道德

问题如下：

After gathering various public and non-public details about Alpine Energy's investment strategies and their interest in Northeastern Pennsylvania, where Pure Energy, Inc., a company with substantial assets in that area, operates, Claire Jones, CFA, learns that Alpine's CEO is visiting Northeastern Pennsylvania. Subsequently, she advises portfolio manager Lisa Wong, CFA, to invest in Pure Energy. Soon after, an acquisition of Pure Energy by Alpine is announced. Were Jones or Wong likely in breach of the Standards related to capital market integrity?

选项：

A.No, there was no breach of Standards.

B.Yes, Jones based her recommendation on insider information.

C.Yes, both acted on insider information.

解释：

Option A is correct. Jones applied the mosaic theory by integrating non-material, nonpublic information with publicly available data. The fact about the CEO's trip location, by itself, is non-material. Thus, her recommendation and Wong's subsequent action do not constitute a violation of Standards regarding capital market integrity.