"morality" exercise:CFA Institute Standards

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來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/09/25 09:13:14　字體：大小

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Questions 1:

Dilshan Kumar, CFA, is a world-renowned mining analyst based in London. Recently he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of their mines in South Africa, some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent violating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?

A 、Ground transportation to Krueger National Park.

B、 Economy class round trip ticket from London to Johannesburg.

C、 Flights on a private airplane to the remote mining sites in South Africa

Questions 2:

Oliver Rae, CFA, is an individual investment adviser specializing in commercial real estate. Rae recently packaged a real estate limited partnership (RELP), which he sold in a private placement to his existing advisory clients. The partnership has purchased four properties in which Rae held a 5% minority interest. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Rae should:

A、 manage the partnership separately from his advisory business.

B 、disclose conflicts related to the real estate he sold to the partnership.

C、 return all profits earned from his minority interest to the limited partners

View answer resolution

【Answer to question 1】C

【analysis】

C is correct because Standard I(B)–Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to the remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. As Kumar would normally visit mining sites around the world as part of his job and the fact that he is combining this trip to other mines site in different countries, it would be inappropriate for Cerberus to pay for the analyst’s travel expenses from London. While Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

A is incorrect. While Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

B is incorrect because Kumar would normally visit mining sites around the world as part of his job and due to the fact that he is combining this trip to other mine sites in different countries, it would be inappropriate for Cerberus to pay for his travel expenses from London

【Answer to question 2】B

【analysis】

B is correct because according to Standard VI(A)–Disclosure of Conflicts, members and candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to clients.

A is incorrect because there is no requirement that these businesses be separated, only that full and fair disclosure be made of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to clients.

C is incorrect because there is no requirement that profits earned be returned to the limited partners, only that full and fair disclosure be made of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to clients

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