答案和详解如下： Q11. With respect to the prospects she invites to the “quarterly investment forum” and then solicits for her private practice, Hernandez is: A) not in violation of any Code or Standard. B) in violation Standard VI(A) concerning disclosure of conflicts. C) in violation of Standard I(D) concerning professional misconduct. Correct answer is C) Standard I(D) states that members shall not engage in any professional conduct involving dishonesty, fraud, or deceit Hernandez is being dishonest by using a TFA mailing to bring in prospects that she knows cannot become TFA clients with the apparent intent of soliciting them for her own private business. Note that Standard VI(A) deals with disclosing conflicts of interest that would impair the member’s ability to make unbiased and objective recommendations, such as serving on a board or having a beneficial interest in a security. Standard III(C) states that a member must inquire as to a client’s financial situation and consider the appropriateness of investment recommendations for each client. Because there are no specific recommendations being given, Standard III(C) does not apply here. Q12. With respect to the proposal for the IPO mandate of ChemMex, Hernandez: A) may meet with ChemMex officials and be involved with the IPO, as long as she discloses the material facts of the situation to TFA. B) is not allowed to meet with ChemMex officials. C) may meet with ChemMex officials, but cannot be otherwise involved with the IPO. Correct answer is A) Hernandez would be allowed to meet with ChemMex and to be involved with the IPO so long as she discloses the material facts to TFA. Once in possession of these facts, TFA is in position to determine if the conflicts of interest are such that they should preclude Hernandez's participation in the project. Standard VI(A), Disclosure of Conflicts. Q13. With respect to the recommendation that Hernandez writes for CoppOre, Hernandez may: A) proceed with the recommendation as long as she does not exaggerate facts and mention the tender offer, but does not have to make an effort to achieve public dissemination of the tender offer. B) proceed with the recommendation as long as she does not exaggerate facts and mention the tender offer, but must make an effort to achieve public dissemination of the tender offer. C) not proceed with the recommendation with either the exaggerated information or the information of the tender offer. Correct answer is C) Exaggerating facts is a violation of Standard V(A) Diligence and Reasonable Basis. Mentioning the tender offer, or causing others to trade in a security involved with a tender offer is a violation of Standard II(A): Material Nonpublic Information. According to Standard II(A), in no instance may a member trade or cause other to trade in a security while a member possesses material nonpublic information . The fact that the home country does not make trading on information concerning a tender offer a crime does not allow Hernandez to use it because Standard II(A) prohibits it. Remember that the member must go along with either the home country laws or the Code and Standards, whichever is stricter. | 
发表于 2009-1-9 17:11
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