Q6. An analyst has the opportunity to offer his clients shares in a “hot new issue.” One of the analyst’s clients is his brother. When the new issue comes out, for those clients he deems it would be appropriate, he offers them an equal share. He includes his brother in that group. With respect to Standard VI(B), Priority of Transactions, this is:

A)   congruent with the Standard if his brother is not a 'covered person'.

B)   congruent with the Standard as long as he does not have a direct personal interest in his brother's account.

C)   congruent with the Standard even if he has a direct personal interest in his brother's account.

Q7. An analyst has a large personal holding of a security, and he has just determined that market conditions warrant selling this security. The analyst contacts clients who have a position in the security and advises them to sell some or all of the security. After waiting 24 hours, he sells the security from his personal accounts. This is:

A)   a violation of Standard VI(B), Priority of Transactions.

B)   congruent with Standard VI(B), Priority of Transactions.

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

Q8. An analyst routinely has the opportunity to offer his clients the opportunity to purchase “hot new issues.” He tells his clients that he will distribute each issue equally among those interested, with himself included in the distribution. The clients do not object to this. With respect to Standard VI(B), Priority of Transactions, this:

A)   may be a violation despite the clients' approval.

B)   cannot be a violation because the clients know of the practice and agree.

C)   may be a violation because it is impossible to distribute hot new issues equally.

Q9. An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst:

A)   may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.

B)   is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.

C)   must notify his supervisor about the stock according to Standard VI(B), Priority of Transactions, to see if it is appropriate for the portfolio that he manages.

[此贴子已经被作者于2009-1-4 14:59:56编辑过]

答案和详解如下：

Q6. An analyst has the opportunity to offer his clients shares in a “hot new issue.” One of the analyst’s clients is his brother. When the new issue comes out, for those clients he deems it would be appropriate, he offers them an equal share. He includes his brother in that group. With respect to Standard VI(B), Priority of Transactions, this is:

A)   congruent with the Standard if his brother is not a 'covered person'.

B)   congruent with the Standard as long as he does not have a direct personal interest in his brother's account.

C)   congruent with the Standard even if he has a direct personal interest in his brother's account.

Correct answer is B)         

Client accounts that belong to family members should be treated like any other account so long as there is no direct interest on the part of the analyst. In other words, these types of accounts should not be at a disadvantage relative to other client accounts when there is no direct interest on the part of the analyst overseeing the account.

Q7. An analyst has a large personal holding of a security, and he has just determined that market conditions warrant selling this security. The analyst contacts clients who have a position in the security and advises them to sell some or all of the security. After waiting 24 hours, he sells the security from his personal accounts. This is:

A)   a violation of Standard VI(B), Priority of Transactions.

B)   congruent with Standard VI(B), Priority of Transactions.

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

Correct answer is B)         

According to Standard VI(B), an analyst must give clients the first opportunity to buy or sell a security before the analyst acts on his own behalf. A 24-hour waiting period seems reasonable under the circumstances presented. The analyst seems to have a reasonable basis, and there is no reason to believe that he is violating Standard III(B) since he contacted all of the clients who have a position in the security.

Q8. An analyst routinely has the opportunity to offer his clients the opportunity to purchase “hot new issues.” He tells his clients that he will distribute each issue equally among those interested, with himself included in the distribution. The clients do not object to this. With respect to Standard VI(B), Priority of Transactions, this:

A)   may be a violation despite the clients' approval.

B)   cannot be a violation because the clients know of the practice and agree.

C)   may be a violation because it is impossible to distribute hot new issues equally.

Correct answer is A)

Just because the clients know of a practice does not make it right. The analyst must put the clients first. It is a violation for the analyst to participate in a “hot new issue” which can lower the allocation to any given client below what that client would prefer. This is tantamount to putting the analyst’s interests ahead of the clients’ interests.

Q9. An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst:

A)   may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.

B)   is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.

C)   must notify his supervisor about the stock according to Standard VI(B), Priority of Transactions, to see if it is appropriate for the portfolio that he manages.

Correct answer is A)

The problem says the analyst “came across” the speculative stock investment. We do not know if the analyst neglected his duties. Since such an investment is clearly not appropriate for a high-grade bond fund, the analyst may invest in the stock without any restrictions relating to the fund.

thanks

非常感激

thx