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Frances · 2024年04月20日

这题的解说和答案都对不上号

NO.PZ2023021602000083

问题如下:

Anna Saar, CFA, is the head of compliance for Tranne Advisory Services, a regional financial services group including asset management, investment banking, and stock brokerage entities. Reviewing a draft client investment management agreement for the asset management unit, she is concerned that the relationships between the firm's various business units are not properly disclosed. To prevent violating CFA Institute Standard VI(A)-Disclosure of Conflicts, which of the following should least likely be addressed in the investment management agreement?

选项:

A.The group subsidizes staff loans for share purchases. B.Management fees are frequently loss leaders for brokerage. C.Asset managers are likely to support corporate finance deals.

解释:

A is correct because the group subsidizing staff loans for the purchase of shares is not a conflict of interest for clients because it is a funding mechanism and does not interfere with objectivity when rendering investment advice or taking investment action. However, asset managers subsidizing their asset management fees and supporting the investment banking corporate finance deals should be disclosed per Standard VI(A)-Conflicts of Interest and Standard VI(B)-Priority of Transactions, respectively.B is incorrect because asset managers subsidizing their asset management fees on the basis that they will use the group's brokerage services is a cross-departmental conflict of interest and should be disclosed in the section on cross-departmental conflicts.C is incorrect because the fact that the asset managers will support the investment banking corporate finance deals is a cross-departmental conflict of interest and should be disclosed in the section on cross-departmental conflicts.

解析里面说的B和B选项都对不上号

1 个答案

王暄_品职助教 · 2024年04月20日

解析中对选项B的解释如下:(管理费经常是经纪业务的亏损领先者):实际上指的是资产管理部门可能会以降低管理费为代价来吸引客户,进而期望通过经纪业务(如股票交易)来获得收益。这种行为构成了一种跨部门利益冲突,因为它可能影响资产管理部门提供投资建议的客观性,因此应在投资管理协议中披露这种冲突。

本题问的是最不需要披露的,因此不选B。

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NO.PZ2023021602000083 问题如下 Anna Saar, CFis the heof complianfor Tranne Aisory Services, a regionfinanciservices group inclung asset management, investment banking, anstobrokerage entities. Reviewing a aft client investment management agreement for the asset management unit, she is concerneththe relationships between the firm's various business units are not properly sclose To prevent violating CFA Institute StanrVI(A)-sclosure of Conflicts, whiof the following shoulleast likely aressein the investment management agreement? A.The group subsizes staff loans for share purchases. B.Management fees are frequently loss lears for brokerage. C.Asset managers are likely to support corporate finanals. A is correbecause the group subsizing staff loans for the purchase of shares is not a confliof interest for clients because it is a funng mechanism anes not interfere with objectivity when renring investment aior taking investment action. However, asset managers subsizing their asset management fees ansupporting the investment banking corporate finanals shoulscloseper StanrVI(A)-Conflicts of Interest anStanrVI(B)-Priority of Transactions, respectively.B is incorrebecause asset managers subsizing their asset management fees on the basis ththey will use the group's brokerage services is a cross-partmentconfliof interest anshoulsclosein the section on cross-partmentconflicts.C is incorrebecause the faththe asset managers will support the investment banking corporate finanals is a cross-partmentconfliof interest anshoulsclosein the section on cross-partmentconflicts. 1

2024-05-07 20:44 1 · 回答