开发者:上海品职教育科技有限公司 隐私政策详情

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Nancy 王悦 · 2020年10月16日

问一道题:NO.PZ2018062009000023 [ CFA II ]

问题如下:

The brokerage company's investment banking department often gets some material non-public informations, which may bring advantages if it can provide advice to the company's brokerage clients. In order to comply with the Code and Standards, which of the followings could be the best policy for brokerage company?

选项:

A.

Monitor and minimize the information exchange between the investment banking and the brokerage operations.

B.

Establish a firewall within the company to prevent the information exchange between the investment banking and brokerage operations.

C.

Forbid the investment banking’s clients to get the "buy" and "sell" recommendations of the stock  permanently.

解释:

B is correct.

The best strategy to prevent violating the standard II(A) Material Nonpublic Information is to establish a firewall in the enterprise to prevent the internal information exchange. The physical and informational barriers commonly referred to as firewalls are the most widely used approach for preventing the communication of material nonpublic information within firms.

老师不太理解什么意思
1 个答案

王暄_品职助教 · 2020年10月17日

嗨,从没放弃的小努力你好:


Brokerage firm通常由投行部门和研究所组成。投行部门是帮助客户做上市或合并的,所以很容易获得内幕信息;而研究所是研究上市公司信息,从而发布投资建议的。

比如如果公司内部的投行部门正在帮助某家公司做合并(此时投行部门就已经知道了这个内幕信息,因为合并是对公司股价由重大影响的),要是投行部门的员工在把这个信息透露了给研究所的员工,那么研究所的分析师就得知了内幕信息,很容易利用这个信息发布投资建议。所以CFA准则鼓励brokerage firm在两个部门之间建立防火墙,比如两个部门的门禁卡不同,中午在不同的食堂吃饭等。


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