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chunty

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tT
发表于 2011-7-11 19:22 | 只看该作者

ROS vs Priority of Transactions

long, contrary, question, employee
In the CFA ethics book did anyone notice that while question #26 p158 allows a PM to sell (when contracy to the firm's recommendation) as long it doesn't disadvantage current clients, question#6 p225 (in the ROS section) prohibits trading in a manner contrary to employee or firm's most recent recommendations. Is this an inconsistency - if not I didn't realize ROS could differ so much from the Standards. I didn't see either question on the errata. Please advise.

 

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liquidity

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发表于 2011-7-11 19:22 | 只看该作者
Can someone please advise on this? Just to clarify the question is over personal trades.

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wxs1986

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发表于 2011-7-11 19:22 | 只看该作者
Per Andrew .."John the PM had to sell XYZ stock to pay his kid's medical bills, and he personally didn't write the recommendation, what's the big deal"

That's exactly what I thought. In question#6 p225- Kepsh sells shares to pay for a wedding anniversary gift for his wife. Is this restricted because it's a gift not a being used for financial hardship? The solution only states that its a violation because it's contrary to the employee's or firm's recommendation. In question #26 p158 the PM is selling to cover child's tuition. The solution states POT does not limit employee trading that differ from recommendations.

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