Q12. Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.
   

A)   Stone's ownership of Amity securities.

B)   Stone's personal relationship with the CEO of Amity.

C)   The fact that Stone's son worked at Amity as a laborer during the summer while in school.

Q13. Fern Baldwin, CFA, as a representative for Fernholz Investment Management, is compensated by a base salary plus a percentage of fees generated. In addition, she receives a quarterly performance bonus on a particular client’s fee if the client’s account increases in value by more than 2 points over a benchmark index. Baldwin had a meeting with a prospect in which she described the firm’s investment approach but did not disclose her base salary, percentage fee, or bonus.

Baldwin has:

A)   violated the Standards by not disclosing her salary, fee percentage, and performance bonus.

B)   violated the Standards by not disclosing her performance bonus.

C)   not violated the Standards because there is no conflict of interest with a potential prospect in the employment arrangements.

Q14. An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to:
   

A)   only his employer.

B)   no one since it should not cause a conflict of interest for the analyst.

C)   both his employer and his clients and prospective clients.

[此贴子已经被作者于2009-1-4 15:03:01编辑过]

答案和详解如下：

Q12. Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.

A)   Stone's ownership of Amity securities.

B)   Stone's personal relationship with the CEO of Amity.

C)   The fact that Stone's son worked at Amity as a laborer during the summer while in school.

Correct answer is C)         

Members are required to disclose to their employer all matters that reasonably could interfere with their objectivity. Personal friendships with corporate executives and personal ownership of securities could reasonably interfere with objectivity, but it is unlikely that a child’s employment in a labor function would reasonably interfere with a parent’s objectivity.

Q13. Fern Baldwin, CFA, as a representative for Fernholz Investment Management, is compensated by a base salary plus a percentage of fees generated. In addition, she receives a quarterly performance bonus on a particular client’s fee if the client’s account increases in value by more than 2 points over a benchmark index. Baldwin had a meeting with a prospect in which she described the firm’s investment approach but did not disclose her base salary, percentage fee, or bonus.

Baldwin has:

A)   violated the Standards by not disclosing her salary, fee percentage, and performance bonus.

B)   violated the Standards by not disclosing her performance bonus.

C)   not violated the Standards because there is no conflict of interest with a potential prospect in the employment arrangements.

Correct answer is B)

Standard VI(A) requires members to disclose all matters that could reasonably be expected to impair the member’s ability to make unbiased and objective recommendations. Compensation based on a percentage of fees generated does not create an inherent bias. If, however, a performance bonus is paid for investment results, it may unduly encourage the manager to take more risk than is proper and prudent, and so the existence of the bonus opportunity must be disclosed to the client.

Q14. An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to:

A)   only his employer.

B)   no one since it should not cause a conflict of interest for the analyst.

C)   both his employer and his clients and prospective clients.

Correct answer is C)

Serving on a Board of Directors should be disclosed to both the employer and clients and prospective clients.

谢谢了 哈

[em01] 谢谢