Hi,
One answer in the Schweser Practice Exam is confusing to me, as noted below:
Schweser Practice Exam 3, PM session Question 2:
“There is no violation of the use of material nonpublic information standard as Verde’s friend is not an official of the foreign government, holds no official title, and is not acting in any official capacity representing his government.”
The background of the question noted that Verde’s friend told Verde that the government will only award joint venture contract to one firm, Global Co. So as long as that person is not in high up position, he can leak material nonpublic information and be used? Or is the answer noting that the information may not be accurate since his friend is not in the high up position, thus it is not considered material nonpublic information?
Thank you.