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周周 · 2025年01月23日

和上一题有点矛盾

  1. CFA III
  2. Ethics

* 问题详情，请 查看题干

NO.PZ201604030300004606

问题如下：

6. When shorting Tefla stock, does Garcia violate any CFA Institute Standards?

选项：

A.

No.

B.

Yes, because he does not have a reasonable basis for the trade.

C.

Yes, because he is in possession of material nonpublic information.

解释：

C is correct.

Garcia is in possession of material nonpublic information and acted on it in violation of Standard II(A). After the analyst’s recommendation has been issued and/or distributed publicly, Garcia would be free to make the trade. Because this is a personal purchase, the standard relating to diligence and reasonable basis is not applicable.

1、这题继续使用上一题偷听的情景条件，ok

2、那么，上一题不选C，答案说是因为他只是possess MNI，所以不违反。这题。但这题却选他违反？这不是矛盾吗？而且按教材，possess MNI确实是合规的。

那么，唯一的逻辑只有切割这两道题。这题选A，认为是分析师的公开信息，才能说得通。

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1 个答案

王暄_品职助教 · 2025年01月24日

第一题：

Garcia偷听Omega的squawk box，这是欺骗性行为，违反了专业性标准（I(D)）。他虽然没直接交易听到的股票，但偷听行为本身就不对。拥有重大非公开信息（MNI）不算违规，利用它交易才算，所以这道题不选C。

第二题：

Garcia根据Omega分析师的降级信息做空Tefla股票，这是利用了重大非公开信息（MNI）进行交易，违反了标准II(A)。所以这道题选C，他确实违规了。

两道题涉及的是不同的CFA标准，所以答案不同，并不矛盾。希望这样解释能更清楚！

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