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Linda · 2024年05月13日

最后他没推进这个公司啊

NO.PZ2023021602000016

问题如下:

Solomon Sulzberg, CFA, is a research analyst at Blue Water Management. Sulzberg's recommendations typically go through a number of internal reviews before they are published. In developing his recommendations, Sulzberg uses a model developed by a quantitative analyst within the firm. Sulzberg made some minor changes to the model but retained the primary framework. In his reports, Sulzberg attributes the model to both the quantitative analyst and himself. Before the internal reviews of his reports are completed, Sulzberg buys shares in one of the companies. After the internal review is complete, he fails to recommend the purchase of the stock to his clients and erases all of his research related to this company. Sulzberg least likely violated the CFA Institute Standards of Professional Conduct related to:

选项:

A.Misrepresentation. B.Record Retention. C.Priority of Transactions.

解释:

The research analyst has not violated Standard I(C): Misrepresentation because he has not knowingly made any misrepresentations related to investment analysis, recommendations, actions, or other professional activities. The research analyst has correctly attributed the model to both the quantitative analyst and to himself because he has revised the original model. Research developed while employed by a firm is the property of the firm, and the analyst is in violation of Standard V(C): Record Retention because members and candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients. As a general matter, records created as part of a member's or candidate's professional activity on behalf of his or her employer are the property of the firm. The analyst also violated Standard VI(B): Priority of Transactions by taking advantage of his knowledge of the stock's value before allowing his employer to benefit from that information

没有推荐这个公司也违反了Priority of Transactions.吗

1 个答案

王暄_品职助教 · 2024年05月13日

Standard VI(B): Priority of Transactions 要求CFA成员在代表客户或雇主进行交易时,必须优先考虑客户与雇主的利益,并且不得利用未公开的重要信息为个人谋取私利。

在本案例中,Solomon Sulzberg作为Blue Water Management的研究分析师,在内部审查完成之前购买了一家公司的股票。如果他在购买股票时利用了通过公司内部研究获得且尚未公开的重要信息,那么这种行为就违反了Priority of Transactions标准,因为他将个人利益置于了公司和客户利益之上。

此外,如果他在购买股票后故意不推荐该股票给客户,并删除了他关于这家公司的所有研究,这进一步表明了他在利用公司内部信息进行个人交易,同时试图掩盖他的行为。这种行为不仅违反了Priority of Transactions标准,还可能违反了其他标准,如Record Retention(记录保存),因为他删除了重要的研究记录。

因此,Solomon Sulzberg没有向客户推荐这家公司,同时利用内部信息进行个人交易,并删除了相关研究记录,确实违反了Priority of Transactions标准,也违反了其他相关标准。他的行为不符合CFA成员应遵守的高标准职业道德和行为规范。

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2023-05-05 19:04 1 · 回答