Q6.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 is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he:

A)  should not attend unless he pays for the trip himself.

B)  may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.

C)  may attend, but he must disclose the arrangement to his employer as a gift.

Q7.An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):

A)  refuse the invitation if the associate is from a firm he analyzes for his employer.

B)  obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.

C)  do both of the actions listed here.

答案和详解如下：

Q6.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 is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he:

A)  should not attend unless he pays for the trip himself.

B)  may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.

C)  may attend, but he must disclose the arrangement to his employer as a gift.

 Correct answer is A)

Under Standard I(B) gifts, benefits, compensation, or consideration cannot be accepted if the purpose was to influence or reward. Token items are OK. Worldwide Brokerage is not a client of Calaveccio but an entity that he does business with. As such Worldwide could influence Calaveccio to always do business with them which could be to the detriment of his fund if the execution of their trades starts to deteriorate compared to their competitors.

Q7.An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):

A)  refuse the invitation if the associate is from a firm he analyzes for his employer.

B)  obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.

C)  do both of the actions listed here.

 Correct answer is C)

According to Standard I(B), the analyst should refuse the invitation if it is from a firm the analyst covers for his employer. The analyst can accept the invitation if it is from a client but the analyst must get written consent from his employer if the offer is contingent on future performance.

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