6、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)   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.

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

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

7、Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:

A)   liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.

B)   liquidate from her personal portfolio any stocks her godfather owns.

C)   have her godfather cease doing her taxes.

D)   do none of the actions listed here.

8、Jane Talbot, CFA, is a portfolio manager at Cavalier Investments. Talbot manages the account of Wendall Wilcox. The performance of Wilcox's portfolio has been below that of the benchmark portfolio, the S& 500, for the past several years. In an effort to enhance his portfolio's performance, Wilcox offers to pay Talbot $2,000 each year that his portfolio's return exceeds that of the S& 500. Wilcox suggests this arrangement last for the next three years. The amount that Wilcox agrees to pay Talbot is in addition to the compensation that Talbot will receive from his employer and the standard fee that Wilcox will pay Cavalier for managing his portfolio over the three-year period. Talbot agrees to the arrangement proposed by Wilcox and informs Cavalier in writing of the terms of the agreement under which she will receive additional compensation. According to CFA Institute Standards of Professional Conduct Talbot must disclose:

A)   the nature of the compensation only.

B)   the amount of the compensation only.

C)   both the nature and amount of compensation only.

D)   the nature and amount of compensation plus the duration of the agreement.

9、An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client’s analyst, he can have free use of a limousine several times a year. The analyst needs to:

A)   inform his supervisor in writing of the offer if the analyst intends to accept the offer.

B)   explicitly refuse such an offer.

C)   do nothing since the offer is not linked to the performance of the client's portfolio.

D)   do nothing since the offer does not constitute an excessive compensation arrangement.

10、Sharon West is a CFA charterholder and trust officer for REO Trust Company. Soon after beginning work for REO, West finds that REO has been conducting all its securities transactions through her brother who is a registered representative. West's brother charges REO commissions that are equal to the lowest available from another broker. West's brother tells her that if she continues doing business with him, he will give her a substantial discount on all personal transactions she conducts through him. West:

A)   must inform her employer of the arrangement because she is doing business with a member of her immediate family.

B)   does not need to inform her employer of the arrangement because REO has been doing business with her brother before she was hired.

C)   must inform her employer of the arrangement because it provides her with additional compensation.

D)   does not need to inform her employer of the arrangement because the commissions her brother charges the firm are the lowest possible.

答案和详解如下：

6、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)   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.

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

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

The correct answer was

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.

7、Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:

A)   liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.

B)   liquidate from her personal portfolio any stocks her godfather owns.

C)   have her godfather cease doing her taxes.

D)   do none of the actions listed here.

The correct answer was D)

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. It is not unreasonable for an individual’s godfather to give them a birthday gift. Moreover, since the tax services were a regular birthday present before her godfather became a client, this implies that they are unrelated to any investment management services.

8、Jane Talbot, CFA, is a portfolio manager at Cavalier Investments. Talbot manages the account of Wendall Wilcox. The performance of Wilcox's portfolio has been below that of the benchmark portfolio, the S& 500, for the past several years. In an effort to enhance his portfolio's performance, Wilcox offers to pay Talbot $2,000 each year that his portfolio's return exceeds that of the S& 500. Wilcox suggests this arrangement last for the next three years. The amount that Wilcox agrees to pay Talbot is in addition to the compensation that Talbot will receive from his employer and the standard fee that Wilcox will pay Cavalier for managing his portfolio over the three-year period. Talbot agrees to the arrangement proposed by Wilcox and informs Cavalier in writing of the terms of the agreement under which she will receive additional compensation. According to CFA Institute Standards of Professional Conduct Talbot must disclose:

A)   the nature of the compensation only.

B)   the amount of the compensation only.

C)   both the nature and amount of compensation only.

D)   the nature and amount of compensation plus the duration of the agreement.

The correct answer was D)

Procedures for compliance for Standard IV(B) indicate that the written report should state the terms of any oral or written agreement under which Talbot will receive additional compensation including the nature of the compensation, the amount of compensation and the duration of the agreement.

9、An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client’s analyst, he can have free use of a limousine several times a year. The analyst needs to:

A)   inform his supervisor in writing of the offer if the analyst intends to accept the offer.

B)   explicitly refuse such an offer.

C)   do nothing since the offer is not linked to the performance of the client's portfolio.

D)   do nothing since the offer does not constitute an excessive compensation arrangement.

The correct answer was A)

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. They also need to get consent from their employer in writing. The written report to the employer should include the details of any written or oral agreement for extra compensation. The analyst does not have to refuse the offer.

10、Sharon West is a CFA charterholder and trust officer for REO Trust Company. Soon after beginning work for REO, West finds that REO has been conducting all its securities transactions through her brother who is a registered representative. West's brother charges REO commissions that are equal to the lowest available from another broker. West's brother tells her that if she continues doing business with him, he will give her a substantial discount on all personal transactions she conducts through him. West:

A)   must inform her employer of the arrangement because she is doing business with a member of her immediate family.

B)   does not need to inform her employer of the arrangement because REO has been doing business with her brother before she was hired.

C)   must inform her employer of the arrangement because it provides her with additional compensation.

D)   does not need to inform her employer of the arrangement because the commissions her brother charges the firm are the lowest possible.

The correct answer was C)    

Members are required to disclose to their employer in writing all monetary compensation or other benefit they receive in addition to the employer’s compensation. The discounting of West’s commissions is a benefit that must be disclosed.