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mandy · 2025年01月25日

选项B

  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.

请问老师，这道题不违反选项B reasonable basis是因为他是给自己做交易而不是给客户做交易？如果他是利用这个信息给客户做交易，是不是就违反了reasonable basis呢？

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1 个答案

王暄_品职助教 · 2025年01月25日

你的理解是正确的。在这道题中，Garcia违反的是因为使用了material nonpublic information，而不是因为缺乏reasonable basis。

  • 选项B（reasonable basis），它主要适用于投资顾问或基金经理在为客户进行投资决策时，需要确保有充分的依据来支持其建议。由于这是Garcia自己的交易，而不是他为客户做的交易，所以“合理依据”这一标准在这里并不适用。
  • 如果Garcia是利用这个信息给客户做交易，那么除了可能违反关于未公开信息的标准外，还可能因为缺乏合理依据（如果没有进行充分的研究或分析）而违反“合理依据”的标准。但在这个案例中，主要问题是未公开信息的使用。


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