在ethics里,mispresentation是误导的信息披露,而market manupulation里面也有造谣infromatio-based,这两者要怎么区分呢?
发亮_品职助教 · 2020年03月05日
嗨,从没放弃的小努力你好:
有点包含的意思;仅仅从Information的角度看,Misrepresentation包含Information-based market manipulation.
Misrepresentation明知故犯的错误陈述都包括在里面;而Information-based Market Manipulation就是专指故意传播错误信息,诱导交易。
违反Misrepresentation目的不一定是诱导交易的信息,例如夸大业绩,说自己去年的收益时30%,实际上只有15%;
但可能会出现Misrepresentation是诱导交易的信息,如果包含诱导交易的信息,那还违反了Market manipulation.
所以发现,如果是Information based market manipulation,那一定也违反了Misrepresentation。
具体做题的话,就是看目的了,如果错误信息的目的是扭曲市场交易,那就是Market manipulation;如果不是,那就是Misrepresentation。
Misrepresentation
Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities
Market Manipulation
Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.
-------------------------------就算太阳没有迎着我们而来,我们正在朝着它而去,加油!