Regulations第 52 / 110 题
A representative learns that an institutional customer is about to place a very large buy order and immediately buys the same security for a personal account. This is:
a.Permitted, because personal trades are unrelated to customer business
b.Permitted if the representative discloses the trade to a supervisor afterward
c.Permitted if the personal order is smaller than the customer's order
d.Front-running, a prohibited practice and a form of market abuse
解析
Trading ahead of a customer's known block order to profit from the expected price move misuses confidential customer information and is prohibited regardless of size or after-the-fact disclosure. The prohibition applies to accounts in which the representative has any beneficial interest. Supervisors cannot bless conduct that is itself a violation.
法律依据: Securities Exchange Act of 1934免费刷完整 110 道题库 — 无需注册。
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