道德

问题如下：

In relation to Kostecka’s handling of the Jabbertalk stock recommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?

选项：

A.Fair Dealing B.Priority of Transactions C.Communication with Clients

解释：

Solution

1. Correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.

2. Incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client and the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.

3. Incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients and prospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes and use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

Guidance for Standards I–VII

• demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations