所属模块： 模块 1 — 道德与职业准则（Ethics & Professional Standards） 覆盖范围： Standard II(A) 重大非公开信息 + Standard II(B) 市场操纵 题量： 10 题 | 建议用时： 20 分钟
知识要点回顾
Standard II(A) — Material Non-Public Information（重大非公开信息）
核心规则： - 拥有重大非公开信息（MNPI）时，不得交易该证券，也不得让他人交易 - 必须判断信息是否「重大」（是否影响理性投资者决策）和「非公开」（是否已向市场广泛传播） - Mosaic Theory（拼图理论）： 允许分析师通过公开信息 + 非重大非公开信息推导出结论，不构成使用 MNPI - Selective Disclosure（选择性披露）： 不得向特定人群选择性披露 MNPI - Expert Networks（专家网络）： 使用时须特别谨慎，避免获取 MNPI - 内部信息一旦公开传播到市场，即可交易
Standard II(B) — Market Manipulation（市场操纵）
核心规则： - 禁止通过扭曲价格（信息型操纵）或伪造交易量（交易型操纵）来误导市场参与者 - 信息型操纵（Information-Based Manipulation）： 散布虚假/误导性信息影响价格 - 交易型操纵（Transaction-Based Manipulation）： 通过虚假交易制造活跃假象（如 wash trading、painting the tape） - 合法的交易策略（如做市、套利）不构成操纵，前提是无欺骗意图
模拟测试（10 题）
第 1 题
Sarah 是某买方的分析师。在一次行业会议上，她无意中听到某公司 CFO 对另一位参会者说：「我们下个季度的盈利将远超市场预期 30% 以上。」在返回办公室后，Sarah 立即建议基金经理买入该公司股票。
Sarah 最可能违反了：
A. Standard II(A) — 重大非公开信息 B. Standard II(B) — 市场操纵 C. Standard I(B) — 独立性与客观性 D. 未违反任何准则，因为她只是被动听到
第 2 题
Jack 正在研究一家制药公司。他分析发现：公司竞争对手刚获批了一项关键专利（公开信息），公司管理层的 LinkedIn 资料显示三名关键研发人员在近期离职（公开信息），行业期刊报道称该类药物的市场需求在萎缩（公开信息）。基于以上信息，Jack 发布研究报告建议卖出该股票。
根据 Mosaic Theory，Jack 是否违反了 Standard II(A)？
A. 违反了，因为他使用了非公开的 LinkedIn 信息 B. 违反了，因为研究报告导致股价下跌 C. 未违反，因为他仅使用了公开信息和非重大信息进行推导 D. 未违反，但应该先与公司管理层核实
第 3 题
基金经理 Tom 持有某小型股票大量仓位。为了在季度末提升持仓表现，他在收盘前 30 秒通过多笔小额买单将股价推高 2%，使得季度报告中的持仓收益率更好看。
Tom 最可能违反了：
A. Standard II(A) — 重大非公开信息 B. Standard II(B) — 市场操纵（交易型操纵） C. Standard III(A) — 对客户的忠诚义务 D. Standard V(A) — 勤勉与合理基础
第 4 题
CFA 持证人 Anna 是一家对冲基金的分析师。朋友发给她一份内部邮件截图，显示某上市公司即将被收购。Anna 不确定这份文件是否已经公开，因此她： - 立即卖空了竞争对手的股票 - 并未交易该上市公司的股票
Anna 的行为：
A. 未违反准则，因为她没有交易目标公司股票 B. 违反了 Standard II(A)，因为 MNPI 同时禁止交易相关证券 C. 违反了 Standard II(B)，因为卖空构成了市场操纵 D. 未违反准则，因为消息来源是私人朋友而非公司内部
第 5 题
某研究主管在社交媒体上匿名发帖称：「据可靠消息，XYZ 银行将披露巨额亏损，股价至少腰斩。」事实上该研究主管并无可靠消息来源，该帖纯属虚构。帖子被大量转发后，XYZ 银行股价大跌 15%。
该研究主管违反了：
A. Standard II(B) — 信息型操纵 B. Standard II(A) — 重大非公开信息 C. Standard I(C) — 不当陈述 D. A 和 C 都违反
第 6 题
分析师 Mike 通过专家网络联系到一位在某科技公司工作的工程师。Mike 明确告知对方不要透露任何非公开信息。但在讨论中，工程师透露：「我们公司的新芯片良率远低于预期，新产品发布肯定会推迟。」Mike 立即建议卖出该股票。
Mike 是否违反了 Standard II(A)？
A. 未违反，因为他已明确告知对方不要透露非公开信息 B. 未违反，因为工程师主动透露而非 Mike 主动询问 C. 违反了，因为该信息是重大的且非公开的 D. 违反了 Standard II(B)，而非 II(A)
第 7 题
交易员 David 发现市场上有大量关于某股票的虚假卖空传闻。他没有参与传播，但判断股价会因此短期下跌，于是也跟随卖空。最终传闻被证实为假，David 获利离场。
David 是否违反了市场操纵规则？
A. 违反，因为他利用虚假信息获利 B. 违反，因为他的卖空行为加剧了股价下跌 C. 未违反，因为他没有制造或传播虚假信息，只是基于市场行为做决策 D. 未违反，但应该先举报虚假传闻再交易
第 8 题
某上市公司 CEO 在私人晚宴上向参会者透露了即将宣布的一项重大并购交易。晚宴中的一位分析师购买了该公司股票。第二天并购正式宣布，股价大涨。
关于 Standard II(A)，以下哪个陈述是正确的？
A. 只有 CEO 违反了规定，分析师未违反 B. 分析师未违反，因为信息来自 CEO 本人 C. CEO 构成了选择性披露；分析师如果知道该信息是重大且非公开的，也违反了规定 D. 两人都未违反，因为晚宴属于私人社交场合
第 9 题
为制造某股票交易活跃的假象，一对冲基金在两个自身控制的账户之间反复买卖同一只股票（价格和数量几乎相同）。这种操作没有改变持仓净头寸，但交易量显著上升，吸引了其他投资者参与。
这种行为被称为：
A. Insider trading（内幕交易） B. Painting the tape（对倒 / 刷单） C. Pump and dump（拉高出货） D. Front running（抢先交易）
第 10 题（综合题）
分析师 Lisa 在一家投资银行工作。她得知公司投行部门即将为某客户承销一笔大规模增发（尚未公开）。同时，Lisa 注意到有不明身份者在股吧发布帖子，声称该客户财务造假。Lisa 判断这些帖子是竞争对手散布的虚假信息。
Lisa 应该如何行为？
A. 立即建议客户买入该股票，因为帖子是虚假的 B. 不做任何事，因为增发信息和虚假帖子都与她无关 C. 不得基于增发的 MNPI 进行交易；同时应根据公司政策报告虚假帖子可能有操纵嫌疑 D. 发帖反驳虚假指控，维护客户声誉
参考答案与解析
| 题号 | 答案 | 解析 |
|---|---|---|
| 1 | A | CFO 在行业会议上向特定人透露未公开的盈利大幅超预期信息，这属于重大非公开信息。Sarah 听到后应立即评估该信息是否 MNPI。即使是被动接收，一旦确认是 MNPI，就不得基于此进行交易。 |
| 2 | C | Mosaic Theory 允许分析师通过收集大量公开信息和非重大非公开信息，通过分析推导出有意义的结论。Jack 使用的所有信息源（竞争对手专利、LinkedIn 公开资料、行业期刊）均为公开信息或非重大信息。这是合法的分析行为。 |
| 3 | B | 在收盘前通过多笔交易人为推高股价以美化季度业绩，这是典型的交易型操纵行为（marking the close），意图制造虚假的价格水平。违反了 Standard II(B)。 |
| 4 | B | Standard II(A) 不仅禁止交易拥有 MNPI 的证券本身，如果该信息会影响其他相关证券价格，也禁止交易那些相关证券。收购消息会影响竞争对手的股价，Anna 既不能买目标公司股票，也不能卖空竞争对手股票。 |
| 5 | D | 研究主管匿名散布完全虚构的负面信息导致股价大跌，这既是信息型操纵（违反 Standard II(B)），也是不当陈述/欺诈（违反 Standard I(C)）。II(A) 不适用，因为他并没有真实的内幕信息。 |
| 6 | C | 即使 Mike 告知对方不要透露非公开信息，但工程师透露的「良率低于预期」和「新品延迟」显然属于 MNPI。收到 MNPI 后，Mike 有义务不基于此交易，无论信息是如何获取的。 |
| 7 | C | David 没有制造或传播虚假信息，他只是观察到市场行为后做出独立判断。Standard II(B) 禁止的是欺诈和欺骗行为，而非在市场波动中顺势交易。关键在于他没有参与操纵行为。 |
| 8 | C | CEO 向特定人群（晚宴来宾）提前透露未公开的重大信息，构成选择性披露（selective disclosure），违反了 II(A)。分析师如果知道该信息是重大且非公开的，基于此交易也违反了 II(A)。「私人社交场合」不是豁免理由。 |
| 9 | B | 在两个自身控制的账户之间反复交易同一证券以制造虚假成交量，是典型的 Painting the tape（对倒交易），属于交易型操纵。Pump and dump 是拉高后出货，Front running 是利用客户订单提前交易。 |
| 10 | C | Lisa 知道待公开的增发信息属于 MNPI，禁止基于此交易或提供建议。虚假发帖属于可疑的市场操纵行为，应根据公司合规程序报告。A 直接利用 MNPI，B 忽视虚假操纵线索，D 直接下场反驳可能曝光 MNPI。 |
评分建议
| 答对题数 | 评价 |
|---|---|
| 9-10 | ✅ 优秀 — Standard II 掌握扎实 |
| 7-8 | 👍 良好 — 个别细节需要回顾 |
| 5-6 | ⚠️ 需加强 — 建议重看 L017-L023 |
| <5 | 🔴 薄弱 — 建议从头复习 Standard II 全部课程 |
Module: Module 1 — Ethics & Professional Standards Coverage: Standard II(A) Material Nonpublic Information + Standard II(B) Market Manipulation Questions: 10 | Suggested Time: 20 minutes
Key Concepts Review
Standard II(A) — Material Non-Public Information
Core Rule: - When in possession of Material Non-Public Information (MNPI), you must not trade the relevant security or cause others to trade - Must determine whether information is "material" (would it affect a reasonable investor's decision?) and "non-public" (has it been broadly disseminated to the market?) - Mosaic Theory: Analysts may draw conclusions using public information + non-material non-public information; this does not constitute using MNPI - Selective Disclosure: Must not selectively disclose MNPI to specific groups - Expert Networks: Exercise special caution when using expert networks to avoid receiving MNPI - Once material information has been publicly disseminated to the market, trading is permitted
Standard II(B) — Market Manipulation
Core Rule: - Prohibited from misleading market participants by distorting prices (information-based manipulation) or falsifying trading volume (transaction-based manipulation) - Information-Based Manipulation: Disseminating false/misleading information to affect prices - Transaction-Based Manipulation: Creating a false impression of activity through sham trades (e.g., wash trading, painting the tape) - Legitimate trading strategies (e.g., market making, arbitrage) do not constitute manipulation provided there is no deceptive intent
Mock Test (10 Questions)
Question 1
Sarah is a buy-side analyst. At an industry conference, she overhears a company's CFO say to another attendee: "Our next quarter's earnings will exceed market expectations by over 30%." Upon returning to the office, Sarah immediately recommends the portfolio manager buy the company's stock.
Sarah most likely violated:
A. Standard II(A) — Material Non-Public Information B. Standard II(B) — Market Manipulation C. Standard I(B) — Independence and Objectivity D. No violation, because she only overheard it passively
Question 2
Jack is researching a pharmaceutical company. His analysis reveals: a competitor recently secured a key patent (public information), LinkedIn profiles show three key R&D personnel recently departed the company (public information), and an industry journal reports declining demand for this drug class (public information). Based on this, Jack publishes a research report recommending selling the stock.
Under Mosaic Theory, has Jack violated Standard II(A)?
A. Yes, because he used non-public LinkedIn information B. Yes, because the report caused the stock price to fall C. No, because he used only public information and non-material information to form conclusions D. No, but he should have verified with company management first
Question 3
Portfolio manager Tom holds a large position in a small-cap stock. To boost quarter-end portfolio performance, he executes multiple small buy orders in the final 30 seconds before market close, pushing the price up 2%, making the quarterly portfolio returns look better.
Tom most likely violated:
A. Standard II(A) — Material Non-Public Information B. Standard II(B) — Market Manipulation (transaction-based manipulation) C. Standard III(A) — Loyalty to Clients D. Standard V(A) — Diligence and Reasonable Basis
Question 4
Anna, a CFA charterholder, is an analyst at a hedge fund. A friend sends her a screenshot of an internal email indicating a listed company is about to be acquired. Anna is unsure whether this document has been made public, so she: - Immediately shorts the competitor's stock - Does not trade the target company's stock
Anna's actions:
A. Did not violate the Standards, because she did not trade the target company's stock B. Violated Standard II(A), because MNPI also prohibits trading related securities C. Violated Standard II(B), because short selling constitutes market manipulation D. Did not violate the Standards, because the source was a personal friend, not a company insider
Question 5
A research director anonymously posts on social media: "According to reliable sources, XYZ Bank will disclose massive losses; the stock will be cut in half at least." In fact, the research director has no reliable source — the post is entirely fabricated. After widespread reposting, XYZ Bank's stock falls 15%.
The research director violated:
A. Standard II(B) — Information-Based Manipulation B. Standard II(A) — Material Non-Public Information C. Standard I(C) — Misrepresentation D. Both A and C
Question 6
Analyst Mike contacts an engineer at a technology company through an expert network. Mike explicitly instructs the engineer not to disclose any non-public information. However, during the discussion, the engineer reveals: "Our company's new chip yield is far below expectations — the product launch will definitely be delayed." Mike immediately recommends selling the stock.
Has Mike violated Standard II(A)?
A. No, because he explicitly instructed the engineer not to reveal non-public information B. No, because the engineer volunteered the information rather than Mike soliciting it C. Yes, because the information is material and non-public D. Violated Standard II(B), not II(A)
Question 7
Trader David notices numerous false short-selling rumors circulating about a stock. He does not participate in spreading them but judges the stock will fall in the short term and also shorts the stock. The rumors are eventually debunked and David exits with a profit.
Has David violated market manipulation rules?
A. Yes, because he profited from false information B. Yes, because his short selling exacerbated the price decline C. No, because he did not create or spread false information — he merely made trading decisions based on market behavior D. No, but he should have reported the false rumors before trading
Question 8
At a private dinner party, a listed company CEO discloses an upcoming major M&A transaction to attendees. An analyst at the dinner purchases the company's stock. The next day the acquisition is officially announced and the stock surges.
Regarding Standard II(A), which statement is correct?
A. Only the CEO violated; the analyst did not violate B. The analyst did not violate because the information came from the CEO personally C. The CEO engaged in selective disclosure; the analyst also violated if they knew the information was material and non-public D. Neither violated, because the dinner was a private social occasion
Question 9
To create a false appearance of active trading, a hedge fund repeatedly buys and sells the same stock between two accounts it controls (at nearly identical prices and quantities). This activity does not change the net position but significantly increases trading volume, attracting other investors.
This practice is known as:
A. Insider trading B. Painting the tape C. Pump and dump D. Front running
Question 10 (Integrated Question)
Analyst Lisa works at an investment bank. She learns that the firm's investment banking division is about to underwrite a large secondary offering for a client (not yet public). Meanwhile, Lisa notices unidentified posters in stock forums claiming the client is committing accounting fraud. Lisa judges these posts to be false information spread by competitors.
How should Lisa act?
A. Immediately recommend clients buy the stock, because the forum posts are false B. Do nothing, because neither the offering information nor the false posts concern her C. Must not trade based on the MNPI about the offering; additionally, should report the suspicious false posts through company compliance procedures as potential manipulation D. Post rebuttals refuting the false claims to protect the client's reputation
Answer Key & Explanations
| Q# | Answer | Explanation |
|---|---|---|
| 1 | A | The CFO disclosed non-public earnings information far exceeding expectations to a specific person at an industry conference — this is MNPI. Upon hearing it, Sarah should immediately assess whether it constitutes MNPI. Even if received passively, once confirmed as MNPI, she must not trade on it. |
| 2 | C | Mosaic Theory permits analysts to gather extensive public and non-material non-public information, then derive meaningful conclusions through analysis. All sources Jack used (competitor patents, public LinkedIn profiles, industry journals) are either public or non-material. This is legitimate analytical work. |
| 3 | B | Artificially boosting the price through multiple trades at the close to beautify quarterly performance is a classic transaction-based manipulation ("marking the close"), intended to create a false price level. Violates Standard II(B). |
| 4 | B | Standard II(A) prohibits not only trading the security about which one has MNPI, but also trading related securities if the MNPI would affect their prices. The acquisition news would affect the competitor's share price. Anna can neither buy the target company nor short the competitor. |
| 5 | D | The research director anonymously posted entirely fabricated negative information causing a significant share price drop. This is both information-based manipulation (violating II(B)) and misrepresentation/fraud (violating I(C)). II(A) does not apply because he had no actual inside information. |
| 6 | C | Even though Mike instructed the engineer not to reveal non-public information, the engineer's disclosure about "yield below expectations" and "product launch delay" clearly constitutes MNPI. After receiving MNPI, Mike has an obligation not to trade on it, regardless of how the information was obtained. |
| 7 | C | David did not create or disseminate false information; he merely observed market behavior and made an independent judgment. Standard II(B) prohibits fraud and deception, not going with market movements. The key is he did not participate in the manipulation. |
| 8 | C | The CEO disclosed unpublished material information to a selective group (dinner guests), constituting selective disclosure — a violation of II(A). If the analyst knew the information was material and non-public and traded on it, they also violated II(A). "Private social occasion" is not an exemption. |
| 9 | B | Repeatedly trading the same security between accounts under one's control to create false trading volume is classic "painting the tape" — a form of transaction-based manipulation. Pump and dump involves inflating then selling; front running is trading ahead of client orders. |
| 10 | C | Lisa knows the unannounced offering is MNPI — she must not trade or make recommendations based on it. The false forum posts are suspicious potential market manipulation that should be reported through company compliance procedures. A uses MNPI directly, B ignores manipulation red flags, D risks exposing MNPI by publicly rebutting. |
Scoring Guide
| Correct | Assessment |
|---|---|
| 9–10 | ✅ Excellent — Solid grasp of Standard II |
| 7–8 | 👍 Good — Review a few specific areas |
| 5–6 | ⚠️ Needs Work — Recommend revisiting L017–L023 |
| <5 | 🔴 Weak — Recommend complete review of all Standard II lessons |