31、Judy Gonzales is a portfolio manager with Brenly Capital and works on Johnson Company's account. Brenly has a policy against accepting gifts over $25 from clients. The Johnson portfolio has a fantastic year, and in appreciation, the pension fund manager sent Gonzales a rare bottle of wine. Gonzales should: A) present the bottle of wine to her supervisor. B) return the bottle to the client explaining Brenly's policy. C) inform her supervisor in writing that she received additional compensation in the form of the wine. D) share the wine at a company function. The correct answer was B) By not returning the bottle she would be violating the Standard on disclosure of conflicts to the employer, which states that employees must comply with prohibitions imposed by their employer. 32、Ken James has been an independent financial advisor for 15 years. He received his CFA Charter in 1993, but did not feel it helped his business, so he let his dues lapse this year. He still has several hundred business cards with the CFA designation printed on them. His promotional materials state that he received his CFA designation in 1993. James: A) must cease distributing the cards with the CFA designation and the existing promotional materials. B) can continue to use the existing promotional materials, and can use the cards until his supply runs out—his new cards cannot have the designation. C) must cease distributing the cards with the CFA designation, but can continue to use the existing promotional materials. D) must cease using the existing promotional materials, but can use the cards until his supply runs out—his new cards cannot have the designation. The correct answer was C) Use of the CFA designation must be stopped immediately, however, the receipt of the Charter is a matter of fact. 33、Brenda Simone is a money manager and the Blue Streets Pension Fund is one of her clients. The director of the pension fund calls Simone and asks her to use a particular broker so that the fund can obtain some research services with the soft dollars from that broker. Simone believes that the desired broker will provide the same price and execution as the normal broker that Simone uses. Simone does as the client wishes. Simone has: A) not violated the Standards as long as the research provided by the broker will benefit the plan beneficiaries. B) not violated the Standards as long as the research provided by the broker will benefit Blue Streets. C) not violated the Standards as long as the research provided by the broker will benefit Simone's money management practice. D) violated the Standards. The correct answer was A) Simone must ensure that the research benefits the parties to whom she owes fiduciary duty, which are the plan participants. 34、Dan Jeffries is a portfolio manager who is being sued by one of his clients for inappropriate investment advice. The Professional Conduct Program of CFA Institute is investigating Jeffries for the same offense. Jeffries settles the lawsuit with the client while the Professional Conduct Program investigation is ongoing. When the Professional Conduct Program staff questions Jeffries about the problematic investment advice, Jeffries claims he cannot talk about it because doing so would violate the confidentiality of his client. Jeffries has: A) violated the Standards by refusing to talk about the case with the Professional Conduct Program, but not by executing the settlement agreement. B) violated the Standards by executing the settlement agreement, but not by refusing to talk about the case with the Professional Conduct Program. C) violated the Standards by executing the settlement agreement and by refusing to talk about the case with the Professional Conduct Program. D) not violated the Standards by executing the settlement agreement or by refusing to talk about the case with the Professional Conduct Program. The correct answer was A) Because the Professional Conduct Program will maintain client confidentiality, Standard III(E) Preservation of Confidentiality does not permit members to refuse to cooperate with a PCP investigation because of confidentiality concerns. The Standards do not require members to delay dealing with related legal matters while a PCP investigation is in progress. 35、Jack Stevens is employed by a company to provide investment advice to participants in the firm's 401(k) plan. One of the investment options is a stable value fund run by the company. Stevens' research indicates that the fund is far riskier and less liquid than the typical stable value fund and has a fundamental asset value lower than book value of the assets. He tells Jessica Cox, the head of employee benefits, about his research, and indicates that he will advise new employees to not invest in the fund and will advise employees who already own the fund to reduce their holdings in the fund. Cox points out that the fund is not in any current danger because there are very few redemptions requested of the fund. Cox also states that a sell recommendation may become a self fulfilling prophecy, causing investors to redeem their shares and forcing the fund to liquidate, which in turn will cause the remaining investors to receive less than their promised value. Stevens agrees with this assessment and feels his fiduciary duty is to all employees. Stevens should: A) continue to recommend that new investors do not invest in the fund, but not advise existing investors to reduce their holdings. B) recommend that new investors invest in the fund and existing investors maintain their holdings. C) tell investors he cannot give advice on the fund because of a conflict of interest. D) continue to recommend that new investors do not invest in the fund and existing investors reduce their holdings. The correct answer was D) The employees to whom Stephens owes fiduciary duty are the ones who are seeking his advice, even if acting on that advice hurts other employees who might eventually become clients. | 
发表于 2008-4-8 11:19
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