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落了一地 · 2021年11月10日

关于内幕交易

* 问题详情,请 查看题干

NO.PZ201604030300004705

问题如下:

5. In his original purchase of 2,000 shares of the Japanese equity product, Riser least likely violates the Standard relating to:

选项:

A.

Suitability.

B.

Priority of Transactions.

C.

Integrity of Capital Markets.

解释:

A is correct.

Riser least likely violates Standard III(C) relating to suitability when purchasing shares for his own account. Riser may violate Standard II(A) —Material Nonpublic Information and possibly Standard VI(B) —Priority of Transactions when making the purchase. If, when trading for his own account, Riser knows that he will place a large block trade for Komm clients, he may be in possession of material nonpublic information. Standard VI(B) covers the activities of all members who have knowledge of pending transactions that may be made on behalf of their clients or employers. Riser has accepted the position of managing partner, has recommended the manager for the product, and knows, or should know, that he will purchase the product for at least some Komm clients once he begins work at Komm. His purchase ahead of Komm’s clients might be front-running. Best practice would be to delay his private account purchase until after he purchases shares for clients.

和雇主买一样的产品就算涉及内幕交易么?


根据题目时间线,这个K的公司起码在几个月前就已经作为新的manager在管理Japanese equity了,这么久应该也建好仓了,题目也没说未来又大量买入Japanese equity从而推高股价。这个人为了能搭顺风车才自己又买的

1 个答案

王暄_品职助教 · 2021年11月10日

本文的倒数第三段整段都在描述,Riser所在的私人银行需要一个基金经理去管理一个日元权益类产品,Riser推荐了Komm Private Management,且银行也同意聘用Komm Private Management。

再后来Riser从银行离职,来到Komm Private Management担任基金经理职位,所以Riser心里知道Komm Private Management正在管理日元权益类产品,而且他自己也将会涉及管理这个权益类产品。文章的最后一段Riser度假前就为自己的账户买了2000 shares,度假回来后,他又为其他客户买入此类产品。所以我们有理由怀疑,Riser在度假前就想好回来后为自己的客户买入此类产品,所以Riser涉及内幕交易。