问题如下图：
选项：
A. 
B. 
C. 
解释：
请问，为什么不能选B呢？另外，分析师一个下调评级可以算作内幕信息吗？
发亮_品职助教 · 2019年05月25日
"为什么不能选B呢？”
这道题有点不太好，感觉题干信息有点迷糊。
他是这样，Garcia是个Broker，并不是一个基金经理。所以当他听到内部信息时，就立即做空了Tefla。他这个做空行为，只是自己的投资行为，不是给客户交易，因为他根本就没有管理账户。
而Standard V(A) Diligence and Reasonable Basis是指：给客户做建议，给客户账户做投资时要Reasonable；因为Garcia不涉及给客户做投资，所以就不存在Diligence and Reasonable 的限制。
事实上，Diligence and Reasonable Basis是为了建立客户与基金经理之间的信任设立的条款，自己做投资的话完全不受限制。
“分析师一个下调评级可以算作内幕信息吗？”
只要能影响估价，没有公开的就算。这条消息可能会影响到Omega这家公司的做市交易，所有可能会影响到股价。
NO.PZ201604030300004606 问题如下 6. When shorting Tefla stock, es Garcia violate any CFA Institute Stanr? A.No. B.Yes, because he es not have a reasonable basis for the tra. C.Yes, because he is in possession of materinonpublic information. C is correct.Garcia is in possession of materinonpublic information anacteon it in violation of StanrII(A). After the analyst’s recommention hbeen issueanor stributepublicly, Garcia woulfree to make the tra. Because this is a personpurchase, the stanrrelating to ligenanreasonable basis is not applicable. Garcia一听说要wngra T公司的同类企业，immeately去卖掉了T公司，根本没有足够的时间去思考对同类企业的wngra到底是因为整个行业不景气还是因为那家企业自身的问题，就直接去short T公司了。这难道不是缺乏依据吗？
NO.PZ201604030300004606问题如下 6. When shorting Tefla stock, es Garcia violate any CFA Institute Stanr?A.No.B.Yes, because he es not have a reasonable basis for the tra.C.Yes, because he is in possession of materinonpublic information.C is correct.Garcia is in possession of materinonpublic information anacteon it in violation of StanrII(A). After the analyst’s recommention hbeen issueanor stributepublicly, Garcia woulfree to make the tra. Because this is a personpurchase, the stanrrelating to ligenanreasonable basis is not applicable.上一题说不是用内幕信息交易，那这题不也可以说没够利用内幕信息交易码？他是在用类企业基础上分析而来的
NO.PZ201604030300004606问题如下6. When shorting Tefla stock, es Garcia violate any CFA Institute Stanr?A.No.B.Yes, because he es not have a reasonable basis for the tra.C.Yes, because he is in possession of materinonpublic information.C is correct.Garcia is in possession of materinonpublic information anacteon it in violation of StanrII(A). After the analyst’s recommention hbeen issueanor stributepublicly, Garcia woulfree to make the tra. Because this is a personpurchase, the stanrrelating to ligenanreasonable basis is not applicable.1、这题与上一题有没有联系？这题的信息没有说他偷听分析师，只是说分析师下调之后卖出，没有偷听的意思。有也是上题的内容里说的2、如果算偷听，当然算违反mni，但是c的理由写的是possess，老师强调possess不违反，那c的理由写的也不对
NO.PZ201604030300004606 Yes, because he es not have a reasonable basis for the tra. Yes, because he is in possession of materinonpublic information. C is correct. Garcia is in possession of materinonpublic information anacteon it in violation of StanrII(A). After the analyst’s recommention hbeen issueanor stributepublicly, Garcia woulfree to make the tra. Because this is a personpurchase, the stanrrelating to ligenanreasonable basis is not applicable.他short同一個行業的 也是aon non public info 嗎 這有點勉強？
NO.PZ201604030300004606 答案的中指出是personpurchase，哪里有写是personpurchase呢？