Reading 2-IV: Standards of Professional Conduct & Guida

答案和详解如下：

1、Selma Brown, CFA, is a portfolio manager for Mainland Securities. Rick Wood, one of her clients and owner of Wood Fitness Centers, offers to permit Brown and her immediate family to use the facilities at his fitness centers at no cost during 2003. To get this benefit, Brown must achieve on Wood’s portfolio at least a 2-percentage point return above the total return on the S&’s 500 index during 2002. Brown orally informs her immediate supervisor of the nature and duration of the proposed arrangement.

Arnold Turley, a CFA Institute member, is a portfolio analyst at Mainland Securities. He was just elected to the Board of Directors for Omega Services, which pays him $1,000 plus expenses for attending each of its quarterly board meetings. Turley e-mails Mainland’s compliance officer informing her of this arrangement with Omega and receives a reply informing him that the agreement is acceptable.

Did Brown or Turley violate CFA Institute Standards of Professional Conduct?

A)   Brown: Yes, Turley: Yes.

B)   Brown: No, Turley: No.

C)   Brown: Yes, Turley: No.

D)   Brown: No, Turley: Yes.

The correct answer was C)

Brown violated Standard IV(B), Additional Compensation Arrangements, because she must disclose in writing other benefits to be received for services that are in addition to compensation conferred by her employer. Turley did not violate Standard IV(B) because he received consent from his employer in writing, which includes e-mail.

2、Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards?

A)   Yes, if he discloses the arrangement in writing to TrustCo.

B)   Yes, if he obtains written permission from Trustco and his clients and prospects.

C)   No, such an arrangement is in violation of the Code and Standards.

D)   Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects.

The correct answer was D)

In conformance with Standard IV(B), Calaveccio is required to obtain written consent from TrustCo. In conformance with Standard VI(C), he is also required to disclose the additional compensation to clients and prospects. Written permission from his clients and prospects is unnecessary.

3、held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to:

A)   do none of the actions listed here.

B)   inform her supervisor verbally about the Platinum account.

C)   change her intentions and start doing $2,500 in business with Advisors each year.

D)   inform her supervisor in writing about the Platinum account.

The correct answer was D)

Having the Platinum account is a benefit from her managing the endowment, which led to the relationship with Advisors. Members should report to their employers any additional compensation or benefits they receive for their services. This must be in writing. Doing $2,500 in business alone will not negate her obligation unless she explicitly tells Advisors that she is willing to accept whatever penalties accompany a Platinum account when a client does less business.

4、Jill Marsh, CFA, works for Advisors where she manages a portfolio for a wealthy family. Marsh earns one percent of the portfolio’s value each year in the form of a commission from Advisors. The family just told her that any year the portfolio she manages earns more than a 10 percent return, the family will give her the use of the family’s vacation home for one week. Hirsh will comply with Standard IV(B), Additional Compensation Arrangements, if she:

A)   does nothing with respect to this.

B)   sends an e-mail to her supervisor about the vacation home.

C)   delivers a typed memo to her supervisor about the vacation home the first time she uses it.

D)   delivers a copy of the Code and Standards to the family to let them know of her obligations as a member of CFA Institute.

The correct answer was B)

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. E-mail messages qualify. As long as the agreement is in effect, she must inform her employer even if she has yet to use the potential benefit.

5、David Saul, CFA, heads the trust department at Savage National Bank. Fairway Enterprises invites Saul to sit on its Board of Directors. In return for his services on the Board, Fairway offers to provide Saul and his family with access to the facilities at Wilmont Country Club at no cost. Saul will not receive any monetary compensation for his services on the Board. According to CFA Institute Standards of Professional Conduct, which of the following actions must Saul take?

A)   Saul must reject the offer to serve on the Board of Directors.

B)   Saul need not disclose to Savage Bank his acceptance of the offer, because the offer involves no monetary compensation.

C)   Saul must disclose in writing to Savage Bank the terms of the offer whether or not he accepts the offer to serve on the Board of Directors.

D)   Saul must obtain written consent from all parties to only if he decides to accept the offer to serve on the Board of Directors.

The correct answer was D)

Standard IV(B) requires that members obtain written consent from all parties involved before accepting monetary compensation or other benefits that they receive for their services that are in addition to compensation or benefits conferred by a member's employer. In this situation, Saul may also be obligated to disclose his participation on Fairway's Board to clients, prospective clients, and employer under Standard VI(A), Disclosure of Conflicts.