答案和详解如下： Q23. Which of the following statements about Rangen's conduct is TRUE? Rangen's conduct: A) does not meet the requirements of the Code and Standards because his investment strategy is inconsistent with his clients' objectives. B) meets the requirements of the Code and Standards because his firm's research department recommended the U.S. Treasury strips and non-dividend paying stocks. C) meets the requirements of the Code and Standards because his clients are aware of the risks that he is taking in managing their accounts. Correct answer is A) Rangen's actions are inconsistent with Standard III(C), Suitability, because his investment actions are neither appropriate nor suitable for each client. Even if his clients were aware of the risks, the portfolios that he constructed are inconsistent with their financial needs. Because he is in a position to control the volume and frequency of transactions in their accounts, he has control over the accounts. Although Rangen relies upon recommendations from his firm’s research department, he cannot shift blame to his employer because he must follow recommendations that are in the best interests of his clients. Q24. An analyst thinks that a major change in the tax law will benefit holders of utility company stocks. She immediately begins calling all her clients and telling them of the upside potential of investing in such assets now. Based upon this information, this is most likely: A) a violation of Standard V(A), Diligence and Reasonable Basis. B) congruent with Standard V(A), Diligence and Reasonable Basis. C) a violation of Standard III(C), Suitability. Correct answer is C) According to Standard III(C), the analyst needs to determine the suitability of an investment for each client. It is doubtful that all her clients are identical in their needs. According to the information, the analyst mentions the upside potential but does not mention the downside risk. Although the information says that she thinks that the change in the tax law will benefit holders of utility company stocks and says nothing of how she arrived at this conclusion, we do not know if she has or has not made her decision on a reasonable basis. | 
发表于 2009-1-8 15:38
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