Q6. Which of the following is a possible breach of fiduciary duties by a CFA Institute member who manages assets on behalf of a client?

A)   Using directed brokerage.

B)   Neither of these breach fiduciary duties.

C)   Voting all proxies of stocks the client owns.

Q7. In order to comply with Standard III(A), Loyalty, Prudence, and Care, an analyst needs to:

A)   perform both of the actions listed here.

B)   liquidate his personal holdings of all stocks that his client owns.

C)   comply with applicable fiduciary duty.

[此贴子已经被作者于2009-1-9 15:49:05编辑过]

答案和详解如下：

Q6. Which of the following is a possible breach of fiduciary duties by a CFA Institute member who manages assets on behalf of a client?

A)   Using directed brokerage.

B)   Neither of these breach fiduciary duties.

C)   Voting all proxies of stocks the client owns.

Correct answer is C)

Proxies have economic value to the client. To comply with Standard III(A), the analyst is obligated to vote proxies in an informed and responsible manner. A cost benefit analysis may show that voting all proxies may not benefit the client, so voting proxies may not be necessary in all instances. Directed brokerage occurs when the client requests that a portion of the client's brokerage be used to purchase services that directly benefit the client. Although, this may prevent best execution, it does not violate the Standards as it was directed by the client, not the brokerage firm.

Q7. In order to comply with Standard III(A), Loyalty, Prudence, and Care, an analyst needs to:

A)   perform both of the actions listed here.

B)   liquidate his personal holdings of all stocks that his client owns.

C)   comply with applicable fiduciary duty.

Correct answer is C)

To comply with Standard III(A), the analyst must use reasonable care and exercise prudent judgment, always act for the benefit of clients, and determine and comply with applicable fiduciary duty. Charging some “average” fee is not required.