答案和详解如下： 1、Grant Starks, CFA, has been working for Advisors, Inc., for eight years. Starks is about to start his own money management business and has given his two-week notice of his resignation. A few days before his resignation takes effect, a current client of Advisors calls him at his office to inquire about some services for her account at Advisors. During the conversation, Starks tells the client that his new business will have lower commissions than Advisors. Starks has most likely violated: A) Standard VI(B), Priority of Transactions, by violating the priority of transactions. B) none of these Standards. C) Standard V(B), Communication with Clients and Prospective Clients, by talking of commissions that are not yet in effect. D) Standard IV(A), Loyalty to Employer, by competing with his current employer. The correct answer was D) This is a breach of loyalty to his current employer. By telling a current client of his employer about the lower commissions he will charge in his new business, Starks is placing himself in direct competition with Advisors, and this is a violation of Standard IV(A). 2、Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pay for her children’s college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. Which of the following statements about Standard IV(A), Loyalty to Employer, is most accurate? Standard IV(A): A) precludes Parsons from entering into an independent competitive activity while still employed by Malloy. B) does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions. C) requires Parsons to notify Malloy in writing about her intention to undertake an independent practice. D) requires Parsons to obtain written consent from both Malloy and the persons from whom she undertakes independent practice. The correct answer was B) Standard IV(A), Loyalty to Employer, requires that Parsons obtain written consent only from her employer before she undertakes independent practice that could result in compensation or other benefit in competition with Malloy. It is not required to get permission from your employer when only preparing to go into independent practice. 3、Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust? A) Yes, because he undertook an independent practice that could result in compensation or other benefit to him. B) No, because Bellow provided no ongoing investment advice. C) No, because Bellow provided investment advice to his friends. D) No, because Bellow received no monetary compensation for his services. The correct answer was A) Standard IV(A) does not preclude providing independent services for compensation while still employed; however, notification to the employer is required describing the type of service, the expected duration, and the compensation. Compensation includes more than just monetary benefits. 4、Theresa Hatcher, CFA, is making arrangements to establish her own investment advisory business before terminating her relationship with her current employer, Elite Brokers, Inc. Elite is a small company consisting of only six investment professionals and a small support staff. According to CFA Institute Standards of Professional Conduct, which of the following activities is least likely a violation of Hatcher's duty to Elite? A) Hatcher solicits Elite's clients before her termination of employment at Elite. B) Hatcher takes home copies of Elite's client lists and marketing presentations. C) Hatcher engages in secret negotiations with two other investment professionals and her administrative assistant to leave Elite in order to join her new business. D) Hatcher leases office space, furniture, and other equipment for her new business. The correct answer was D) Standard IV(A) permits Hatcher to make preparations to begin a new practice, such as leasing office space, furniture, and other equipment, but not to engage in the other activities that may violate her duty to employer. 5、Which of the following statements is most correct under the Code and Standards? A) CFA Institute members are prohibited from undertaking independent practice in competition with their employer. B) Written consent from the outside prospective client is necessary to permit independent practice that could result in compensation or other benefits in competition with the member's employer. C) Members are prohibited from making arrangements or preparations to go into competitive business before terminating their relationship with their employer. D) Consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with the member's employer. The correct answer was D) Members are not prohibited from making arrangements or preparations to go into competitive business before terminating their relationship with their employer. CFA Institute members are not prohibited from undertaking independent practice in competition with their employer provided they have consent from their employer. Members must provide notification to their employer describing the types of services to be rendered, the expected duration, and compensation for the services. | 
发表于 2008-5-19 10:06
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