一、标准原文
Standard II(A) — Material Nonpublic Information
Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.
二、三个关键词
Material（重大） → 会影响理性投资者的决策
Nonpublic（非公开） → 尚未向市场公开传播
Act（行动） → 交易或使他人交易
缺一不可——三个条件都满足才触发 II(A)。
三、"重大"（Material）的判断
测试：一个理性投资者是否会认为该信息在做投资决策时重要？
| 通常是 Material | 通常不是 Material |
|---|---|
| 盈利超预期/不及预期 >10% | 盈利偏差 <1% 且已在市场预期内 |
| 重大并购/资产出售 | 一般性行业趋势 |
| CEO 突然离职 | 非核心岗位人员变动 |
| 重大诉讼/监管处罚 | 常规监管问询 |
| 股息大幅变动 | 已有预期的微调 |
| 重大产品召回 | 已公开的产品问题 |
| 评级机构上调/下调 | 市场广泛预期的评级变化 |
四、"非公开"（Nonpublic）的判断
测试：信息是否已通过公开渠道传播，市场是否有时间消化？
信息产生 → 通过公开渠道发布 → 市场消化时间 → 成为公开信息
↑
这里之前交易 = II(A) 违规
一般给予 24-48 小时的消化时间（取决于信息复杂性和影响范围）。
五、马赛克理论（Mosaic Theory）
合法的做法： 收集大量公开和非重大非公开信息，通过分析和组合得出投资结论。
非法的做法： 在分析过程中混入重大非公开信息，然后交易。
Mosaic Theory 合法使用：
公开财报 + 行业数据 + 公司公开声明 + 竞争对手分析 + 实地调研
→ 拼出投资结论 ✅
II(A) 违规：
公开分析 + 从内部人士处获得未公开的重大信息
→ 交易 ❌
六、限制名单（Restricted List）
| 机制 | 说明 |
|---|---|
| Restricted List | 禁止公司（投行/自营/个人）交易某只股票 |
| Watch List | 限制对某只股票的研究和交易 |
| 防火墙（Wall） | 隔离投行部与研究/交易部门的信息流通 |
注意： 上了限制名单不代表一定有内幕信息，但可以证明公司建立了合规防火墙。
七、测试题
1. II(A) 禁止的行为是：
A) 在任何时候交易任何股票
B) 在拥有重大非公开信息时交易或使他人交易
C) 只禁止本人交易，不禁止推荐他人交易
D) 仅在信息被证实后才禁止
2. "Material"（重大）的判断标准是：
A) 信息是否已被媒体报导
B) 一个理性投资者是否会认为该信息对投资决策重要
C) 信息是否影响股价超过 5%
D) 公司高管是否认为重要
3. 以下哪项信息最可能是"Material"？
A) 公司宣布更换打印机供应商
B) 行业旺季即将到来（常识）
C) 公司获 FDA 批准重磅新药
D) 公司网站改版
4. Mosaic Theory 允许分析师：
A) 从内部人士获取重大非公开信息后交易
B) 收集和分析大量公开及非重大信息，拼出投资结论
C) 任何时候都可以基于公开信息交易
D) 在限制名单上的股票也可以自由交易
5. 公司证券被列入 Restricted List（限制名单）后，以下哪种交易可以继续？
A) 个人账户继续交易
B) 所有交易须停止
C) 被动指数基金按指数规则调仓
D) 内部员工继续按计划定投
答案
- B — II(A) 禁止的是"在拥有 MNPI 时交易或使他人交易"。
- B — Material 的标准是理性投资者测试，不是固定百分比。
- C — FDA 批准重磅新药明确影响公司价值 → Material。
- B — Mosaic Theory 是合法的研究方法，前提是不使用重大非公开信息。
- C — 被动指数基金按指数规则调仓不受影响，不是主动决策。
下一课 L042：II(A) 马赛克理论详解
1. Standard Text
Standard II(A) — Material Nonpublic Information
Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.
2. Three Key Terms
Material → Would affect a reasonable investor's decision
Nonpublic → Has not been broadly disseminated to the market
Act → Trade or cause others to trade
All three conditions must be met for II(A) to be triggered — none is sufficient alone.
3. Determining "Material"
Test: Would a reasonable investor consider the information important in making an investment decision?
| Typically Material | Typically NOT Material |
|---|---|
| Earnings surprise >10% above/below expectations | Earnings deviation <1% and already within market expectations |
| Major M&A / asset sales | General industry trends |
| Sudden CEO departure | Non-key position personnel changes |
| Major litigation / regulatory penalties | Routine regulatory inquiries |
| Significant dividend changes | Expected minor adjustments |
| Major product recalls | Already-public product issues |
| Rating agency upgrade/downgrade | Widely anticipated rating changes |
4. Determining "Nonpublic"
Test: Has the information been disseminated through public channels, and has the market had time to absorb it?
Information generated → Released via public channels → Market absorption time → Becomes Public
↑
Trading before this point = II(A) violation
Generally allow a 24-48 hour absorption period (depending on information complexity and scope of impact).
5. Mosaic Theory
Legal approach: Gather extensive public and non-material nonpublic information and reach an investment conclusion through analysis and synthesis.
Illegal approach: Incorporate material nonpublic information into the analysis and then trade.
Mosaic Theory — Legal Use:
Public financials + Industry data + Public company statements
+ Competitive analysis + Field research
→ Assemble investment conclusion ✅
II(A) Violation:
Public analysis + Obtaining undisclosed material information from an insider
→ Trade ❌
6. Restricted List
| Mechanism | Description |
|---|---|
| Restricted List | Prohibits the firm (IB/proprietary/personal) from trading a security |
| Watch List | Restricts research and trading on a security |
| Firewall (Chinese Wall) | Segregates information flow between IB and research/trading departments |
Note: Being on the Restricted List does not necessarily mean the firm possesses inside information, but it demonstrates that the firm has established compliance firewalls.
7. Practice Questions
1. II(A) prohibits:
A) Trading any stock at any time
B) Trading or causing others to trade while in possession of material nonpublic information
C) Only trading personally; recommending to others is allowed
D) Only prohibited after the information has been verified
2. The test for "Material" is:
A) Whether the information has been reported by the media
B) Whether a reasonable investor would consider the information important for an investment decision
C) Whether the information moved the stock price more than 5%
D) Whether company executives consider it important
3. Which information is most likely "Material"?
A) A company announces a change in its printer supplier
B) The peak season for an industry is approaching (common knowledge)
C) A company receives FDA approval for a blockbuster new drug
D) A company website redesign
4. Mosaic Theory permits an analyst to:
A) Trade after obtaining material nonpublic information from an insider
B) Gather and analyze extensive public and non-material information to assemble an investment conclusion
C) Trade freely based on public information at any time
D) Freely trade Restricted List securities
5. After a firm's security is placed on the Restricted List, which trading may continue?
A) Personal account trading
B) All trading must cease
C) Passive index fund rebalancing in accordance with index rules
D) Employees continue scheduled automatic investment plans
Answer Key
- B — II(A) prohibits trading or causing others to trade while in possession of MNPI.
- B — The materiality standard is the reasonable investor test, not a fixed percentage.
- C — FDA approval for a blockbuster new drug clearly affects company value → Material.
- B — Mosaic Theory is a legitimate research method provided no material nonpublic information is used.
- C — Passive index fund rebalancing per index rules is unaffected and is not an active decision.
Next L042: II(A) Mosaic Theory Deep Dive