Reading 2-IV: Standards of Professional Conduct & Guid

答案和详解如下：

1、Dick Bowden, a CFA charterholder, receives a free country club membership in exchange for financial advice he can offer the firm. He should:

A)   do nothing; it is his business where he spends his free time.

B)   do nothing since the country club membership serves to align Dick's interests with that of the firm.

C)   disclose the arrangement to his employer.

D)   reject the country club membership since it is illegal under CFA Institute rules and regulations to accept outside compensation.

The correct answer was C)    

Dick should disclose the arrangement to his employer under Standard IV(B), Additional Compensation Arrangements.

2、To comply with Standard IV(B), Additional Compensation Arrangements, members should do all of the following EXCEPT:

A)   immediately make a written report to their employer specifying any compensation benefits they receive.

B)   immediately make a written report of any services they expect to receive.

C)   reject any outside compensation immediately because it is not appropriate to accept outside compensation in a business setting.

D)   state the terms of oral or written agreements regarding the compensation and the duration of the agreement.

The correct answer was C)    

There is no reason to reject any outside compensation immediately because it is inappropriate to accept it. However, all outside arrangements must be reported to the member’s employer.

3、Jill Marsh, CFA, works for Advisors where she manages a portfolio for a wealthy family. Marsh earns one percent of the portfolio’s value each year in the form of a commission from Advisors. The family just told her that any year the portfolio she manages earns more than a 10 percent return, the family will give her the use of the family’s vacation home for one week. Hirsh will comply with Standard IV(B), Additional Compensation Arrangements, if she:

A)   does nothing with respect to this.

B)   sends an e-mail to her supervisor about the vacation home.

C)   delivers a typed memo to her supervisor about the vacation home the first time she uses it.

D)   delivers a copy of the Code and Standards to the family to let them know of her obligations as a member of CFA Institute.

The correct answer was B)

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. E-mail messages qualify. As long as the agreement is in effect, she must inform her employer even if she has yet to use the potential benefit.

4、An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client’s analyst, he can have free use of a limousine several times a year. The analyst needs to:

A)   inform his supervisor in writing of the offer if the analyst intends to accept the offer.

B)   explicitly refuse such an offer.

C)   do nothing since the offer is not linked to the performance of the client's portfolio.

D)   do nothing since the offer does not constitute an excessive compensation arrangement.

The correct answer was A)    

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. They also need to get consent from their employer in writing. The written report to the employer should include the details of any written or oral agreement for extra compensation. The analyst does not have to refuse the offer.

5、Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s endowment is held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to:

A)   inform her supervisor in writing about the Platinum account.

B)   do none of the actions listed here.

C)   inform her supervisor verbally about the Platinum account.

D)   change her intentions and start doing $2,500 in business with Advisors each year.

The correct answer was A)

Having the Platinum account is a benefit from her managing the endowment, which led to the relationship with Advisors. Members should report to their employers any additional compensation or benefits they receive for their services. This must be in writing. Doing $2,500 in business alone will not negate her obligation unless she explicitly tells Advisors that she is willing to accept whatever penalties accompany a Platinum account when a client does less business.

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