Reading 2-VI: Standards of Professional Conduct & Guida

答案和详解如下：

1、Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley routinely writes research reports on Pharmaceutical firms. Valley has recently been asked to serve on the board of directors of an organization that promotes the search for a cure of a certain cancer. Serving on the board is an unpaid position without any direct benefits other than meeting new people and potential clients. To comply with Standard VI, Disclosure of Conflicts, Valley needs to:

A)   only disclose the position on the board to his supervisor.

B)   only discuss his activities on the board with the firm's compliance officer.

C)   both disclose the position on the board to his supervisor and discuss his activities on the board.

D)   do nothing.

The correct answer was C)

Valley could be affected by his position on the board because he may tend to favor investments in firms that do cancer research. To comply with Standard VI(A), Disclosure of Conflicts, Valley must inform his supervisor of this relationship and discuss his activities on the board. Even if his supervisor does not find the relationship troublesome, any subsequent action that could lead to a conflict of interest should be discussed with the firm’s compliance officer.

2、Arthur Harrow, CFA, is a pharmaceuticals analyst at Dominion Asset Management. His supervisor directs him to prepare separate research reports on Miracle Drug Company and Wonder Drug Company. Harrow's former college roommate and close friend is the president of Miracle. Harrow owns 2000 shares of Wonder, which currently sells for $25 a share. Harrow's supervisor is unaware of these facts. According to CFA Institute Standards of Professional Conduct, which of the following action, if any, is Harrow required to take if he writes the research reports?

A)   Harrow must disclose to Dominion both his relationship with the president of Miracle and his ownership of shares in Wonder.

B)   Harrow must disclose to Dominion his relationship with the president of Miracle but not his ownership of shares in Wonder.

C)   Harrow must disclose to Dominion his ownership of shares in Wonder but not his relationship with the president of Miracle.

D)   Harrow need not disclose to Dominion either his relationship with the president of Miracle or his ownership of shares in Wonder.

The correct answer was A)

Standard VI(A) requires that Harrow disclose to Dominion conflicts that reasonably could be expected to interfere with his independence and objectivity. Both Harrow's relationship with the president of Miracle and his ownership of a substantial dollar amount of Wonder's shares represent a potential conflict requiring prompt disclosure to Dominion.

3、Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.

A)   Stone's personal relationship with the CEO of Amity.

B)   Stone's ownership of Amity securities.

C)   The fact that Stone's son worked at Amity as a laborer during the summer while in school.

D)   Stone's participation on Amity's board of directors.

The correct answer was C)    

Members are required to disclose to their employer all matters that reasonably could interfere with their objectivity. Board participation, personal friendships with corporate executives, and personal ownership of securities could reasonably interfere with objectivity, but it is unlikely that a child’s employment in a labor function would reasonably interfere with a parent’s objectivity.

4、Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:

A)   Aneas hires Trobb as a consultant to analyze Aneas' financial statements.

B)   Trobb's family trust has a large stake of ownership in Aneas Lumber.

C)   Trobb's research firm has a large stake of ownership in Aneas Lumber.

D)   Trobb's cousin repairs machines for Aneas.

The correct answer was D)

Standard VI(A) defines what constitutes a conflict of interest with regard to clients, prospective clients, and employers. All of these represent potential conflicts of interest with the exception of the cousin working for Aneas Lumber in a job that is unrelated to the Aneas’ financing.

5、A CFA Institute member makes a recommendation of a stock in which his firm has a material ownership. He does not know of the material ownership at the time of the recommendation. A day later, he learns of the material ownership and immediately sends out an addendum informing clients of that fact. With respect to Standard VI(A), Disclosure of Conflicts, and Standard V(A), Diligence and Reasonable Basis, this is:

A)   a violation of both Standards.

B)   a violation of Standard VI(A), only.

C)   a violation of Standard V(A), only.

D)   not a violation of either Standard.

The correct answer was A)    

The member apparently had not exercised due diligence in making the recommendation if he does not know of the material ownership by his own firm. Even if the member did not know of the material ownership, Standard VI(A) was violated with the release of the recommendation.