Q7. Arthur Harrow, CFA, is a pharmaceuticals analyst at Dominion Asset Management. His supervisor directs him to prepare separate research reports on Miracle Drug Company and Wonder Drug Company. Harrow's former college roommate and close friend is the president of Miracle. Harrow owns 2000 shares of Wonder, which currently sells for $25 a share. Harrow's supervisor is unaware of these facts. According to CFA Institute Standards of Professional Conduct, which of the following action, if any, is Harrow required to take if he writes the research reports?

A)   Harrow must disclose to Dominion his ownership of shares in Wonder but not his relationship with the president of Miracle.

B)   Harrow must disclose to Dominion both his relationship with the president of Miracle and his ownership of shares in Wonder.

C)   Harrow must disclose to Dominion his relationship with the president of Miracle but not his ownership of shares in Wonder.

Q8. Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.

A)   Stone's ownership of Amity securities.

B)   Stone's personal relationship with the CEO of Amity.

C)   The fact that Stone's son worked at Amity as a laborer during the summer while in school.

Q9. Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:

A)   Trobb's research firm has a large stake of ownership in Aneas Lumber.

B)   Aneas hires Trobb as a consultant to analyze Aneas' financial statements.

C)   Trobb's cousin repairs machines for Aneas.

答案和详解如下：

Q7. Arthur Harrow, CFA, is a pharmaceuticals analyst at Dominion Asset Management. His supervisor directs him to prepare separate research reports on Miracle Drug Company and Wonder Drug Company. Harrow's former college roommate and close friend is the president of Miracle. Harrow owns 2000 shares of Wonder, which currently sells for $25 a share. Harrow's supervisor is unaware of these facts. According to CFA Institute Standards of Professional Conduct, which of the following action, if any, is Harrow required to take if he writes the research reports?

A)   Harrow must disclose to Dominion his ownership of shares in Wonder but not his relationship with the president of Miracle.

B)   Harrow must disclose to Dominion both his relationship with the president of Miracle and his ownership of shares in Wonder.

C)   Harrow must disclose to Dominion his relationship with the president of Miracle but not his ownership of shares in Wonder.

Correct answer is B)         

Standard VI(A) requires that Harrow disclose to Dominion conflicts that reasonably could be expected to interfere with his independence and objectivity. Both Harrow's relationship with the president of Miracle and his ownership of a substantial dollar amount of Wonder's shares represent a potential conflict requiring prompt disclosure to Dominion.

Q8. Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.

A)   Stone's ownership of Amity securities.

B)   Stone's personal relationship with the CEO of Amity.

C)   The fact that Stone's son worked at Amity as a laborer during the summer while in school.

Correct answer is C)

Members are required to disclose to their employer all matters that reasonably could interfere with their objectivity. Personal friendships with corporate executives and personal ownership of securities could reasonably interfere with objectivity, but it is unlikely that a child’s employment in a labor function would reasonably interfere with a parent’s objectivity.

Q9. Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:

A)   Trobb's research firm has a large stake of ownership in Aneas Lumber.

B)   Aneas hires Trobb as a consultant to analyze Aneas' financial statements.

C)   Trobb's cousin repairs machines for Aneas.

Correct answer is C)

Standard VI(A) defines what constitutes a conflict of interest with regard to clients, prospective clients, and employers. All of these represent potential conflicts of interest with the exception of the cousin working for Aneas Lumber in a job that is unrelated to the Aneas’ financing.