2008 CFA Level 1 － Sample 样题(3)－Q11 class, developed, style, face

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11、When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model that Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Piedmont violate any CFA Institute Standards of Professional Conduct?

A. No.

B. Yes, because he failed to act in Branch's best interest.

C. Yes, because he misappropriated property that now belonged to Branch.

D. Yes, because he failed to exercise his fiduciary duty to Branch's clients by presenting the stock selection model to his new employer.

     

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答案和详解如下：

11、Correct answer is A

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 83-85

Standards I-VII

2008 Modular Level I, Vol. 1, pp. 69-71

Study Session 1-2-a

demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct

Although departing employees may not take employer property when departing, the model Piedmont presented to his new employer was not Branch's property. It was created by Piedmont prior to his employment with Branch. The model was not created for Branch in the course of his employment, but was adopted by Branch.

 

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