道德

问题如下：

Which of the items Mehta wants to include in the Investment Policy Statement most likely reflects a violation of the CFA Institute Standards of Professional Conduct??

选项：

A.Item 1 B.Item 2 C.Item 3

解释：

Solution

1. Correct. Item 1 most likely reflects a violation of the CFA Institute Standards of Professional Conduct. Mehta is using economic data from third-party providers to help determine expected asset class returns to formulate his asset class recommendations to clients. While using third-party research is not a violation in and of itself, there is no indication Mehta made efforts to determine whether such research from his former employer’s vendors is sound and current prior to using their research as part of his recommendations to clients. Therefore, Mehta likely violates Standard V(A): Diligence and Reasonable Basis, which requires Members and Candidates to exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions as well as having a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

2. Incorrect. Mehta plans to disclose he may from time to time work with clients in the same industry who may be direct competitors. As this information was included in the client contract, it does not appear to violate Standard VI(A): Disclosure of Conflicts, which requires Members and Candidates to make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

3. Incorrect. Mehta indicates in Item 3 that he acts with loyalty, prudence, and care, thus complying with Standard III(A): Loyalty, Prudence, and Care, which states Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their client’s interests before their employer’s or their own interests.

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