Laws & Regulations第 4 / 100 题
An investment adviser representative learns material nonpublic information about a public company from a client who is a corporate insider. The IAR then buys the stock for personal gain. This conduct is best described as:
a.A permitted use of client-provided research
b.An exempt transaction because it was unsolicited
c.Acceptable if the IAR discloses it in the next ADV update
d.A prohibited practice constituting insider trading
解析
Trading on material nonpublic information is prohibited regardless of how the information was obtained. No disclosure or exemption cures the violation. The IAR breached both securities law and fiduciary duty by placing personal interest ahead of the duty to the market and clients.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
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