Reading 2-VI: Standards of Professional Conduct & Guida

答案和详解如下：

1、An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to:

A)   only his employer.

B)   both his employer and his clients and prospective clients.

C)   only clients and prospective clients.

D)   no one since it should not cause a conflict of interest for the analyst.

The correct answer was B)

Serving on a Board of Directors should be disclosed to both the employer and clients and prospective clients.

2、Fern Baldwin, CFA, as a representative for Fernholz Investment Management, is compensated by a base salary plus a percentage of fees generated. In addition, she receives a quarterly performance bonus on a particular client’s fee if the client’s account increases in value by more than 2 points over a benchmark index. Baldwin had a meeting with a prospect in which she described the firm’s investment approach but did not disclose her base salary, percentage fee, or bonus.

Baldwin has:

A)   violated the Standards by not disclosing her salary, fee percentage, and performance bonus.

B)   violated the Standards by not disclosing her performance bonus.

C)   not violated the Standards because employment compensation arrangements are confidential and should not be disclosed to clients.

D)   not violated the Standards because there is no conflict of interest with a potential prospect in the employment arrangements.

The correct answer was B)    

Standard VI(A) requires members to disclose all matters that could reasonably be expected to impair the member’s ability to make unbiased and objective recommendations. Compensation based on a percentage of fees generated does not create an inherent bias. If, however, a performance bonus is paid for investment results, it may unduly encourage the manager to take more risk than is proper and prudent, and so the existence of the bonus opportunity must be disclosed to the client.

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、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.

5、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)   do nothing.

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

The correct answer was D)

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.