Q8. According to CFA Institute Standards of Professional Conduct, when a client asks her portfolio manager to change the current investment strategy of the client’s portfolio, the manager should: A) explain the implications of the new strategy after the member manager implements the strategy. B) obey the client's request without question. C) examine whether the strategy is appropriate for the client and explain the implications of the new strategy before implementing the strategy.
Q9. Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients’ behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is: A) congruent with Standard III(C), Suitability. B) a violation of Standard III(C), Suitability. C) a violation of Standard III(B), Fair Dealing.
Q10. Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. One of the clients gets married and the assets of the new spouse and the client are combined. With the larger portfolio of the now married client, Hatfield determines that they can assume a higher level of risk and begins a change in the policy concerning that portfolio. Which of the following would violate Standard III(C), Suitability? A) Assess the return objectives of the newly married client and his spouse. B) Implement a similar policy for the other client who did not just get married. C) Assess the time horizon of the newly married client and his spouse.
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发表于 2009-1-12 16:39
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