voser initially applied the mosaic theory and had a reasonable basis for the trade as required by Standard V(A). Eventually, she came into possession of material nonpublic information (corporate logo on a document, overheard conversation). According to Standard II(A), once in possession of material nonpublic information, she is prohibited from acting or causing others to act. Voser also violated her duty of loyalty to her employer, Standard IV(A), by encouraging others to trade in Greenhornfood and possibly harming Crawfood’s attempts to acquire the smaller company at an attractive price.

老师,请教下:

1、重大非公开信息有一点事信息来源可靠,Voser看到老板办公桌上有一个文件上面有Green公司logo,听到别人说公司名字,但题目没有说他看到文件内容或听到对话内容,这个是不是有点不可靠呀?这纯粹啥实质性信息也没听见,全靠自己联想呀。这个不可靠的信息+之前看新闻得到的公开信息,是不是更像马赛克理论呢?

2、麻烦老师讲解下,什么情况就能算信息来源可靠了呢?我记得经典题讲到过一个案例,是一个人看到两个公司高管吃饭,结合一些公开信息,推断出两家公司合并,这个就属于是马赛克理论,是不违反道德的。

1 个答案
已采纳答案

王暄_品职助教 · 2024年08月25日

你的理解是正确的。Voser看到文件上的logo和听到公司名字,但并没有获取到具体的内容或实质性的非公开信息。这种情况下,她所依据的主要还是之前的公开信息和她自己的分析。然而,当她后来可能接触到更具体的非公开信息时(比如通过 overheard conversation 等方式),她的行为就可能违反了关于使用重大非公开信息的规定。在此之前,她的行为更倾向于应用“马赛克理论”,即结合多个公开的、但非显著的信息片段来形成投资决策。


信息来源可靠通常意味着信息是直接、具体且非公开的,通常来源于公司内部或与公司有直接关系的人士。例如,公司高管、内部员工或参与交易的直接相关方提供的信息通常被认为是可靠的。在你提到的案例中,一个人看到两个公司高管吃饭并结合公开信息推断出两家公司可能合并,这属于马赛克理论的应用,因为他并没有获取到任何具体的非公开信息,而是基于公开信息和观察到的行为进行了合理的推断。这种行为在道德上是允许的,因为它没有违反使用重大非公开信息的规定。


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    老师,c错在哪里呢

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