Q27. Klaus Gerber, CFA, is a regular contributor to the Internet site WizeGuy. This past week Gerber has been incorrectly quoted as recommending that investors buy shares in Bradford, Inc. He is unaware that this message has been placed on the site as the quote was placed as a prank by an unknown source. This is the third time this has happened over the past month. Fritz Fox, CFA, maintains and updates the WizeGuy site and has learned how to determine if the quotes being attributed to Gerber are actually valid. Several days later, he observes an investment recommendation, posted on the site, to buy Gresham, Inc. The investment recommendation is purported to be from Gerber, but Fox actually knows it to be bogus. He immediately sells 1,000 Gresham short and e-mails Gerber to inform him of the bogus recommendation. Gerber immediately issues a rebuttal, and Gresham falls by 14%. Fox's action is: A) a violation of the Standard concerning fiduciary duties. B) a violation of the Standard concerning use of material nonpublic information. C) not in violation of the Code and Standards.
Q28. All of the following would be effective components of a formal compliance system EXCEPT: A) the investor's objectives and constraints should be maintained and reviewed periodically to reflect any changes in the client's circumstances. B) the firm prohibits analysts and portfolio managers from using material nonpublic information in making investment recommendations or taking investment action. C) as a fiduciary under ERISA, the firm will strictly follow pension plan instructions and restrictions, which may include concentrating portfolios in a few securities or industries.
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发表于 2009-1-7 09:09
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