答案和详解如下： Q6.Concerning Standard III(B), Fair Dealing, which of the following actions is NOT a valid procedure for compliance with the Standard? A) Limit the number of people that are involved and are privy to the fact that an investment recommendation is going to be disseminated. B) Communicate investment recommendations simultaneously within the firm and to customers, where possible. C) Communicate investment recommendations to all customers including those accounts for which the securities are not eligible for purchase. Correct answer is C) To ensure compliance with the Standard, members should seek to communicate investment recommendations to all clients who have indicated an interest and also those for whom the securities are suitable. There is no need to communicate recommendations to clients for whom the securities are deemed unsuitable. The standard does not prohibit a firm from offering various levels of service. Q7.Which of the following statements regarding allocating trades is TRUE? It is permissible under the Standards to allocate trades: A) on a pro-rata basis over all suitable accounts. B) based upon compensation arrangements. C) based upon any method the firm deems suitable so long as the allocation procedure has been disclosed to all clients. Correct answer is A)
It is permissible to allocate trades on a pro-rata basis over all suitable accounts. It is not permissible to base allocations upon compensation arrangements. Any method is not necessarily suitable, and disclosure does not absolve the member from ensuring that the allocation is necessarily fair. Q8.In securing the shares for all accounts under her management, Linda Kammel of Northwest Futures purchased three blocks of shares at three different prices. She then allocated these shares by placing shares from the first block in accounts with surnames beginning with A-G. The second was allocated over accounts H-P, and the third over Q-Z. This action is: A) not permissible under the Code and Standards. B) consistent with her responsibilities under the Code and Standards. C) permissible only if the clients are informed of the allocation procedure. Correct answer is A) Standard III(B) requires a member to deal fairly with all clients when taking investment actions. Since she knew at the outset that she was going to place shares in all accounts, regardless of the first letter of the surname, all accounts must participate on a pro-rata basis in each block in order to conform to the Standard. Her actions constitute a violation of the Standard concerning fair dealing. Q9.A money management firm has the following policy concerning new recommendations: When a new recommendation is made, each portfolio manager estimates the likely transaction size for each of their clients. Clients are notified of the new recommendation in the order of their estimated transaction size—largest first. All clients have signed a form where they acknowledge and consent to this allocation procedure. With respect to Standard III(B), Fair Dealing, this is: A) a violation of the standard. B) not a violation because the clients have signed the consent form. C) not a violation because the clients are aware of the policy. Correct answer is A) Such a policy is a violation of the Standard and client acknowledgement and/or consent does not change that fact. Q10.Which of the following statements is least accurate regarding being a part of Standard III(B), Fair Dealing? A) Shorten the time between decision and dissemination. B) Maintain a list of clients and their holdings. C) At the same time notify clients for whom an investment is suitable of a new investment recommendation. Correct answer is C) All of these are part of Standard III(B) except notifying clients at the same time. Standard III(B) states that clients for whom the investment is suitable should be notified at approximately the same time. | 
发表于 2009-1-4 09:58
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