Q11.An analyst goes straight from a research seminar to a meeting with a prospective new client with whom she has never been in contact. The analyst is very excited about the information she just received in the seminar and begins showing the prospect the new ideas her firm is coming up with. This is most likely a violation of:

A)   Standard III(B), Fair Dealing.

B)   Standard III(C), Suitability.

C)   both of these.

Q12.An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:

A)   a violation of Standard III(A), Loyalty, Prudence, and Care.

B)   a violation of Standard III(B), Fair Dealing.

C)   not in violation of the Standards.

Q13.Which of the following would be a violation of Standard III(B), Fair Dealing?

A)   Trading for regular accounts before discretionary accounts.

B)   Having well defined guidelines for pre-dissemination.

C)   Limiting the number of employees privy to recommendations and changes.

Q14.All of the following are violations of Standard III(B), Fair Dealing, EXCEPT a member:

A)   places a trade for the firm account before issuing a buy recommendation.

B)   telephones clients in distant cities the day after a buy recommendation is mailed to all clients because their mail service is later than the member's local clients.

C)   places a trade for her discretionary accounts before placing a trade for her non-discretionary accounts.

Q15.All of the following are violations of Standard III(B), Fair Dealing, EXCEPT a member:

A)   places a trade for the firm account before issuing a buy recommendation.

B)   telephones clients in distant cities the day after a buy recommendation is mailed to all clients because their mail service is later than the member's local clients.

C)   places a trade for her discretionary accounts before placing a trade for her non-discretionary accounts.

答案和详解如下：

Q11.An analyst goes straight from a research seminar to a meeting with a prospective new client with whom she has never been in contact. The analyst is very excited about the information she just received in the seminar and begins showing the prospect the new ideas her firm is coming up with. This is most likely a violation of:

A)   Standard III(B), Fair Dealing.

B)   Standard III(C), Suitability.

C)   both of these.

Correct answer is C)

It is a violation of Standard III(B) because the analyst should act first on behalf of existing clients whose needs and characteristics she already knows. It is a violation of Standard III(C) because she has never met the prospect and does not know if the new ideas are appropriate for the prospect. Thus, “both of these” is the best response.

Q12.An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:

A)   a violation of Standard III(A), Loyalty, Prudence, and Care.

B)   a violation of Standard III(B), Fair Dealing.

C)   not in violation of the Standards.

Correct answer is C)

There is no violation. It is in the best interest of the client to be diversified and selling via a series of cross trades will likely reduce price impact costs when compared to selling directly into the market. The analyst appears to have reasonable basis for putting the securities in the accounts of other clients.

Q13.Which of the following would be a violation of Standard III(B), Fair Dealing?

A)   Trading for regular accounts before discretionary accounts.

B)   Having well defined guidelines for pre-dissemination.

C)   Limiting the number of employees privy to recommendations and changes.

Correct answer is A)

Do not discriminate against a client when disseminating investment recommendations. If the firm offers different levels of service, this fact must be offered and disclosed to all clients. The other choices are necessary parts of the Standard. The Standard actually says to have published personal guidelines for pre-dissemination, which implies that the guidelines be well-defined.

Q14.All of the following are violations of Standard III(B), Fair Dealing, EXCEPT a member:

A)   places a trade for the firm account before issuing a buy recommendation.

B)   telephones clients in distant cities the day after a buy recommendation is mailed to all clients because their mail service is later than the member's local clients.

C)   places a trade for her discretionary accounts before placing a trade for her non-discretionary accounts.

Correct answer is B)

Standard III(B) states, "Members shall deal fairly and objectively with all clients and prospects when providing investment analysis, making investment recommendations, taking investment action, or in other professional activities.”

The term “fairly” implies that members should take care not to discriminate against a client when disseminating investment recommendations. All the responses, except for the telephoning of distant clients (which has the effect of putting them in the same position as local clients), describe a situation in which a client or group of clients is receiving preferential or detrimental treatment that is unfair.

Q15.All of the following are violations of Standard III(B), Fair Dealing, EXCEPT a member:

A)   places a trade for the firm account before issuing a buy recommendation.

B)   telephones clients in distant cities the day after a buy recommendation is mailed to all clients because their mail service is later than the member's local clients.

C)   places a trade for her discretionary accounts before placing a trade for her non-discretionary accounts.

Correct answer is B)         

Standard III(B) states, "Members shall deal fairly and objectively with all clients and prospects when providing investment analysis, making investment recommendations, taking investment action, or in other professional activities.”

The term “fairly” implies that members should take care not to discriminate against a client when disseminating investment recommendations. All the responses, except for the telephoning of distant clients (which has the effect of putting them in the same position as local clients), describe a situation in which a client or group of clients is receiving preferential or detrimental treatment that is unfair.

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