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Reading 8: Trade Allocation: Fair Dealing and Disclosure-LOS

Session 2: Ethical and Professional Standards: Application
Reading 8: Trade Allocation: Fair Dealing and Disclosure

LOS b: Discuss appropriate actions to take in response to trade allocation practices that do not adequately respect client interests.

 

 

 

Which of the following statements regarding allocating trades is TRUE? It is:

A)

never permissible to deviate from a proportional account value weighting method of trade allocation, unless this is done on the basis of an advance indication of interest in the issue.

B)

permissible under the standards to allocate trades on the basis of a predetermined formula that may deviate from a pro rata basis but is inherently fair.

C)

never permissible to deviate from a pro rata basis, unless this is done on the basis of an advance indication of interest in the issue.




 

If the firm has developed an allocation procedure that is formula-based, inherently fair, and the details are disclosed to clients, it is possible to deviate from a pro rata allocation basis.

Pro rata allocation on the basis of an advance indication of interest means each account for which the shares are suitable:

A)

and which has expressed an advance indication of interest, shall receive m/n shares, where there are m shares available and n such accounts.

B)

shall receive m/n shares, where there are m shares available and n such accounts.

C)

and which has expressed an advance indication of interest, shall receive w*m shares, where w is the account's proportional value of all such accounts and there are m shares available.




Pro rata allocation on the basis of an advance indication of interest means that all accounts that are suitable and that have expressed an interest in the issue shall receive m/n shares, where there are m shares available and n suitable accounts have expressed interest.

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Allocation on a strict pro rata basis means each account for which the shares are suitable:

A)
and which has expressed an advance indication of interest, shall receive w*m shares, where w is the account's proportional value of all such accounts and there are m shares available.
B)
and which has expressed an advance indication of interest, shall receive m/n shares, where there are m shares available and n such accounts.
C)
shall receive m/n shares, where there are m shares available and n such accounts.



Strict pro rata means that each suitable account should receive m/n shares, where there are m shares available and n suitable accounts.

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Which of the following trade allocation procedures is improper? Allocation:

A)

based upon past participation in IPOs.

B)

on a strict pro rata basis over all suitable accounts.

C)

based upon a predetermined formula.




Participation in prior IPOs does not insure suitability for subsequent IPOs. Moreover, this method of allocation could result in a fairness problem, since larger accounts are more likely to have had a greater level of participation in past IPOs.

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Which of the following statements regarding allocating trades is TRUE? It is permissible under the Standards to allocate trades:

A)

based upon compensation arrangements.

B)

on a pro-rata basis over all suitable accounts.

C)

based upon any method the firm deems suitable so long as the allocation procedure has been disclosed to all clients.




It is permissible to allocate trades on a pro-rata basis over all suitable accounts. It is not permissible to base allocations upon compensation arrangements. Any method is not necessarily suitable, and disclosure does not absolve the member from ensuring that the allocation is necessarily fair.

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Concerning Standard III(B), Fair Dealing, which of the following actions is NOT a valid procedure for compliance with the Standard?

A)

Limit the number of people that are involved and are privy to the fact that an investment recommendation is going to be disseminated.

B)

Communicate investment recommendations simultaneously within the firm and to customers, where possible.

C)

Communicate investment recommendations to all customers including those accounts for which the securities are not eligible for purchase.




To ensure compliance with the Standard, members should seek to communicate investment recommendations to all clients who have indicated an interest and also those for whom the securities are suitable. There is no need to communicate recommendations to clients for whom the securities are deemed unsuitable. The standard does not prohibit a firm from offering various levels of service.

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thanks

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