Reading 2-III: Standards of Professional Conduct & Gui

答案和详解如下：

11、Calvin Moore, CFA, has been transferred from the brokerage house of the Browning Company to the portfolio management department. In portfolio management, Moore learns that clients are grouped into three divisions according to portfolio value, divided as follows:

§       Group 1            up to $10,000

§       Group 2            from $10,001 to $100,000

§       Group 3            more than $100,000

When recommendations are announced or trades are initiated, a particular sequence is followed in communicating to these groups.  At the next monthly meeting, Moore suggests that the sequencing practice is a breach of CFA Institute Standards. One of Moore’s co-workers replies that the grouping approach helps the company in applying the Standard regarding portfolio recommendations.  He further suggests that because Browning’s overall performance is more strongly affected by actions taken on the high value portfolios, that these portfolios should take priority over the small value portfolios. What should Moore do?  Moore should:

A)   disassociate himself from the problem and seek legal advice.

B)   quit his job.

C)   prepare a written report to the CEO describing the problem.

D)   do nothing since there is no breach with the Standards.

The correct answer was A)    

Taking a special approach in disseminating information in relation to initiating trades is a breach of Standard III(B), Fair Dealing. Given the fact that Moore works in the department and has already unsuccessfully tried to prevent the practice from continuing, he needs to disassociate himself and seek legal advice.

12、All of the following are violations of Standard III(B), Fair Dealing, EXCEPT a member:

A)   places a trade for her discretionary accounts before placing a trade for her non-discretionary accounts.

B)   places a trade for the firm account before issuing a buy recommendation.

C)   alerts his best customers by fax so they can get the word on recommendation changes before the firm's regular customers.

D)   telephones clients in distant cities the day after a buy recommendation is mailed to all clients because their mail service is later than the member's local clients.

The correct answer was D)

Standard III(B) states, "Members shall deal fairly and objectively with all clients and prospects when providing investment analysis, making investment recommendations, taking investment action, or in other professional activities.”

The term “fairly” implies that members should take care not to discriminate against a client when disseminating investment recommendations. All the responses, except for the telephoning of distant clients (which has the effect of putting them in the same position as local clients), describe a situation in which a client or group of clients is receiving preferential or detrimental treatment that is unfair.