答案和详解如下： Q12. Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s endowment is held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to: A) inform her supervisor verbally about the Platinum account. B) do none of the actions listed here. C) inform her supervisor in writing about the Platinum account. Correct answer is C) Having the Platinum account is a benefit from her managing the endowment, which led to the relationship with Advisors. Members should report to their employers any additional compensation or benefits they receive for their services. This must be in writing. Doing $2,500 in business alone will not negate her obligation unless she explicitly tells Advisors that she is willing to accept whatever penalties accompany a Platinum account when a client does less business. Q13. 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 suggests to Calaveccio that they are willing to provide him with additional compensation for order flow. Is this permissible under the Code and Standards? A) Yes, if he receives written consent from TrustCo and discloses the arrangement to his clients and prospects. B) Yes, if he discloses the arrangement in writing to TrustCo. C) No, such an arrangement is in violation of the Code and Standards. Correct answer is A) In conformance with Standard IV(B) Additional Compensation Arrangements, Calaveccio is required to obtain written consent from TrustCo, his employer. In conformance with Standard VI(C) Referral Fees, he is also required to disclose the additional compensation to clients and prospects. Written permission from his clients and prospects is unnecessary. Q14. An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client’s analyst, he can have free use of a limousine several times a year. The analyst needs to: A) do nothing since the offer is not linked to the performance of the client's portfolio. B) explicitly refuse such an offer. C) inform his supervisor in writing of the offer if the analyst intends to accept the offer. 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. They also need to get consent from their employer in writing. The written report to the employer should include the details of any written or oral agreement for extra compensation. The analyst does not have to refuse the offer. Q15. 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. | 
发表于 2009-1-12 16:52
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