答案和详解如下： Answer 11 The correct answer was B) Maintain files to support investment recommendations. Maintaining files to support investment recommendations is not a compliance procedure for Standard I(B): Independence and Objectivity, but it is a compliance procedure for Standard V(C): Record Retention. This question tested from Session 1, Reading 2-I, LOS B.
Answer 12 The correct answer was B) The issue at hand is the member's fiduciary responsibilities in handling "soft dollars" which are the property of the client (in this case the holders of the shares of the Small Cap Venture Fund). Standard III(A) Loyalty, Prudence, and Care delineates the member's responsibilities. Since he is clearly using the soft dollars to obtain research that is directly applicable to his professional duties, there is no violation of the Standard. This question tested from Session 1, Reading 2-III, LOS A.
Answer 13 The correct answer was A) not violated the Code and Standards because he acted fairly in disseminating research information to his clients. Standard III(B) Fair Dealing requires that members deal fairly with all clients in disseminating investment recommendations. It does not require uniform or equal treatment. Sandvik’s approach in sending e-mail correspondence to those of his clients who had given him their e-mail addresses, having made the request to all of his clients, and sending regular mail correspondence the same day, is fair to all of his clients. This question tested from Session 1, Reading 2-III, LOS B.
Answer 14 The correct answer was A) Standard VI(B), Priority of Transactions. Standard VI(B), Priority of Transactions, applies. If an analyst decides to make a recommendation about the purchase or sale of a security, he must give his customers or employer adequate opportunity to act on this recommendation before acting on his own behalf. Personal transactions include those made for the member's own account and family accounts. Here, McKinney violated Standard VI(B) by acting on his mother-in-law's behalf and then waiting until the end of the day to act on his employer's behalf. Explanations for other responses: ♣ Standard IV(A), Loyalty to Employer, does not apply. This standard concerns a member competing with his/her employer (independent practice), for example a member who engages in outside consulting. ♣ Standard I(B), Independence and Objectivity, does not apply. This standard covers concepts such as gifts, perks, and corporate relationships. ♣ Standard II(A), Material Nonpublic Information, does not apply. The question does not indicate that the information is not public. This question tested from Session 1, Reading 2-VI, LOS B.
Answer 15 The correct answer was A) A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio's trades to XYZ. She does not inform her manager since there is no cash involved. Standard IV(B) requires you to inform your supervisor of all additional compensation arrangements. Standard I(B) requires you to maintain your independence and objectivity. You cannot accept gifts designed to influence your behavior from non-clients. Accepting gifts from a client for past good performance and accepting a gift from a client to achieve performance are allowed (although your manager may not allow it). This question tested from Session 1, Reading 2-IV, LOS B.
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发表于 2008-11-14 23:08
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