Q11. An analyst belongs to a nationally recognized charitable organization, which requires dues for membership. The analyst has worked out a deal that he provides money management advice in lieu of paying dues. For this arrangement to comply with the standards, the analyst needs consent from:

A)   both his supervisor in the organization and his regular place of work.

B)   his supervisor in the organization only.

C)   his supervisor in his regular place of work only.

Q12. Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:

A)   have her godfather cease doing her taxes.

B)   liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.

C)   do neither of the actions listed here.

答案和详解如下：

Q11. An analyst belongs to a nationally recognized charitable organization, which requires dues for membership. The analyst has worked out a deal that he provides money management advice in lieu of paying dues. For this arrangement to comply with the standards, the analyst needs consent from:

A)   both his supervisor in the organization and his regular place of work.

B)   his supervisor in the organization only.

C)   his supervisor in his regular place of work only.

Correct answer is A)

An employee/employer relationship does not necessarily mean monetary compensation for services. If the analyst is performing services for the organization, then the analyst must treat the position as if he were an employee and obtain consent from both his supervisor in the organization and in his regular place of work.

Q12. Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:

A)   have her godfather cease doing her taxes.

B)   liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.

C)   do neither of the actions listed here.

Correct answer is C)

Standard IV(B) requires that members disclose to their employer in writing all benefits that they receive in addition to their regular compensation for services they perform on behalf of their employer. It is not unreasonable for an individual’s godfather to give them a birthday gift. Moreover, since the tax services were a regular birthday present before her godfather became a client, this implies that they are unrelated to any investment management services.