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jawz

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tT
发表于 2013-3-30 20:41 | 只看该作者

Clearing up some ethics...

his, profession, understand, question
Hey Guys,
I was reading a question about this guy had some medicals bills to pay for his wife, but couldn’t so he filed for bankruptcy. He doesn’t have to disclose this because it doesn’t reflect his work.
(1)I understand fraud charges and dishonesty but what about a felony charge, even though if it doesn’t relate to his profession.
(2)Suitability: If Portfolio manager makes a recommendation for a certain stock. Which is more ethical, emailing it to all her clients or emailing it to a certain people with similar risk and return.
(3)Nonpublic information: So analyst hears some non public information, he could tell the supervisor and compliance officer ONLY.
(4)Thank you gifts from clients. ANY gifts received must be reported to employer.
Lastly, when does must client need a written consent.

 

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OmarAdnan

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发表于 2013-3-30 20:41 | 只看该作者
This is what I understand:
bankruptcy: depends. CFAI specifically mentions in I(D): “Personal bankruptcy may not reflects on the integrity or trustworthiness of the person declaring bankruptcy, but if the circumstances involve fraudulent or deceitful business conduct, it may be a violation.”
felony charge: key thing is whether it affects his professional reputation. If it does, then it is a violation. If the felony charge involves:
things like grand theft, robbery, murder, and rape…., I may think it hurts a bit :-).
emailing it to ALL her clients: violation if does not consider suitability.
Nonpublic information: Key thing is whether it is MATERIAL AND if telling it to others may cause them to act on the info to hurt the integrity of the market, so
if Nonpublic but not material –> tell whoever. In addition, analyzing a lot of nonpublic, non material to come to a conclusion that it is material –> not violation under mosaic theory.
if MATERIAL and Nonpublic information and telling them to supervisor may lead to her trade for her benefits then violation.
If MATERIAL and Nonpublic and tell them to others as part of one’s duties, and she does not have belief that it will lead them to affect the integrity of the market (e.g., tell them to the SEC if she suspects some illegal activities) –> I don’t think it is violation.
Thank you gifts from clients: yes per my understanding of CFAI text:”may accept bonuses or gifts from clients but must disclose to their employers such benefits from clients” even though I think it is a bit ridiculous to tell the supervisor about receiving a pen with client’s logo as a token gift, but I understand it is hard to draw the line on what is substantial.
Not sure I undestand your last question. Client needs a written consent to do what?

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bodhisattva

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发表于 2013-3-30 20:41 | 只看该作者
Re: Last question.
What I meant to say is when does portfolio manager need a written consent and when it is ok for just a verbal consent.

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anshultongia

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发表于 2013-3-30 20:41 | 只看该作者
My rule of thumb is to always default to the stricter rule if in doubt. It has worked well so far.
ps.
e36 or e46?

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RoastBeef

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发表于 2013-3-30 20:42 | 只看该作者
Maybe I miss sth critical here. Let me just clarify what my understanding.
The relationship btw the portfolio/investment mgr and his client is governed by the IPS. The IPS should spell out in details (among others) what the manager can and cannot do. The IPS is updated as the client and market situation changes.
If IPS forbids the mgr to do sth, and he is convinced it is best for the client, he would have to have agreement from the client (written consent would be natural here).

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