答案和详解如下： 11、The following scenarios describe two members of CFA Institute who have supervisory responsibility. § The president of Hawthorne Investments, a newly founded money management firm with five investment professionals, asked Rebecca Long, CFA, to be the company's compliance officer and to develop the company's compliance procedures. Long has an in-depth knowledge of the Code and Standards, but she was too busy to develop a compliance manual herself. Therefore, she copied, with written permission, the compliance manual of a large money management firm. This manual was comprehensive and covered many areas not part of Hawthorne's operations. Long gave the manual to Hawthorne's president, but did not distribute the contents of the program to other appropriate personnel. § A co-worker at Barksdale Capital mentions to Stephen Luck, CFA, that George Trout, a candidate in the CFA Program, may have violated the CFA Institute standard involving priority of transactions. As Trout's supervisor, Luck decided to investigate this allegation but did not begin the investigation until a month after the alleged incident. Luck continued to maintain the same amount of supervision on Trout during the month before he began his investigation of Trout. According to the CFA Institute Standards of Professional Conduct, which of the following statements about whether Long and Luck followed appropriate compliance procedures involving their responsibilities as supervisors is TRUE? A) Both Luck and Long violated the procedures for compliance. B) Neither Luck nor Long violated the procedures for compliance. C) Long violated the procedures for compliance, but Luck did not. D) Luck violated the procedures for compliance, but Long did not. The correct answer was A) Long violated the procedures for compliance involving her supervisory responsibility by not tailoring the compliance manual to Hawthorne's operations and by not distributing the contents of the program to appropriate personnel. Luck also violated the procedures for compliance by not responding promptly to the allegation that Trout violated the CFA Institute standard involving priority of transactions and by not increasing supervision on Trout pending the outcome of the investigation. 12、According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following? A) A graduate degree. B) Five years of work experience. C) An in-depth knowledge of the Code and Standards. D) All of these. The correct answer was C) The only requirement for a supervisor is an in-depth knowledge of the Code and Standards. None of the other choices are required. 13、A firm recently hired Jill Taylor, CFA, to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to: A) immediately implement a new compliance system. B) review the compliance system for its adequacy. C) rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards. D) none of these choices. The correct answer was B) According to Standard IV(C), Responsibilities of Supervisors, Taylor must make reasonable efforts to detect violations of law, rules, regulations, and Code and Standards. This responsibility is not eliminated because the Taylor’s subordinates are CFA Charterholders. Taylor should review the compliance system and report any inadequacies to senior management. 14、According to the CFA Institute Standards of Professional Conduct, which of the following statements about members with supervisory responsibility is FALSE? Members with supervisory responsibility: A) must make reasonable efforts to detect violation of laws, rules, regulations, and the Code and Standards. B) are relieved of their supervisory responsibility if they delegate their supervisory duties to other members of CFA Institute. C) are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities. D) should bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action. The correct answer was B) Although members who supervise large numbers of employees may delegate supervisory duties, such delegation does not relieve them of their supervisory responsibility. 15、A manager has pointed out that his firm has experienced significant expansion over the past few years. Until recently, its Legal Department was responsible for the firm's compliance activities. Now, however, the legal and compliance functions have been separated. A compliance officer has been formally designated and a comprehensive compliance program has been put in place. In order to function effectively, the compliance officer must have the authority: A) to affect, control, and guide employee behavior and to respond to employee misconduct. B) to hire and fire personnel. C) to hire trading personnel and to supervise operations personnel. D) which is consistent with the most senior partner or executive officer in the firm. The correct answer was A) Compliance officers must be able to guide employee behavior and respond to employee misconduct, otherwise there will be no effective compliance procedures in place. Unless the compliance officer can effectuate compliance procedures, the compliance program has no chance of responding to or preventing violations of the Standards. 16、Carmen Jorgensen, CFA, is the chief compliance officer for Dalton Financial Network, a regional brokerage firm. Dalton is divided into three regions, each of which has a regional compliance officer. Martin Lund, CFA, is the regional compliance officer for Dalton’s South Region. Dalton has established procedures for proper allocation of trades to all clients. In October, Fred Curry, CFA, a broker in the South Region, misallocated a trade in favor of certain of his clients and to the detriment of others. It became evident that Lund had failed to review the trades on a timely basis as called for in Dalton’s Procedures Manual. After an investigation, it was concluded that Curry violated the Code and Standards by failing to allocate trades properly and Lund violated the Code and Standards by failing to supervise appropriately. It should also conclude that Jorgensen: A) violated the Code and Standards by failing to adequately supervise her regional compliance officer, Lund. B) violated the Code and Standards by failing to establish proper procedures. C) did not violate the Code and Standards because she did not have direct supervisory responsibility for Curry. D) did not violate the Code and Standards because adequate procedures were in place, even though they weren't being followed. The correct answer was A) Standard IV(C) is violated when a supervisor does not take reasonable steps to implement an effective compliance system. Even though the system employed by Dalton may be adequate, Jorgensen is responsible to see that her regional compliance officers follow it.
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发表于 2008-4-9 12:22
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