1、Which statement about a manager’s use of client brokerage commissions violates
the Code and Standards?
A A client may direct a manager to use that client’s brokerage commissions to
purchase goods and services for that client.
B Client brokerage commissions should be used to benefit the client and
should be commensurate with the value of the brokerage and research services
received.
C Client brokerage commissions may be directed to pay for the investment
manager’s operating expenses.
为什么不选B？
2、Jamison is a junior research analyst with Howard & Howard, a brokerage and
investment banking firm. Howard & Howard’s mergers and acquisitions department
has represented the Britland Company in all of its acquisitions for the past
20 years. Two of Howard & Howard’s senior officers are directors of various
Britland subsidiaries. Jamison has been asked to write a research report on
Britland. What is the best course of action for her to follow?
A Jamison may write the report but must refrain from expressing any opinions
because of the special relationships between the two companies.
B Jamison should not write the report because the two Howard & Howard
officers serve as directors for subsidiaries of Britland.
C Jamison may write the report if she discloses the special relationships with
the company in the report.
为什么不选A
3、Which of the following statements clearly conflicts with the recommended
procedures for compliance presented in the CFA Institute Standards of Practice
Handbook?
A Firms should disclose to clients the personal investing policies and procedures
established for their employees.
B Prior approval must be obtained for the personal investment transactions of
all employees.
C For confidentiality reasons, personal transactions and holdings should not
be reported to employers unless mandated by regulatory organizations.
为什么不选A
4、Bronson provides investment advice to the board of trustees of a private university
endowment fund. The trustees have provided Bronson with the fund’s
financial information, including planned expenditures. Bronson receives a
phone call on Friday afternoon from Murdock, a prominent alumnus, requesting
that Bronson fax him comprehensive financial information about the fund.
According to Murdock, he has a potential contributor but needs the information
that day to close the deal and cannot contact any of the trustees. Based on
the CFA Institute Standards, Bronson should:
A Send Murdock the information because disclosure would benefit the client.
B Not send Murdock the information to preserve confidentiality.
C Send Murdock the information, provided Bronson promptly notifies the
trustees
为什么选B？不选C?
5、Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he
will compensate her beyond the compensation provided by her firm on the
basis of the capital appreciation of his portfolio each year. Jurgen should:
A Turn down the additional compensation because it will result in conflicts
with the interests of other clients’ accounts.
B Turn down the additional compensation because it will create undue pressure
on her to achieve strong short-term
performance.
C Obtain permission from her employer prior to accepting the compensation
arrangement.
为什么不选A？不是应该拒绝吗？
6、原版书 课后题R32第13题：
One of the discretionary accounts managed by Farnsworth is the Jones
Corporation employee profit-sharing
plan. Jones, the company president,
recently asked Farnsworth to vote the shares in the profit-sharing
plan in favor of the slate of directors nominated by Jones Corporation and against the directors
sponsored by a dissident stockholder group. Farnsworth does not want to
lose this account because he directs all the account’s trades to a brokerage firm
that provides Farnsworth with useful information about tax-free
investments.
Although this information is not of value in managing the Jones Corporation
account, it does help in managing several other accounts. The brokerage firm
providing this information also offers the lowest commissions for trades and
provides best execution. Farnsworth investigates the director issue, concludes
that the management-nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:
A Violated the Standards in voting the shares in the manner requested by
Jones but not in directing trades to the brokerage firm.
B Did not violate the Standards in voting the shares in the manner requested
by Jones or in directing trades to the brokerage firm.
C Violated the Standards in directing trades to the brokerage firm but not in
voting the shares as requested by Jones.
为什么不是A？
