Reading 2-VI: Standards of Professional Conduct & Guida

答案和详解如下：

1、Samuel Goldstein, CFA, is an analyst for Tamarack Securities. Goldstein’s father, Reuben, has a client account at Tamarack. In ordering trades, Goldstein should place orders in:

A)   his clients' accounts first, his father's account second, and his account last.

B)   his clients' and his father's accounts in the first group and his personal accounts in the second group.

C)   his clients' accounts in the first group and his father's and his own personal account in the second group.

D)   all accounts simultaneously.

The correct answer was B)

Standard VI(B), Priority of Transactions, provides that transactions for clients have priority over personal trades. Family accounts that are considered client accounts receive the same treatment as client accounts.

2、Standard VI(B), Priority of Transactions, applies to transactions an analyst takes on behalf of:

A)   all of these.

B)   his employer.

C)   his clients.

D)   personal accounts.

The correct answer was A)    

Standard VI(B) addresses the treatment of all these accounts. The accounts of clients and employers have priority over personal accounts.

3、A firm produces regular proprietary research reports on various companies. According to Standard VI(B), Priority of Transactions, which of the following would be an “access person?”

A)   A supervisory analyst who reviews all research reports prior to dissemination.

B)   A person working in the mail room.

C)   An independent auditor with access to material, non-public information on a company being analyzed.

D)   An agent from a government agency that reviews the compliance procedures of the analyzing firm.

The correct answer was A)    

Persons with access to information during the normal preparation of research recommendations are subject to Standard VI(B). A compliance officer should not have access to such materials. An independent auditor is not involved in the normal preparation of research recommendations.

4、An analyst likes to trade options in her own account. She does not deem any of her client accounts suitable for option trading. When she finds a favorable options position, in accordance to Standard VI(B), Priority of Transactions, she should:

A)   first tell her clients about it before acting herself.

B)   act on it immediately on behalf of her clients then act on her behalf.

C)   act on it on her own behalf as she sees fit.

D)   refrain from acting until she notifies her supervisor.

The correct answer was C)

This is not a violation of Standard VI(B), Priority of Transactions, because the investment is not suitable for her clients. If the analyst believes that none of her clients should trade options, she is not obligated to advise them in this instance.

5、An unpaid intern at an investment firm has the task of photocopying unannounced investment recommendations after all regular employees have left for the day. With respect to Standard VI(B), Priority of Transactions, the firm:

A)   is acting appropriately by having an unpaid intern do the job.

B)   is acting appropriately by having the intern perform the task after all employees have left.

C)   is probably violating the Standard.

D)   cannot be in violation because Standard VI(B) does not address this issue.

The correct answer was C)

Among other things, Standard VI(B) covers how the firm keeps unannounced information confidential. At a minimum, the intern should be supervised by someone familiar with the Code and Standards. The firm needs to have adequate procedures for preventing the dissemination of information before it is released to the public. One method of doing so is to limit the number of access persons privy to confidential information. An intern should not be an access person.