标题: Research and Objectivity Standards - Public Appearance [打印本页] 作者: tango_gs 时间: 2011-7-13 13:44 标题: Research and Objectivity Standards - Public Appearance
Let us say that Analyst X works for Firm ABC.
Analyst X is presenting his research analysis on Stock Y in a public seminar.
CFAI curriculum EOC Question 4 (page 225 and answer in 226)) tells us that during public appearance by an analyst X, she need not disclose the fact that her firm was part of the selling group for Stock Y. (Firm ABC was did not manage or co manage or underwrite stock Y, but was only part of the selling group)
On the other hand Schweser Notes 1st book Page 103 Study Session 1, tells us that if analyst X had participated in any marketing activities for a stock Y, Firm ABC should require the analyst X to disclose this fact during her public appearance.
Are these 2 contradicting each other or CFA EOC Q is referring to the firm's participation and Schweser is referring to the particular analyst's participation?
HELP!!!!!!!!!!!
Best of luck to you all in your forthcoming exams.作者: Newhuman 时间: 2011-7-13 13:44
Not contradicting each other.
The analyst wasn't necessarily part of the selling group's marketing.作者: thecfawannabe 时间: 2011-7-13 13:44
Hi Grumble,
But the analyst's firm was part of the selling group.
So, what you are saying is that the analyst needs to disclose only if she herself was part of the selling group's marketing.
On the other hand, a different analyst from the same firm ABC will have to disclose if he / she had been part of the Marketing.
Am I correct?
Best of luck to you all in your forthcoming exams.作者: giants2010 时间: 2011-7-13 13:44
My interpretation is that the analyst must disclose whether:
1. The firm was managing the selling group for the firm under discussion.
2. The analyst was involved in the marketing of the securities of the firm under discussion.
Frankly, the analyst shouldn't be involved in the marketing (ie road shows) anyways. I can't remember if it's against the required or recommended items in the ROS, but it's definitely a no-no.
If anyone feels differently, let me know. This question doesn't seem very pressing though; I'm assuming that situations this deeply ambiguous are not going to be present on the exam.作者: tikfed 时间: 2011-7-13 13:44
Hmmm... Interesting, can someome clear the air on this question?
- Guille作者: CPATrader 时间: 2011-7-13 13:44
I agree with grumble. Except I'm pretty sure an analyst can go on road shows....they just have to disclose whatever conflicts there are
