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Travel、 · 2024年05月18日

这个financial interest怎么定义?

NO.PZ2024022002000110

问题如下:

David Lee, CFA, a fund manager at a financial company, conducts extensive analysis before purchasing shares of Innovative Tech Solutions (ITS) for all appropriate client portfolios. Subsequently, he acquires ITS stock for his sister's paid account, where Lee has a financial interest. After a downturn in ITS's market value a month later, leading to notable losses for all clients, are Lee's actions in line with the ethical Standards?

选项:

A.Yes B.No, Lee's actions violate the Standard on transaction priority C.No, Lee's actions breach the Standard on diligence and reasonable basis

解释:

Option B is correct. According to Standard VI(B), Priority of Transactions, family accounts that are also client accounts must be treated like any regular client account, without any preferential treatment or disadvantage due to familial ties. If an investment professional has a beneficial interest in such an account, they may need to adhere to additional preclearance or reporting norms set by their employer or law. Therefore, Lee's management of his sister's account, akin to other client accounts, should not have been disadvantaged, indicating a violation of the Standard on transaction priority. Option C is incorrect as Lee's thorough research before investing in ITS stock aligns with the Standard on diligence and reasonable basis.

题目中说David has a finencial interest for his sister's paid account,那是不是可以视作自己的账户?然后自己的账户后于客户账户购买,符合道德标准,这么想不对么?

1 个答案

王暄_品职助教 · 2024年05月20日

在这个问题中,"financial interest"指的是David Lee在他的姐姐的付费账户中有经济利益,这意味着他从这个账户的投资表现中可以获得某种经济上的好处,即使这个账户并不是他个人的。这并不一定意味着他可以直接从这个账户中取钱,而是说这个账户的投资表现会影响他的经济利益。

关于您的问题,虽然David Lee在他的姐姐的账户中有经济利益,但这并不意味着这个账户可以视作他自己的账户。根据CFA的道德标准,即使是他有经济利益的账户,也需要像对待其他客户账户一样公平对待,不能因为家庭关系而给予特殊优待或亏待。

那是不是可以视作自己的账户?

不可以。尽管David在他的姐姐的账户中有经济利益,但这个账户仍然是他姐姐的,而不是他自己的。CFA的道德标准要求他像对待其他客户账户一样对待这个账户。

然后自己的账户后于客户账户购买,符合道德标准,这么想不对么?

这个想法部分正确,但在这个特定情况下不完全适用。对于David自己的个人账户(如果他有的话),确实应该在处理完所有客户账户之后再进行交易,以避免利益冲突。然而,在这个案例中,他处理的是他姐姐的账户,这个账户同时也是一个客户账户。因此,他需要像对待其他客户账户一样对待这个账户,不能因为它与他有利益关系就给予特殊待遇。