NO.PZ2024022002000104
问题如下：
Sarah Thompson, CFA, accidentally hears the CEO of Global Merchants discussing that their upcoming earnings report will be below market expectations. She immediately informs her cousin, a shareholder in the company, about this information. Later, Thompson prepares an analysis for a different firm, ZLD Commerce, incorporating publicly available and insignificant private information, leading to a 'buy' suggestion. Has Thompson most likely breached the Standards?选项：
A.No B.Yes, due to informing her cousin about the overheard conversation C.Yes, due to her analysis method for ZLD Commerce using both public and nonmaterial nonpublic information解释：
Option B is correct. As per Standard II (A), Material Nonpublic Information, members holding material nonpublic information that could influence an investment's value should not use or influence others to use this information. Information is deemed "material" if its revelation could significantly impact a security's price or if it is crucial for investors before making an investment decision, like the content of a forthcoming earnings report from a credible source (the CEO). Thompson, by informing her cousin about the overheard conversation, prompted action based on material nonpublic information, thus violating the Standard. Her use of public and nonmaterial nonpublic information for ZLD Commerce does not constitute a violation under the “mosaic theory.”She immediately informs her cousin, a shareholder in the company, about this information.
