"morality" exercise:Standard IV(A)–Loyalty

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來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2021/03/01 09:41:11　字體：大小

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Questions 1:

Thomas Turkman recently hired Georgia Viggen, CFA, as a portfolio manager for North South Bank. Although Viggen worked many years for a competitor, West Star Bank, the move was straightforward since she did not have a noncompete agreement with her previous employer. Once Viggen starts working for Turkman, the first thing she does is to bring a trading software package she developed and used at West Star to her new employer. Using public information, Viggen contacts all of her former clients to convince them to move with her to North South. Viggen also convinces one of the analysts she worked with at West Star to join her at her new employer. Viggen most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning her actions involving:

A、 clients.

B 、the analyst.

C 、trading software.

Questions 2:

Margie Germainne, CFA, is a risk management consultant who has been asked by a small investment bank to recommend policies to prevent bank employees from front-running client orders. These clients generally invest in one or more of the bank’s large cap equity unit trusts. To ensure compliance with the CFA Institute Standards of Professional Conduct, Germainne should least likely recommend which of the following? Employees should be restricted from trading:

A 、equity related securities.

B 、without prior permission.

C 、during established time periods.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct because the portfolio manager violated Standard IV(A)–Loyalty by taking proprietary trading software from her former employer. Although the manager created the software, it was during a period of time when West Star employed her, so the software is not her property to take with her to her new employer. The member contacted clients using public information, so she did not violate Standard IV(A)–Loyalty. Because Viggen was not obligated to abide by a non-compete agreement that would likely restrict recruitment of former colleagues, Viggen is most likely free to recruit the analyst from his former employer.

A is incorrect because the member did not contact clients using information from her previous employer so she did not violate Standard IV(A)–Loyalty by these actions. Contacting former clients for any reason through the use of client lists or other information taken from a prior employer without permission would be a violation of the standard because client records are the property of the firm.

B is incorrect because West Star does not have any non-compete agreements so the analyst is free to seek employment elsewhere.

【Answer to question 2】A

【analysis】

A is correct because while Standard VI(B)–Priority of Transactions is designed to prevent any potential conflict of interest or the appearance of a conflict of interest with respect to personal transactions, it does not ban employees from trading securities. A ban on all equity related securities could be excessively restrictive to employees and unnecessary if appropriate personal transaction policies and procedures are in place.

B is incorrect because requiring staff members to receive prior permission for personal trading (preclearance procedures) is a recommended practice [Standard VI(B)–Priority of Transactions].

C is incorrect because a restricted trading period is a recommended practice [Standard VI(B)–Priority of Transactions].

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