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sophialinlinlin · 2024年06月09日

遇到这种题该怎么选

NO.PZ2016040303000013

问题如下:

Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should:

选项:

A.

Turn down the additional compensation because it will result in conflicts with the interests of other clients’ accounts.

B.

Turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.

C.

Obtain permission from her employer prior to accepting the compensation arrangement.

解释:

C is correct.

This question involves Standard IV(B) –Additional Compensation Arrangements. The arrangement described in the question—whereby Jurgen would be compensated beyond the compensation provided by her firm, on the basis of an account’s performance—is not a violation of the Standards as long as Jurgen discloses the arrangement in writing to her employer and obtains permission from her employer prior to entering into the arrangement. Answers A and B are incorrect; although the private compensation arrangement could conflict with the interests of other clients and lead to short-term performance pressures, members and candidates may enter into such agreements as long as they have disclosed the arrangements to their employer and obtained permission for the arrangement from their employer.

想问一下,这个题特意强调雇主的同意,但是看了老师的解答、甚至包含原版书的描述,没有真的提到要其他客户(利益冲突方)也同意。

那么假设一个题目的题干说明他已经得到了雇主的同意,无论是否Written,都可以认为是没有违反对吗?如果此时选项里面有提到,他应该得到“雇主”和“其他客户”的同意,那么到底是应该选没有违反,还是选应该得到“雇主”和“其他客户”都同意才行呢?

1 个答案
已采纳答案

王暄_品职助教 · 2024年06月09日

在这个问题中,关键点在于理解CFA道德和职业行为准则中关于Additional Compensation Arrangements的条款。这个条款主要是要求CFA成员或候选人,在接受基于特定客户账户表现的额外补偿时,需要向雇主披露这一安排,并获得雇主的同意。

首先,关于你提到的“雇主同意”这一点,CFA准则确实要求成员或候选人在接受任何可能影响其独立性和客观性的额外补偿之前,必须向雇主披露并获得雇主的书面同意。这是确保CFA成员或候选人在履行职责时能够保持公正和客观性的重要措施。

然而,关于“其他客户”的同意,CFA准则并没有明确要求。这是因为,只要成员或候选人已经向雇主披露了额外补偿安排,并获得了雇主的同意,就已经在一定程度上避免了利益冲突的问题。因为雇主在决定是否同意该安排时,通常会考虑该安排对所有客户的影响,以及是否会损害CFA成员或候选人的独立性和客观性。

所以,如果一个题目描述了CFA成员或候选人已经获得了雇主的同意(无论是书面还是口头),并且没有提及其他客户的同意,那么通常可以认为该成员或候选人没有违反CFA准则。此时,如果选项中提到他应该得到“雇主”和“其他客户”的同意,那么应该选择没有违反的选项,因为CFA准则并没有要求获得其他客户的同意。

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