11、Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards?

A)   Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects.

B)   Yes, if he discloses the arrangement in writing to TrustCo.

C)   Yes, if he obtains written permission from Trustco and his clients and prospects.

D)   No, such an arrangement is in violation of the Code and Standards.

12、An analyst needs to inform his supervisor in writing of which of the following?

A)   A client and the analyst alternate paying for lunch at a local sandwich shop.

B)   Both the lunch and the bonus mentioned in the other answers.

C)   An annual bonus, sent to the analyst by a client, which varies with the performance of the client's portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.

D)   Neither the lunch nor the bonus mentioned in the other answers.

13、Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should:

A)   turn down the offer because it represents a clear conflict between this client and Babcock's other clients.

B)   make written disclosure to all parties involved before she accepts this offer.

C)   make written disclosure to her other clients before she accepts this offer.

D)   make written disclosure to CFA Institute before she accepts this offer.

答案和详解如下：

11、Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards?

A)   Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects.

B)   Yes, if he discloses the arrangement in writing to TrustCo.

C)   Yes, if he obtains written permission from Trustco and his clients and prospects.

D)   No, such an arrangement is in violation of the Code and Standards.

The correct answer was A)    

In conformance with Standard IV(B), Calaveccio is required to obtain written consent from TrustCo. In conformance with Standard VI(C), he is also required to disclose the additional compensation to clients and prospects. Written permission from his clients and prospects is unnecessary.

12、An analyst needs to inform his supervisor in writing of which of the following?

A)   A client and the analyst alternate paying for lunch at a local sandwich shop.

B)   Both the lunch and the bonus mentioned in the other answers.

C)   An annual bonus, sent to the analyst by a client, which varies with the performance of the client's portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.

D)   Neither the lunch nor the bonus mentioned in the other answers.

The correct answer was C)

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. Since the bonus varies with the performance of the client’s portfolio, there is a clear link to the services of the analyst. The analyst is not required to report the lunch since it is not linked to performance.

13、Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should:

A)   turn down the offer because it represents a clear conflict between this client and Babcock's other clients.

B)   make written disclosure to all parties involved before she accepts this offer.

C)   make written disclosure to her other clients before she accepts this offer.

D)   make written disclosure to CFA Institute before she accepts this offer.

The correct answer was B)

Standard IV(B), Additional Compensation Arrangements, applies in this situation. Standard IV(B) states, “No gifts, benefits, compensation, or consideration are to be accepted with may create a conflict of interest with the employer’s interest unless written consent is received from all parties.”

The key words here are "written consent" - members must obtain written consent because such arrangements may affect loyalties and objectivity and create potential conflicts of interest.