答案和详解如下： 6、An analyst has the opportunity to offer his clients shares in a “hot new issue.” One of the analyst’s clients is his brother. When the new issue comes out, for those clients he deems it would be appropriate, he offers them an equal share. He includes his brother in that group. With respect to Standard VI(B), Priority of Transactions, this is: A) congruent with the Standard even if he has a direct personal interest in his brother's account. B) a violation of the Standard under all circumstances. C) congruent with the Standard as long as he does not have a direct personal interest in his brother's account. D) congruent with the Standard under all circumstances. The correct answer was C) Client accounts that belong to family members should be treated like any other account so long as there is no direct interest on the part of the analyst. In other words, these types of accounts should not be at a disadvantage relative to other client accounts when there is no direct interest on the part of the analyst overseeing the account. 7、An analyst has a large personal holding of a security, and he has just determined that market conditions warrant selling this security. The analyst contacts clients who own the stock and advises them to sell some or all of the security. After waiting 24 hours, he sells the security from his personal accounts. This is: A) a violation of Standard VI(B), Priority of Transactions. B) a violation of with Standard V(A), Diligence and Reasonable Basis. C) congruent with Standard VI(B), Priority of Transactions. D) a violation of Standard III(B), Fair Dealing. The correct answer was C) According to Standard VI(B), an analyst must give clients the first opportunity to buy or sell a security before the analyst acts on his own behalf. A 24-hour waiting period seems reasonable under the circumstances presented The analyst seems to have a reasonable basis, and there is no reason to believe that he is violating Standard III(B) since he contacted all of the clients who own the stock. 8、An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst: A) may not invest in the stock because of his position as a portfolio manager. B) is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds. C) must notify his supervisor about the stock according to Standard VI(B), Priority of Transactions, to see if it is appropriate for the portfolio that he manages. D) may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages. The correct answer was D) The problem says the analyst “came across” the speculative stock investment. We do not know if the analyst neglected his duties. Since such an investment is clearly not appropriate for a high-grade bond fund, the analyst may invest in the stock without any restrictions relating to the fund. | 
发表于 2008-5-19 11:43
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