Q1. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards?

A)   Yes, if he discloses the arrangement in writing to TrustCo.

B)   No, such an arrangement is in violation of the Code and Standards.

C)   Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects.

Q2. Dan Lee, CFA, is a portfolio manager with Jewel Investment Advisors. Doris Black, one of Lee's long-time clients, tells Lee that he can use her vacation home in Aspen, Colorado, for a week during skiing season if the return on her portfolio exceeds its benchmark by two percentage points during the next year. Black also offers to reimburse Lee and his wife for their transportation expenses to Aspen. Lee accepts this arrangement. According to CFA Institute Standards of Professional Conduct, what is Lee's obligation, if any, to disclose this arrangement to Jewel? Lee:

A)need not disclose either the arrangement to use Black's vacation home or the reimbursement of expenses.

B)must disclose in writing the arrangement to use Black's vacation home but not the reimbursement of expenses.

C)must disclose both the arrangement to use Black's vacation home and the reimbursement of expenses.

Q3. An analyst needs to inform his supervisor in writing of which of the following?

A)   A client and the analyst alternate paying for lunch at a local sandwich shop.

B)   Both the lunch and the bonus mentioned in the other answers.

C)   An annual bonus, sent to the analyst by a client, which varies with the performance of the client's portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.

Q4. Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s endowment is held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to:

A)   inform her supervisor verbally about the Platinum account.

B)   do none of the actions listed here.

C)   inform her supervisor in writing about the Platinum account.

答案和详解如下：

Q1. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards?

A)   Yes, if he discloses the arrangement in writing to TrustCo.

B)   No, such an arrangement is in violation of the Code and Standards.

C)   Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects.

Correct answer is C)

In conformance with Standard IV(B) Additional Compensation Arrangements, Calaveccio is required to obtain written consent from TrustCo, his employer. In conformance with Standard VI(C) Referral Fees, he is also required to disclose the additional compensation to clients and prospects. Written permission from his clients and prospects is unnecessary.

Q2. Dan Lee, CFA, is a portfolio manager with Jewel Investment Advisors. Doris Black, one of Lee's long-time clients, tells Lee that he can use her vacation home in Aspen, Colorado, for a week during skiing season if the return on her portfolio exceeds its benchmark by two percentage points during the next year. Black also offers to reimburse Lee and his wife for their transportation expenses to Aspen. Lee accepts this arrangement. According to CFA Institute Standards of Professional Conduct, what is Lee's obligation, if any, to disclose this arrangement to Jewel? Lee:

A)need not disclose either the arrangement to use Black's vacation home or the reimbursement of expenses.

B)must disclose in writing the arrangement to use Black's vacation home but not the reimbursement of expenses.

C)must disclose both the arrangement to use Black's vacation home and the reimbursement of expenses.

Correct answer is C)

Standard IV(B) Additional Compensation Arrangements requires that Lee disclose to Jewel in writing any extra monetary compensation or other benefits that he receives from outside the firm for his services.

Q3. An analyst needs to inform his supervisor in writing of which of the following?

A)   A client and the analyst alternate paying for lunch at a local sandwich shop.

B)   Both the lunch and the bonus mentioned in the other answers.

C)   An annual bonus, sent to the analyst by a client, which varies with the performance of the client's portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.

Correct answer is C)

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. Since the bonus varies with the performance of the client’s portfolio, there is a clear link to the services of the analyst. The analyst is not required to report the lunch since it is not linked to performance.

Q4. Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s endowment is held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to:

A)   inform her supervisor verbally about the Platinum account.

B)   do none of the actions listed here.

C)   inform her supervisor in writing about the Platinum account.

Correct answer is C)

Having the Platinum account is a benefit from her managing the endowment, which led to the relationship with Advisors. Members should report to their employers any additional compensation or benefits they receive for their services. This must be in writing. Doing $2,500 in business alone will not negate her obligation unless she explicitly tells Advisors that she is willing to accept whatever penalties accompany a Platinum account when a client does less business.