Q6. Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should: A) make written disclosure to all parties involved before she accepts this offer. B) turn down the offer because it represents a clear conflict between this client and Babcock's other clients. C) make written disclosure to her other clients before she accepts this offer.
Q7. An analyst needs to inform his supervisor in writing of which of the following? A) A client and the analyst alternate paying for lunch at a local sandwich shop. B) Both the lunch and the bonus mentioned in the other answers. C) An annual bonus, sent to the analyst by a client, which varies with the performance of the client's portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.
Q8. 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.
Q9. David Saul, CFA, heads the trust department at Savage National Bank. Fairway Enterprises invites Saul to sit on its Board of Directors. In return for his services on the Board, Fairway offers to provide Saul and his family with access to the facilities at Wilmont Country Club at no cost. Saul will not receive any monetary compensation for his services on the Board. According to CFA Institute Standards of Professional Conduct, which of the following actions must Saul take? A) Saul must disclose in writing to Savage Bank the terms of the offer whether or not he accepts the offer to serve on the Board of Directors. B) Saul must reject the offer to serve on the Board of Directors. C) Saul must obtain written consent from all parties to only if he decides to accept the offer to serve on the Board of Directors.
Q10. 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) do neither of the actions listed here. C) liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.
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发表于 2009-1-4 15:59
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