2道题还是搞不懂~~
11. Praful Chandarana, CFA, is starting a new business to offer investment-consulting services to pension fund trustees in response to a new regulation that requires all pension fund Investment Policy Statements (IPS) to be reviewed and approved by an independent CFA Charterholder. Prior to starting the new business, he meets with the pension fund regulator to clarify if the CFA Charterholder undertaking the IPS review should be a licensed financial advisor. A separate regulatory body grants the license to those giving investment advice to clients. The regulator states they do not require the CFA Charterholder to hold a financial advisor’s license, despite financial-related advice being given to the pension funds during any IPS review. Chandarana therefore, starts his new business to undertake IPS reviews without obtaining a financial advisors license. Subsequently when clients of his former employer contact him he informs them of his new company and the services he offers. Does Chandarana most likely violate the CFA Code and Standards?
A. No.
B. Yes, with regard to Professionalism.
C. Yes, with regard to Duties to Employer.
答案：B is correct because the CFA Code of Ethics requires Chandarana to uphold the rules governing financial advisors. However, he failed to do so because he did not obtain a financial advisors license. The CFA Standards of Professional Conduct (I(A) – Professionalism – Knowledge of the Law) states that when rules or regulations are in conflict, Members must comply with the more strict law, in this case the requirement for financial advisors to be licensed.
不是他题目中说他不用obtain a financial advisors license吗，哪里可以看出rule和regulation有冲突呢？？
16. Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?
A. Country A.
B. Country B.
C. Country C.
答案：B is correct because Standard I – Professionalism requires CFA Members and Candidates to comply with the more strict law, rule or regulation in the event of conflicts of any applicable laws, rules and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C); i.e. put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.
我不太明白为什么does not require a financial advisor to uphold a fiduciary duty 到底是什么意思，我觉得如果是require的话要stricter么？？？
再问一下，additional compensation arrangements是不是只是针对与employer有利益冲突的情况而言的，要是没有冲突的话这一条就适用了？？？就像mock的第13题
谢谢大牛们帮我解答哈~~~不胜感激！！
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发表于 2011-6-2 00:04
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