答案和详解如下： Q3. In light of Singh’s comments during his telephone call to Patel prior to his uncle’s death, which of the following actions that Patel can take comply with CFA Institute Standards of Professional Conduct? A) Patel must not place any trades in the account until she meets with Singh to develop a new portfolio strategy based on the updated information. B) Patel may change the current portfolio strategy and begin trading based upon Singh’s expectations because he advised her to do so. C) Patel must adhere to the existing portfolio strategy until she meets with Singh to develop a new portfolio strategy based upon updated financial information but may place trades which are consistent with the existing strategy. Correct answer is C) According to Standard III(C) Suitability, Patel must observe the written investment objectives now in effect as determined in cooperation with the client and may trade only on that basis. Because the anticipated change in Singh’s financial condition was subject to an event of indeterminable timing, she should continue to honor the existing written investment objectives until a change (1) is warranted by an actual increase in the client’s total financial assets and (2) has been agreed upon with her client. Q4. According to CFA Institute Standards of Professional Conduct, may Patel reallocate Singh’s portfolio toward technology stocks after his Uncle dies but before the meeting with Singh? A) Yes, because the total value of the municipal bonds received into the account will be too large relative to the other assets in the portfolio. B) No, because Patel and Singh must meet and revise the investment policy statement and portfolio strategy before reallocating. C) No, because Patel must wait until the next annual meeting to reallocate. Correct answer is B) According to Standard III(C) Suitability, investment recommendations and actions must be consistent with a client’s written objectives and constraints (usually in the form of an investment policy statement (IPS)). Because Singh’s written IPS would not allow the large allocation to technology stocks prior to receiving the inheritance, the IPS must be updated by Singh and Patel prior to taking any actions that deviate from the original IPS. Patel will violate Standard III(C) by reallocating the portfolio before meeting with Singh. Q5. Did Patel violate any CFA Institute Standards of Professional Conduct when she purchased the NetWin stock for Singh’s portfolio or for the other clients’ portfolios? Singh's portfolio Other portfolios A) No No B) No Yes C) Yes Yes Correct answer is C) According to Standard III(C) Suitability, Patel must analyze the appropriateness and suitability of NetWin.com stock on a case-by-case basis before buying it. This will necessarily consider the basic characteristics of the security and how these will affect overall portfolio characteristics relative to the existing investment strategy for each portfolio. Patel has not analyzed the effect that the stock will have on any of the individual portfolios in question and has thus violated the Standard. Patel cannot look at aggregate measures to determine the appropriate weight that the security should represent in the individual portfolios because the portfolios are being managed individually, not in aggregate. | 
发表于 2009-1-8 15:29
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