问答题 Philip is a director of two listed public companies in which he has substantial shareholdings: AAA plc and BBB plc. The annual reports of both AAA plc and BBB plc have just been drawn up although not yet disclosed. They show that AAA plc has made an unexpected large loss and that BBB plc has made an equally surprising large profit. On the basis of this information Philip sold his shares in AAA plc and bought shares in BBB plc. He also advised his uncle Michael to buy shares in BBB plc. Michael who is also a shareholder in both companies sold a good number of shares in AAA plc only the day before its annual report was published. Required:

问答题 (a) Analyse the above circumstances in the light of the legal provisions on market abuse; and (8 marks)

问答题 (b) Advise Michael as to his position. (2 marks)