Q5. Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that:

A)   he has a material beneficial ownership of Burch Corporation through a family trust.

B)   his wife owns 2,000 shares of Burch Corporation.

C)   both of these choices require disclosure.

Q6. According to Standard VI(A), Disclosures of Conflicts, members must disclose to their clients the member’s (or their firm’s) material ownership of all of the following EXCEPT:

A)   real estate holdings.

B)   corporate finance relationships.

C)   beneficial ownership of securities.

Q7. When an analyst makes an investment recommendation, which of the following statements must be disclosed to clients?

A)   An employee of the firm holds a directorship with the recommended company.

B)   The firm is a market maker in the stock of the recommended company.

C)   Both of these statements must be disclosed to clients.

Q8. 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)   both disclose the position on the board to his supervisor and discuss his activities on the board.

B)   do nothing.

C)   only disclose the position on the board to his supervisor.

[此贴子已经被作者于2009-1-4 15:01:55编辑过]

答案和详解如下：

Q5. Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that:

A)   he has a material beneficial ownership of Burch Corporation through a family trust.

B)   his wife owns 2,000 shares of Burch Corporation.

C)   both of these choices require disclosure.

Correct answer is C)         

Standard VI(A) requires that Members and Candidates fully disclose all matters which may impair their independence or objectivity or interfere with their duties to their employer, clients and prospects.

Q6. According to Standard VI(A), Disclosures of Conflicts, members must disclose to their clients the member’s (or their firm’s) material ownership of all of the following EXCEPT:

A)   real estate holdings.

B)   corporate finance relationships.

C)   beneficial ownership of securities.

Correct answer is A)

Unless the firm’s real estate holdings would impair their independence and objectivity, they need not be disclosed.

Q7. When an analyst makes an investment recommendation, which of the following statements must be disclosed to clients?

A)   An employee of the firm holds a directorship with the recommended company.

B)   The firm is a market maker in the stock of the recommended company.

C)   Both of these statements must be disclosed to clients.

Correct answer is C)         

Both of these items are explicitly listed in the discussion of Standard VI(A), Disclosure of Conflicts.

Q8. 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)   both disclose the position on the board to his supervisor and discuss his activities on the board.

B)   do nothing.

C)   only disclose the position on the board to his supervisor.

Correct answer is A)

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.

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