所属模块：模块 1 — 道德与职业准则（Ethics & Professional Standards） 涵盖标准：Standard II(A) — 重大非公开信息（MNPI） + Standard II(B) — 市场操纵
一、Standard II(A) 核心复习
1.1 定义
拥有重大非公开信息（MNPI）时，不得基于该信息采取行动、或导致他人据此采取行动。
1.2 关键词理解
| 关键词 | 含义 | 考试提示 |
|---|---|---|
| 重大（Material） | 影响资产价格或理性投资者决策的信息 | "reasonable investor would want to know" |
| 非公开（Nonpublic） | 尚未向市场公开披露的信息 | 选择性披露给少数分析师 ≠ 公开 |
| 采取行动（Act） | 买卖证券、相关衍生品、或替代品 | 含共同基金/ETF中含该证券 |
1.3 Mosaic Theory（拼图理论）✅ 允许
- 将公开信息 + 非重大信息拼凑成分析结论 → 允许
- 关键边界：构成基础的信息必须都是公开或非重大的
- 如果你的「拼图」中有一块是 MNPI → → 违规
1.4 Selective Disclosure（选择性披露）
- 发行人向少数人提前披露 MNPI → 违规（Reg FD 在美国）
- 分析师接到此类信息后交易 → 同样违规
- 正确做法：要求发行人公开披露，或在信息公开前不交易
1.5 专家网络（Expert Network）
- 使用专家网络获取信息可允许，但：
- ⚠️ 不得通过专家网络获取 MNPI
- ⚠️ 不得向专家打听其雇主（上市公司）的 MNPI
- 合规流程：事先报批、记录、合规审查
1.6 马赛克 vs 内幕信息判断题
判断规则三步走： 1. 这信息是不是重大（Material）的？ 2. 这信息是不是非公开（Nonpublic）的？ 3. 信息源是否合法？
如果 1 + 2 都是「是」，而 3 是「否」→ 违规。
二、Standard II(B) 核心复习
2.1 定义
不得从事扭曲市场价格或人为提高/降低交易量以误导市场参与者的行为。
2.2 两种市场操纵类型
| 类型 | 定义 | 典型例子 |
|---|---|---|
| 信息型操纵（Information-Based） | 散布虚假/误导信息影响价格 | 虚假谣言、虚假研究报告 |
| 交易型操纵（Transaction-Based） | 通过交易行为本身扭曲价格 | 对倒、虚买虚卖、收盘操纵 |
2.3 常见操纵手法
| 手法 | 英文 | 操作方式 |
|---|---|---|
| 对倒交易 | Wash Trading | 同一人同时买卖，制造虚假成交量 |
| 抢先交易 | Front Running | 利用客户订单信息事先交易 |
| 收盘价操纵 | Marking the Close | 收盘前大量买卖操纵收盘价 |
| 幌骗 | Spoofing | 挂大单后撤单，诱导他人交易 |
| 拉高抛售 | Pump and Dump | 散布利好拉高后卖出 |
| 打压吸筹 | Short and Distort | 散布利空压低后买入 |
2.4 合法行为 ≠ 操纵
- 大单交易（Block Trade）本身不违规
- 做市行为（Market Making）合理价差不违规
- 套利交易（Arbitrage）不违规
- 关键在于意图：是否意在误导、扭曲
三、Standard II 综合对比
| 维度 | II(A) — MNPI | II(B) — 市场操纵 |
|---|---|---|
| 核心关切 | 信息不平等 | 价格扭曲 |
| 保护对象 | 信息公平性 | 市场完整性 |
| 违规方式 | 利用未公开信息交易 | 散布假信息 / 交易操纵 |
| Mosaic Theory | 允许 | N/A |
| 合法边界 | 公开信息拼图 | 真实交易意图 |
四、综合练习题（10 题）
题目 1
某分析师通过专家网络得知某上市公司下季度盈利将大幅低于预期，该信息尚未公开。分析师立即卖出该股票。该行为：
A. 不违规，因为是专家网络获取的信息 B. 违规，违反 Standard II(A) C. 违规，违反 Standard II(B) D. 不违规，只要分析师做了尽职调查
题目 2
分析师将多家公司的公开财报、行业报告和宏观数据综合分析后，得出某公司股价被高估的结论，并建议客户卖出。这种行为：
A. 违反 II(A)，因为结论是重大的 B. 违反 II(B)，因为是卖出建议 C. 不违规，符合 Mosaic Theory D. 不违规，只有买入建议才违规
题目 3
以下哪项构成信息型市场操纵？
A. 提前知晓内幕信息后交易 B. 发布虚假的兼并收购消息拉抬股价 C. 大量买入某股票推高价格 D. 在客户交易前优先为自己账户交易
题目 4
一名交易员在收盘前30秒买入大量股票，仅为了将当日收盘价推高到某一关键价位，使其持有的期权获利。该行为：
A. 不违规，正常交易行为 B. 违反 II(A)，利用非公开信息 C. 违反 II(B)，属交易型操纵（Marking the Close） D. 违反 II(A) 和 II(B)
题目 5
关于 Mosaic Theory，以下哪项正确？
A. 结合非公开的非重大信息 + 公开信息形成结论是允许的 B. 只要来自专家网络的信息都可以使用 C. 任何将多条信息拼凑成投资结论的做法都违规 D. 只有买方分析师可以使用 Mosaic Theory
题目 6
某基金经理得知某公司即将发布重大利好消息（信息未公开），但他本人没有交易，而是告知了好友，好友据此买入。该基金经理：
A. 不违规，因为基金经理本人没有交易 B. 违规，违反了 II(A)，导致他人基于 MNPI 交易 C. 违规，违反 II(B)，信息型操纵 D. 不违规，因为信息最终会被公开
题目 7
CFA 持证人发现公司内部有人在进行 wash trading。他应该：
A. 什么都不做，这不是他的职责 B. 参与其中以了解详情 C. 向合规部门报告，并远离该行为 D. 直接向监管机构举报
题目 8
以下哪种情形构成违反 Standard II(A)？
A. 在公开信息发布会上获得信息后立即交易 B. 公司 CEO 在私下交谈中透露了尚未公布的收购计划，分析师据此交易 C. 阅读多家券商研究报告后形成投资判断 D. 分析公开的政府经济数据后进行交易
题目 9
「Spoofing」（幌骗）属于哪种违规？
A. 违反 II(A)，利用了非公开信息 B. 违反 II(B)，交易型市场操纵 C. 既违反 II(A) 又违反 II(B) D. 不违规，属于合法交易策略
题目 10
一家上市公司向少数几位分析师提前电话沟通季报内容（未向公众披露），分析师接听电话并获知了未公开的业绩数据：
A. 分析师可以据此调整投资建议 B. 公司不违规，分析师也不违规 C. 分析师应要求公司公开披露，在信息未公开前不应据此交易 D. 分析师可以交易，但需要向合规部门报备
五、答案与解析
| 题号 | 答案 | 解析 |
|---|---|---|
| 1 | B | 通过专家网络获取未公开的重大盈利信息并交易，违反 II(A)。专家网络不是 MNPI 防火墙。 |
| 2 | C | 全部使用公开信息 + 非重大信息综合分析得出结论，符合 Mosaic Theory，不违规。 |
| 3 | B | 发布虚假兼并消息属信息型操纵（II(B)）。A 是 II(A)、C 可能是交易型操纵需看意图、D 是 II(B) 或 VI(B)。 |
| 4 | C | 收盘前大量交易专门为了操纵收盘价 → 交易型操纵（Marking the Close），违反 II(B)。 |
| 5 | A | Mosaic Theory 的核心条件：所有拼图必须是非重大的非公开信息 + 公开信息。 |
| 6 | B | II(A) 明确禁止"导致他人基于 MNPI 交易"。本人不交易但泄露给他人 → 同样违规。 |
| 7 | C | 发现违规行为应向内部合规部门报告并远离。D 是备选但 CFA 标准优先建议内部报告。 |
| 8 | B | CEO 私下透露的收购计划是典型的 MNPI，分析师据此交易违反 II(A)。 |
| 9 | B | Spoofing 是挂单后撤单以诱导他人，属交易型操纵，违反 II(B)。 |
| 10 | C | 选择性披露情况下，分析师正确做法是要求公开披露，并暂停交易直到信息公开。 |
六、本课小结
- II(A) 核心：有 MNPI → 不能交易，不能传给别人交易
- Mosaic Theory 是安全港：公开+非重大 = 可以拼图
- II(B) 核心：不能通过虚假信息或操纵性交易扭曲价格
- 两者区别：II(A) 管信息公平，II(B) 管市场完整
- 遇到 MNPI：第一步要求公司公开披露，第二步等待信息公开后再行动
Module: 1 — Ethics & Professional Standards (1.3 Standard II — Integrity of Capital Markets) Progress: 24/560 lessons Date: June 4, 2026
Review: What is Standard II?
Standard II governs Integrity of Capital Markets — the CFA Institute's framework for ensuring fair, transparent, and trustworthy financial markets. It has two sub-standards:
- II(A): Material Nonpublic Information (MNPI) — You must not trade or cause others to trade on MNPI that could affect the value of an investment.
- II(B): Market Manipulation — You must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.
Deep Dive: Standard II(A) — Material Nonpublic Information
Key Definitions
| Term | Definition |
|---|---|
| Material | Information that a reasonable investor would consider important in making an investment decision. If disclosure would likely affect the price of a security, it is material. |
| Nonpublic | Information that has not been disseminated to the general marketplace. Once widely distributed (e.g., via press release, SEC filing), it becomes public. |
| Mosaic Theory | A legitimate analytical approach where an analyst combines public information with non-material, nonpublic information to reach investment conclusions. This is permitted under II(A). |
Prohibited Actions
- Trading on MNPI for your own account or your firm's account
- Causing others (clients, family, any third party) to trade on MNPI
- Passing MNPI to others who might trade on it ("tipping")
Key Application Scenarios
Scenario 1: Selective Disclosure - A company CFO privately tells you earnings will be below expectations - ❌ You CANNOT trade or recommend trading based on this - ✅ You CAN use public information + mosaic analysis to reach the same conclusion independently
Scenario 2: Expert Networks - Paying an expert who happens to be an employee of a competitor - ❌ Asking about material nonpublic information crosses the line - ✅ Asking about industry trends, general conditions (non-material) is allowed
Scenario 3: Mosaic Theory in Practice - Public: declining steel prices - Public: competitor announced plant closure - Non-material conversations: suppliers report reduced orders - → Conclusion: Company X likely facing margin pressure - ✅ This is legitimate mosaic analysis — you acted on public + non-material information
Compliance Best Practices
- Firewalls / Information Barriers — Separate departments (research vs. investment banking) to prevent MNPI flow
- Restricted Lists — Securities for which the firm possesses MNPI cannot be traded
- Watch Lists — Monitor trading in securities where MNPI might emerge
- Proprietary trading reviews — Regularly review employee and firm trading activity
- Escalation procedures — Clear process for reporting suspected MNPI
Deep Dive: Standard II(B) — Market Manipulation
Core Principle
Market manipulation is the intentional distortion of prices or trading volume to deceive market participants. Intent is the critical element — legitimate trading strategies, even if they affect prices, are not manipulation without deceptive intent.
Types of Market Manipulation
| Type | Description | Example |
|---|---|---|
| Information-Based | Spreading false or misleading information to move prices | Posting fake rumors about a takeover on social media |
| Transaction-Based | Trading activities that create artificial price or volume | Wash trades, painting the tape, pump and dump schemes |
Manipulative Practices to Recognize
1. Wash Trading - Buying and selling the same security to create the appearance of activity - No genuine change in beneficial ownership - Purpose: artificially inflate volume to attract attention
2. Painting the Tape - Executing a series of trades to create the illusion of price momentum - Often involves coordinated buying/selling among colluding parties
3. Pump and Dump - Acquiring a position, disseminating false positive information to inflate price - Selling the position at the inflated price before the truth emerges
4. Spoofing / Layering - Placing orders with the intent to cancel before execution - Creates false appearance of supply/demand
5. Marking the Close - Executing trades near market close to influence closing price - Common motivation: portfolio valuation reporting
6. Disseminating False Rumors - Any communication of false information intended to affect security prices - Applies to ALL channels: social media, chat rooms, verbal, written
What is NOT Manipulation
- Legitimate hedging strategies
- Large block trades executed at market prices
- Short selling based on genuine negative analysis
- Arbitrage trades that exploit price discrepancies
- Trading strategies that move prices as a byproduct of genuine supply/demand
II(A) + II(B) Connection
A crucial exam point: MNPI violations and market manipulation can overlap.
- Using MNPI to trade can be a form of information-based manipulation
- Spreading false information (IIB violation) may also involve MNPI if the false info is material
- Remedies differ: II(A) focuses on confidentiality and equal access; II(B) focuses on market integrity against deception
Practice Quiz (5 Questions)
Question 1
An analyst at a brokerage firm learns from a friend who works at a regulatory agency that a major bank is about to be fined for AML violations. The information has not been publicly announced. The analyst should:
A) Immediately short the bank's stock before the news breaks B) Inform the firm's clients so they can adjust their positions C) Place the bank's stock on the firm's restricted list and not trade until the information is public D) Write a research report predicting the fine based on public information
Question 2
Which of the following is MOST likely a violation of Standard II(A) Material Nonpublic Information?
A) An analyst recommends buying a stock after noticing increased shipping activity at the company's warehouse, which is visible from a public road B) An analyst downgrades a stock after a company executive, during a private dinner, mentions that "next quarter's numbers won't look great" C) A portfolio manager combines publicly available economic data with industry reports to forecast a sector rotation D) An investor sells a stock after reading a published analyst report that was widely distributed that morning
Question 3
A trader places a large buy order for a thinly traded stock, then immediately places sell orders at progressively higher prices, creating the appearance of upward price momentum. This practice is BEST described as:
A) Wash trading B) Painting the tape C) Legitimate market making D) Mosaic theory application
Question 4
Under Standard II(B) Market Manipulation, which of the following is LEAST likely to be considered a violation?
A) A hedge fund manager spreads a false rumor about a pending merger to drive up a stock price B) A trader executes a series of pre-arranged trades with a colleague to inflate daily volume C) An investor accumulates a large position over several weeks based on publicly available fundamental analysis, causing the stock price to rise D) An analyst posts fabricated negative research on social media, shorts the stock, and profits when it declines
Question 5
Which statement about Mosaic Theory is CORRECT?
A) Mosaic theory permits analysts to trade on any information, including MNPI, as long as it is combined with public data B) Mosaic theory is a violation of Standard II(A) because it involves using nonpublic information C) Mosaic theory allows analysts to reach investment conclusions using public information and non-material, nonpublic information D) Mosaic theory only applies to equity securities, not fixed income or derivatives
Summary
| Concept | Key Takeaway |
|---|---|
| II(A) — MNPI | Cannot trade or tip on material nonpublic information. Mosaic theory is a permitted analytical framework using public + non-material nonpublic info. |
| II(B) — Market Manipulation | Cannot engage in practices that distort prices or volume with intent to deceive. Information-based and transaction-based manipulation are both prohibited. |
| Intent | Critical to II(B). Legitimate trading that affects prices ≠ manipulation without deceptive intent. |
| Compliance | Firewalls, restricted lists, watch lists, trading reviews, escalation procedures protect against II(A) violations. |
| Overlap | II(A) and II(B) can intersect when MNPI is used as part of a manipulation scheme. |
Next Lesson: L025 — Standard II Mock Test (10 Questions) — Test your mastery of II(A) and II(B) with exam-style questions.
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