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发表于 2011-2-25 14:39 | 只看该作者

Reading 2-III: Standards of Professional Conduct & Guidan

2011, regarding, center, style, label

Session 1: Ethical and Professional Standards
Reading 2-III: Standards of Professional Conduct & Guidance: Duties to Clients

LOS E.: Preservation of Confidentiality.

Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt.

Doggett will:

A)	violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.

B)	not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.

C)	not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.

Standard III(E) requires members to preserve client confidentiality. An exception to this standard is a PCP investigation. Because PCP will also keep the clients’ information confidential, members are expected to fully cooperate with PCP investigations.

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发表于 2011-2-25 14:39 | 只看该作者

A CFA charterholder may disclose confidential information about a client when:

A)	the CFA Institute Professional Conduct Program requests it.

B)	it is a necessary step in proceeding with research on client preferences.

C)	the information is nonmaterial.

According to Standard III(E), Preservation of Confidentiality, a CFA charter holder cannot discuss client information received in the process of performing services for them except when related to an illegal action or when requested by the CFA Institute Professional Conduct Program.

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发表于 2011-2-25 14:39 | 只看该作者

Standard III(E), Preservation of Confidentiality, applies to the information that an analyst learns from:

A)	current clients, former clients, and prospects.

B)	current clients and prospects only.

C)	current clients and former clients only.

According to Standard III(E), Preservation of Confidentiality, an analyst must preserve the confidentiality of information communicated by clients, former clients, and prospects.

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发表于 2011-2-25 14:40 | 只看该作者

Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:

A)	not do anything because to do so would violate his obligation to preserve confidentiality.

B)	immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.

C)	not do anything to avoid a violation of fair dealing.

Under Standard III(E), members are bound to preserve the confidentiality of information that they receive in the scope of their employment. There is nothing in the information to suggest that any illegal act had occurred. He is, therefore, obligated not to disclose the information to others until it becomes public.

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发表于 2011-2-25 14:40 | 只看该作者

Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:

A)	is appropriate since Stiles keeps the information in the firm.

B)	violates the Standard unless the client asks Stiles to tell the licensed salesman.

C)	is appropriate since Stiles only tells a licensed salesman.

According to Standard III(E), Preservation of Confidentiality, Stiles must keep client information confidential and limit the information to those people directly related to servicing the client. Merely working in the same firm does not qualify a person for learning about the client of a fellow analyst.

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发表于 2011-2-25 14:40 | 只看该作者

Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?

A)	Hiring a company outside the firm to perform the task.

B)	Sending a gift along with the card.

C)	The mere act of sending a birthday card each year.

According to Standard III(E), an analyst should limit the number of persons who have access to clients’ personal information. Allowing a company outside the firm to send birthday cards could be a violation. Sending a birthday card is not a violation, nor is sending a gift of reasonable value.

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发表于 2011-2-25 14:40 | 只看该作者

Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:

A)	only if Stiles is a relative of the client.

B)	for neither of the reasons listed.

C)	only if Stiles has a special confidentiality agreement with the client.

According to Standard III(E), Preservation of Confidentiality, Stiles may not withhold information under any of the listed reasons. The reason is that CFA Institute will keep the information confidential.

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发表于 2011-2-25 14:41 | 只看该作者

While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?

A)	There are no exceptions in this list.

B)	Contact CFA Institute about the determination.

C)	Contact the appropriate governmental authorities about the determination.

Standard III(E) allows an analyst to reveal information about a client to CFA Institute since CFA Institute will keep the information confidential. If the analyst is reasonably certain a law has been violated, an analyst may have an obligation to report the activities to the appropriate authorities. Therefore, neither of the listed actions are exceptions from the analyst’s options.

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