CFA一级道德部分精选练习题第二波
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Standard II:Integrity of capital markets(A)Material Nonpublic Information
Jack is a research analyst covering the biotechnology sector.He employs an‘expert network’of industry contacts to stay abreast of current issues in the industry.Jack arranges a call with a scientist involved in the preliminary testing of an Alzheimer’s disease,during which the scientist discloses that it is very likely that the tests will be successful and the drug will be fast tracked through the government approval system.Jack returns to his firm and discusses this information with his colleague.Jack:
A.Violated Standard II(A):Material Non-Public Information
B.Not violated Standard II(A):Material Non-Public Information so long as procedures are in place with the expert network to deter the exchange of material non-public information
C.Not violated Standard II(A):Material Non-Public Information because the information was being publically disseminated by the scientist in the expert network
Answer:A
Jack has violated Standard II(A)by passing along material non-public information concerning the ongoing product tests,which the fund used to trade in the securities and options of the related company.Watson cannot simply rely on the agreements signed by individuals who participate in expert networks that state that he has not received information that would prohibit his trading activity.He must make his own determination whether information he received through these arrangements reaches a materiality threshold that would affect his trading abilities.
解析：
本题说的是Jack是一个医药行业研究分析师，关注时事，在跟一位科学家的电话中了解到某个药物非常有可能测试成功并且进入政府审核步骤。他把这个消息告诉了同事。他违反了Standard II(A)Material Nonpublic Information，因为这个信息是重大的，非公开的，他不能把这一消息告诉别人。
