NO.PZ2023021602000048
问题如下：
Noor Mawar, CFA, manages a trust fund with the beneficiary being an orphaned 18-year-old student. The investment policy dictates that trust assets are expected to provide the student with a stable low-risk source of income until she reaches the age of 30 years. Based on information from an Internet blog, the student asks Mawar to invest in a new business venture that she expects will provide high returns over the next five years. Mawar ignores the request, instead securing conservative investments to provide sufficient income. Did Mawar most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
选项：
A.Yes.
B.No, because the client's objectives were met.
C.No, because the investment time frame does not match the investment horizon.
解释：
B is correct because the client is the trust/trustees, not the beneficiary. Mawar followed Standard III(C)-Suitability by managing the trust assets in a way that would likely result in a stable source of income while keeping the risk profile low, thereby complying with the investment objectives of the trust.A is incorrect because Mawar did not violate any Standard as she managed trust assets considering the suitability for the client, not the beneficiary.C is incorrect because the client is the trust/trustees, not the beneficiary. Therefore, the time horizon of the investment is not relevant.我记得何老师讲，pension fund的客户是受益人（员工）而不是委托人（公司），这个相反吗？
