Q9. Elaine Black, CFA has recently been hired as the Chief Investment Officer at a money management company that does not claim it is in compliance with CFA Institute Soft Dollar Standards. Her former company was in compliance. Which of the following statements concerning CFA Institute Soft Dollar Standards is TRUE? Black:

A)   must abide by the conditions set forth in the Standards of Professional Conduct concerning soft dollars and can chose to accept some of the CFA Institute Soft Dollar Standards.

B)   cannot use soft dollars to pay for research services except when the commissions originate from principle trades.

C)   must ignore all provisions set forth in the CFA Institute Soft Dollar Standards except when they are consistent with the Standards of Professional Conduct.

Q10. Liz Davis is a portfolio manager for a firm that claims it is in compliance with CFA Institute Soft Dollar Standards. In purchasing bonds for the account of the pension fund of Richards Company, no commissions were paid but there was a spread charged by the broker between the purchase and sale price of the bonds. The brokerage on the trade is not governed by any securities regulation. The specific brokerage from the trade:

A)   can be used to benefit another client as long as Davis receives prior consent from Richards.

B)   cannot be used to benefit any other client.

C)   can be used to benefit another client as long as Richards benefits from other the client’s brokerage in the future.

Q11. Steve Bishop is a portfolio manager with Bradshaw Asset Management. He has received a request from the Gail Foundation, one of his clients, to review Bradshaw's soft dollar policy, since Bradshaw claims to comply with the CFA Institute Soft Dollar Standards. Bishop must be prepared to present the client with all of the following EXCEPT:

A)   the aggregate percentage on Bradshaw's brokerage derived through client-directed brokerage.

B)   the total amount of Gail's commissions generated through soft dollar arrangements.

C)   the total amount of brokerage paid by Bradshaw to each broker.

Q12. Which of the following is NOT one of the basic fiduciary duties? To:

A)   place their client’s interest before their own.

B)   exercise prudent judgment.

C)   maintain knowledge of and comply with all applicable laws.

答案和详解如下：

Q9. Elaine Black, CFA has recently been hired as the Chief Investment Officer at a money management company that does not claim it is in compliance with CFA Institute Soft Dollar Standards. Her former company was in compliance. Which of the following statements concerning CFA Institute Soft Dollar Standards is TRUE? Black:

A)   must abide by the conditions set forth in the Standards of Professional Conduct concerning soft dollars and can chose to accept some of the CFA Institute Soft Dollar Standards.

B)   cannot use soft dollars to pay for research services except when the commissions originate from principle trades.

C)   must ignore all provisions set forth in the CFA Institute Soft Dollar Standards except when they are consistent with the Standards of Professional Conduct.

Correct answer is A)

Black must abide by the Standards of Professional Conduct, but can still follow any of the Soft Dollar Standards that she desires.

Q10. Liz Davis is a portfolio manager for a firm that claims it is in compliance with CFA Institute Soft Dollar Standards. In purchasing bonds for the account of the pension fund of Richards Company, no commissions were paid but there was a spread charged by the broker between the purchase and sale price of the bonds. The brokerage on the trade is not governed by any securities regulation. The specific brokerage from the trade:

A)   can be used to benefit another client as long as Davis receives prior consent from Richards.

B)   cannot be used to benefit any other client.

C)   can be used to benefit another client as long as Richards benefits from other the client’s brokerage in the future.

Correct answer is A)

Prior consent must be given in the case of a principal trade.

Q11. Steve Bishop is a portfolio manager with Bradshaw Asset Management. He has received a request from the Gail Foundation, one of his clients, to review Bradshaw's soft dollar policy, since Bradshaw claims to comply with the CFA Institute Soft Dollar Standards. Bishop must be prepared to present the client with all of the following EXCEPT:

A)   the aggregate percentage on Bradshaw's brokerage derived through client-directed brokerage.

B)   the total amount of Gail's commissions generated through soft dollar arrangements.

C)   the total amount of brokerage paid by Bradshaw to each broker.

Correct answer is C)

The disclosure of the total amount of brokerage paid by Bradshaw is recommended but not required, and there is no mention of disclosure of brokerage paid to each broker.

Q12. Which of the following is NOT one of the basic fiduciary duties? To:

A)   place their client’s interest before their own.

B)   exercise prudent judgment.

C)   maintain knowledge of and comply with all applicable laws.

Correct answer is C)

CFA Institute members have a duty to maintain knowledge and to comply with all applicable laws, but this is Standard I(A), Knowledge of the Law, not a fiduciary duty.

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