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Normy · 2020年03月31日

问一道题：NO.PZ201604030300004605

  1. CFA III
  2. Ethics

* 问题详情，请 查看题干

问题如下：

5. When listening to the Omega squawk box, does Garcia violate any CFA Institute Standards?

选项：

A.

No.

B.

Yes, the standard regarding professionalism.

C.

Yes, the standard regarding material nonpublic information.

解释：

B is correct.

Garcia violated the Standard of Professionalism by engaging in eavesdropping on confidential information including changes in analyst recommendations and pending block trades. According to Standard I(D) members must not engage in professional conduct involving dishonesty, deceit, or fraud or commit any act that reflects adversely on their professional reputation, integrity, or competence. Garcia engages in deceitful conduct in obtaining information from the squawk box. His actions reflect adversely on his professional reputation and integrity and thus violate Standard I(D).

Garcia is not in violation of Standard II(A) —Material Nonpublic Information, although he listens to the material nonpublic information on pending block trades. Possession of such material nonpublic information is not a violation of the Standard, which prohibits acting on the information.

到底选什么

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1 个答案

发亮_品职助教 · 2020年04月01日

嗨，从没放弃的小努力你好：


这道题就是选B。

只违反了Standard I: Professionalism中的Misconduct，因为违反职业道德的事件就违反了Misconduct，而偷听就是违反职业Reputation, integrity competence的。

注意这道题不违反material nonpublic information，只有利用内幕消息进行交易时，或者促使他人利用内幕消息交易时，才违反material nonpublic information，这道题的题干问的只是偷听行为违反了啥准则，所以只违反Misconduct，不涉及material nonpublic information。

如果题干说，他利用偷听到的内幕信息进行交易违反了啥，那就一定违反了material nonpublic information。

关于material nonpublic information原版书的描述为：

Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act
on the information.


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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NO.PZ201604030300004605 问题如下 5. When listening to the Omega squawk box, es Garcia violate any CFA Institute Stanr? A.No. B.Yes, the stanrregarng professionalism. C.Yes, the stanrregarng materinonpublic information. B is correct.Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(.Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information. He is careful not to tra in stocks mentioneexplicitly on the squawk box. Rather, he sometimes researches competitors another firms operating in the same instry. In one case, he immeately shorts the stoof Tefla Corporation after Omega analyst wngras a firm in the same instry.题目中提到他偷听到Omega公司分析师关于投资的讨论，然后据此做了研究，为避免直接使用内幕信息，去做空了相同行业的交易对手。1）只要不直接使用内幕信息进行交易就不算违反CFA职业道德的利用重大非公开信息进行交易么？2）如果题目改成他听到了内幕信息，并且自己做了研究证实了这个情况，然后基于自己的研究做了相同的交易，属于违反么？

2024-05-15 10:35 1 · 回答

NO.PZ201604030300004605 Yes, the stanrregarng professionalism. Yes, the stanrregarng materinonpublic information. B is correct. Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(. Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information.這題裡面的 G哥偷聽到調研部門的投資建議 is non public 但也不是研究那家公司的內部信息啊  是他們研究的建議而已 不一定materi？或者是 那些公司請調研部門去寫報告 所以調研部門會知道？

2021-11-12 13:09 1 · 回答

NO.PZ201604030300004605 Yes, the stanrregarng professionalism. Yes, the stanrregarng materinonpublic information. B is correct. Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(. Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information.明明G已经aupon materinon public information了呀

2021-11-06 20:21 1 · 回答

Yes, the stanrregarng professionalism. Yes, the stanrregarng materinonpublic information. B is correct. Garcia violatethe Stanrof Professionalism engaging in eavesopping on confintiinformation inclung changes in analyst recommentions anpenng blotras. Accorng to StanrI( members must not engage in professionconinvolving shonesty, ceit, or frauor commit any athreflects aersely on their professionreputation, integrity, or competence. Garcia engages in ceitful conin obtaining information from the squawk box. His actions refleaersely on his professionreputation anintegrity anthus violate StanrI(. Garcia is not in violation of StanrII(—MateriNonpublic Information, although he listens to the materinonpublic information on penng blotras. Possession of sumaterinonpublic information is not a violation of the Stanr whiprohibits acting on the information.misconct包括内容是不是特别广泛

2020-09-20 11:48 1 · 回答