答案和详解如下： 6、In order to comply with Standard III(A), Loyalty, Prudence, and Care, an analyst needs to: A) comply with applicable fiduciary duty. B) perform all of the actions listed here. C) liquidate his holdings of all stocks that his client owns. D) charge the average fee of his competition in the market. The correct answer was A) To comply with Standard III(A), the analyst must use reasonable care and exercise prudent judgment, always act for the benefit of clients, and determine and comply with applicable fiduciary duty. Neither liquidating personal holdings nor charging some “average” fee is required. 7、Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River
City provides Calaveccio with soft dollars to purchase research. River
City also deals in municipal bonds, some of which Calaveccio holds in his personal portfolio. He periodically uses the soft dollars to request research reports on various small cap stocks and also on the status of the municipal bond market and issues that he holds. These actions are: A) not in violation of the Code and Standards. B) in violation of his fiduciary duties regarding the small cap research, but not so regarding the research on the municipal bonds. C) in violation of his fiduciary duties regarding both the small cap research and the municipal bond research. D) in violation of his fiduciary duties regarding the municipal bond research but not so regarding the research on the small cap issues. The correct answer was D) The issue at hand is the member's fiduciary responsibilities in handling "soft dollars" which are technically the property of the client. Standard III(A), Loyalty, Prudence, and Care, delineates the member's fiduciary responsibilities with regards to soft dollars. Since municipal bond research is clearly not relevant to the Small Cap Fund holders, he is clearly using the soft dollars to obtain research for his personal benefit and is in violation of the Standard. 8、All of the following are required by fiduciaries under Standard III(A), Loyalty, Prudence, and Care, EXCEPT: A) support the sponsor's management during proxy fights. B) act solely in the interest of the ultimate beneficiaries. C) place the client’s interest before the employer’s interest. D) act in a prudent and judicious manner. The correct answer was A) Members are required to act in the interest of their clients. In voting proxies, the client’s interest must prevail over management’s interest. 9、Which of the following is least likely required of fiduciaries who are responsible for pension plans? A) Judging investments in the context of the total portfolio. B) Acting in accordance with the plan's stated investment policies. C) Supporting the sponsor's management during proxy fights. D) Acting solely in the interest of plan participants. The correct answer was C) Under Standard III(A) Loyalty, Prudence, and Care, fiduciaries must evaluate management’s proposals during proxy fights to see if they are in the best interest of the plan participants. If management’s ideas are justifiable and reasonably ensure plan participants’ betterment, then fiduciaries can support them. If management is only trying to further its own objectives, especially at the cost of plan participants, then fiduciaries must vote against management in proxy fights. 10、Alan Cramer, CFA, practices in a country that does not regulate the investment of company retirement plans. He was retained by Bingham Companies to manage their corporate pension plan. Bingham’s management has approached Cramer and requested that Cramer invest the entire plan in Bingham stock. Cramer may: A) invest all of the retirement plan assets in Bingham Company stock according to management's request only if Cramer can document that the investment is more prudent than any other investment opportunity he finds. B) invest a portion of the retirement plan in Bingham Company stock if the investment is prudent and if he keeps the overall portfolio properly diversified. C) immediately terminate his relationship with the plan because of the conflict of interest raised by the management contact. D) not invest any of Bingham Company's retirement plan in its own stock regardless of the stock's prospects and in spite of management's request. The correct answer was B) Standard III(A), Loyalty, Prudence, and Care, requires members to comply with their fiduciary duty. Retirement plan managers owe their duty to the plan participants, not to the management of the company sponsoring the plan. The fiduciary duty includes the obligation to diversify the plan’s investments, regardless of the quality of the sponsoring company’s stock. Investing in the company’s stock is not prohibited. | 
发表于 2008-4-8 13:30
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