Q14. An independent analyst has only one client. One of the client’s largest holdings is a brokerage firm. Because of the large        holding by his client, the brokerage firm recently began allowing the analyst to tap into the firm’s computer network to use the firm’s research facilities. This is allowable as long as the analyst:

A)   does both of the actions listed here.

B)   uses the resources to help manage the client's account.

C)   discloses the relationship to the client.

Q15. An analyst with his own money management firm trades on behalf of several large pension funds. The analyst now performs all trades through a particular brokerage firm because the brokerage provides his firm with a no-interest line of credit if paid within 60 days. The line of credit is available to all brokerage clients. The brokerage provides the analyst with personal account privileges that he would not otherwise be eligible for. The brokerage also provides the analyst with free research reports on many companies. Which of these benefits are violations of Standard III(A), Loyalty, Prudence, and Care?

A)   Neither of these.

B)   The personal account privileges.

C)   The research reports.

[此贴子已经被作者于2009-1-9 15:51:00编辑过]

答案和详解如下：

Q14. An independent analyst has only one client. One of the client’s largest holdings is a brokerage firm. Because of the large        holding by his client, the brokerage firm recently began allowing the analyst to tap into the firm’s computer network to use the firm’s research facilities. This is allowable as long as the analyst:

A)   does both of the actions listed here.

B)   uses the resources to help manage the client's account.

C)   discloses the relationship to the client.

Correct answer is A)

According to Standard III(A), Loyalty, Prudence, and Care, the analyst must put the client first and inform the client of any possible conflicts of interest. The analyst must channel any benefits derived from his service to the client, back to the client, and inform the client of the benefits.

Q15. An analyst with his own money management firm trades on behalf of several large pension funds. The analyst now performs all trades through a particular brokerage firm because the brokerage provides his firm with a no-interest line of credit if paid within 60 days. The line of credit is available to all brokerage clients. The brokerage provides the analyst with personal account privileges that he would not otherwise be eligible for. The brokerage also provides the analyst with free research reports on many companies. Which of these benefits are violations of Standard III(A), Loyalty, Prudence, and Care?

A)   Neither of these.

B)   The personal account privileges.

C)   The research reports.

Correct answer is B)

The personal account privileges are clearly a violation. The no-interest line of credit could be a violation if the analyst does not factor in the benefits when determining the fees of the clients, but it is not a per se violation. Research reports are least likely to be a violation.