答案和详解如下： 11、Ryan Brown, CFA, is an analyst with a large insurance company. His personal portfolio includes a significant investment in QRS common stock that his firm does not currently follow. The director of the research department asked Brown to analyze QRS and write a report about its investment potential. Based on CFA Institute Standards of Professional Conduct, Brown should: A) decline to write the report without specific approval of his supervisor. B) disclose the ownership of the stock to his employer and in the report. C) sell his shares of QRS before completing the report. D) place his shares of QRS in a trust. The correct answer was B) Members are required to act on behalf of their clients, placing their clients’ interests ahead of their own. Brown should disclose his personal ownership of QRS to his employer and also in the report. 12、Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation for internal use. According to the CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is not required? Lambert would not need to disclose to his employer: A) Offshore is an OTC market maker for Burch Corporation's stock. B) his wife owns 2,000 shares of Burch Corporation. C) he is a beneficiary of a pension plan of his former employer that owns a large number of shares of Burch's stock. D) he has a material beneficial ownership of Burch Corporation through a family trust. The correct answer was A) Standard VI(A), Disclosure of Conflicts, requires members to disclose to their employer all matters, including beneficial ownership of securities, that reasonably could be expected to interfere with their duty to their employer or ability to make unbiased and objective recommendations. Disclosure of an employer's own involvement with the security is not necessary in this instance. If the report had been for external use, it would have been necessary to make all of the disclosures given as choices. 13、Dwight Dawson, a CFA charterholder and portfolio manager at Ascott Investments, was recently appointed to the investments committee at Brightwood College. He will receive no compensation from Brightwood for serving on this committee. Another person at Ascott manages part of Brightwood’s endowment. Dawson does not inform Ascott’s compliance office of his involvement with Brightwood, because he does not believe doing so is necessary. Brenda Hamilton, a CFA candidate, also works for Ascott as an investment analyst. Procedures established at Ascott prohibit personal trading in securities analyzed or recommended by Ascott. One of these securities is Horizon, a telecommunications firm. Hamilton buys 10 shares of Horizon for her infant son’s trust account. She believes that reporting this purchase to Ascott’s compliance officer is unnecessary because the amount of the transaction is small and is not for her own personal account. Did Dawson or Hamilton’s actions violate CFA Institute Standards of Professional Conduct? A) Dawson: No, Hamilton: No. B) Dawson: Yes, Hamilton: No. C) Dawson: No, Hamilton: Yes. D) Dawson: Yes, Hamilton: Yes. The correct answer was D) Dawson violated Standard VI(A), Disclosure of Conflicts, by failing to inform Ascott of her involvement with Brightwood
College. Dawson could reasonably be expected to be involved with investment policy decisions at Brightwood that could affect Ascott because Ascott manages a portion of Brightwood’s endowment. Hamilton also violated Standard VI(A), because she ignored a directive of her employer. Her purchase of Horizon stock has an appearance of impropriety. Hamilton could discuss the purchase of Horizon stock with her firm’s compliance officer and request an exception to the prohibition against personal trading in securities analyzed or recommended by Ascott. 14、Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s board of directors has recently voted to consider divesting from companies located in a country that has a poor civil rights record. Hirsh has personal investments in several firms in the country. Hirsh needs to: A) disclose her ownership in the stocks to her supervisor only. B) disclose her ownership in the stocks to the board of directors only. C) do nothing since the board has not made a decision yet. D) disclose her ownership in the stocks to both her supervisor and the board. The correct answer was C) From the given information, there is no conflict of interest and no violation of Standard VI(A), Disclosure of Conflicts. A conflict could arise if the board were to ask Hirsh what the effect on the college’s endowment would be if they were to divest. At that time she would have to reveal her ownership in the stocks to make known the possible conflict of interest. 15、According to Standard VI(A), Disclosures of Conflicts, members must disclose to their clients the member’s (or their firm’s) material ownership of all of the following EXCEPT: A) beneficial ownership of securities. B) real estate holdings. C) market-making and underwriting activities. D) corporate finance relationships. The correct answer was B) Unless the firm’s real estate holdings would impair their independence and objectivity, they need not be disclosed. | 
发表于 2008-4-10 18:08
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