76、What is the obligation, if any, to disclose Wadel’s arrangement with Black? A) Wadel need not disclose anything to his clients or to Platt because he is violating no fiduciary duty. B) Wadel must disclose the arrangement to Platt but is not required to disclose the arrangement to his other clients. C) Wadel must disclose the arrangements to his clients and to Platt only if he believes it will create a conflict with his responsibilities to other clients. D) Wadel need not disclose the vacation-home deal to Platt because no money is changing hands, but must disclose the expense reimbursement to both Platt and his clients. The correct answer was B) Wadel is required to disclose the arrangement between him and Black under Standard IV(B): Additional Compensation Arrangements, regardless of whether or not the compensation is cash or noncash. Under Standard I(B): Independence and Objectivity, members may accept bonuses or gifts from clients , so long as they disclose them to their employers, because gifts in a client relationship are deemed less likely to affect a member's objectivity and independence than gifts in other situations. Token gifts need not be disclosed. 77、Knudsen violated: A) no Standards with regards to both the Jensen and Jorgensen deals. B) Standard IV(B): Additional Compensation with relation to the Jorgensen deal. C) Standard IV(B): Additional Compensation with relation to the Jensen deal, but did not violate the Standard with relation to the Jorgensen deal. D) Standard IV(B): Additional Compensation with relation to both the Jensen deal and the Jorgensen deal. The correct answer was C) Notifying Platt about the Jensen deal is not enough. He needs permission in writing from both parties before accepting the work. Thus, Knudsen violated Standard IV(B) with relation to the Jensen matter. However, it does not appear that the work performed for Jorgensen is in competition with Platt’s employer, so this aspect is not in violation of Standard IV(B). 78、The handling of the Miller account: A) violated Standard III(B): Fair Dealing, but not Standard IV(B): Additional Compensation Arrangements. B) violated Standard IV(B): Additional Compensation Arrangements, Standard III(B): Fair Dealing, and Standard IV(C): Responsibilities of Supervisors. C) did not violate the Code and Standards because the appropriate disclosures were made. D) violated Standard IV(B): Additional Compensation Arrangements and Standard III(B): Fair Dealing. The correct answer was A) Linstrom did not violate Standard IV(B) because she disclosed Miller’s offer to Platt. However, her allocation of the best lot of bonds to Miller’s account violated Standard III(B). 78、According to the Standards, how must Platt deal with the intern’s alleged illegal activity? A) Tell the intern to stop the conduct. B) Report the intern’s behavior to the appropriate regulatory authority. C) Initiate an investigation and place limits on the intern’s activities pending the outcome. D) Do nothing, as the intern is not receiving compensation, and as such is not an employee of the company. The correct answer was C) Platt must initiate an investigation, and must also take steps to ensure that additional violations do not occur during the investigation. The investigation could be handled internally by the firm’s compliance officer, or could involve outside legal counsel. Simply instructing the intern to stop the conduct is not sufficient – the Standards require more of a proactive response. Reporting the intern to the authorities is not appropriate because Platt is not sure the intern is violating the law. The fact that the intern is not paid does not absolve Platt or her company from liability for the intern’s actions. 79、Platt is considering adopting local investment practices in Xania. According to the Standards, Platt may: A) not use material inside information unless trading Xanian stocks. B) use material inside information only when trading for Xanian nationals. C) not use material inside information when trading in Xania. D) use material inside information when trading in Xania only if the information does not relate to a tender offer. The correct answer was C) Standard II(A): Material Nonpublic Information does not allow the use of material nonpublic information in investment decisions. Platt is bound by the law of the land if it is stricter than the Standards, and by the Standards if they are stricter than the law. Since the Standards are stricter than Xanian law, Platt’s Xanian operations are governed by the Standards. Thus she cannot use material nonpublic information under any circumstances. 80、Which of the following statements about soft dollars is least accurate? A) Soft dollars are assets of the client. B) Soft dollars are third party research arrangements. C) Soft dollars are not to be used for overhead. D) Directed brokerage are soft dollars to be used for research that benefits the investment firm. The correct answer was D) Directed brokerage are soft dollars directed by the client to the investment manager to pay for goods and services that benefits the client only and not the firm. 81、Sharon Pope has been asked by the Chief Investment Officer to develop a firm-wide policy for proxy voting. Which of the following would NOT be acceptable to include in the policy statement? A) Voting proxies may not be necessary in all instances. B) The value of proxy voting must me maximized. C) Proxy voting procedures should always be disclosed to clients. D) Portfolio managers of active funds must vote in all proxies; portfolio managers of index funds should vote only when they have a definitive opinion. The correct answer was D) Proxies for stocks in passively managed funds must also be voted. A cost-benefit analysis may show that voting all proxies may not benefit all clients.
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发表于 2008-4-8 13:45
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