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【CFA習題】
Molly Burnett, CFA, is a portfolio manager for a fund that only invests in environmentally friendly companies. A multinational utility company recently acquired one of the fund's best-performing investments, a wind power company. The wind power company's shareholders received utility company shares as part of the merger agreement. The utility has one of the worst environmental records in the industry, but its shares have been one of the top performers over the past 12 months. Because the utility pays a high dividend every three months, Burnett holds the utility shares until the remaining two dividends are paid for the year then sells the shares. Burnett most likely violated the CFA Institute Standard of Professional Conduct concerning:
A. Disclosure of Conflicts.
B. Suitability.
C. Independence and Objectivity.
查看答案解析
【答案】
B【解析】
The utility is not a suitable investment for a fund that only invests in companies with good environmental records. Continuing to hold this investment, therefore, was a violation of Standard III(C)–Suitability.
【CFA習題】
Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealth consulting firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir's colleagues have been asked by relatives to serve as non-executive directors or advisers to their companies. Meir should most likely recommend which of the following policies to ensure compliance with the CFA Institute Standards of Professional Conduct?
A. Require employees to declare all income sources annually
B. Require employees to declare all outside business interests
C. Prohibit employees from becoming directors or advisers
查看答案解析
【答案】
B【解析】
Standard VI(A)–Disclosure of Conflicts requires the disclosure of conflicts. For Meir to understand what potential conflicts of interest employees may have with the firm and with their clients, he would need to know the outside interests of each staff member. The staff members themselves may not know enough about the company and its clients to disclose those interests that would present a potential conflict. Therefore, it may be best to have all employees declare their outside business interests on an annual basis so Meir can make the determination as to what outside business interests need to be disclosed to clients.
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