NO.PZ201604030300004201
问题如下：
Elias Nano, a recent MBA graduate and a CFA Level II candidate, is an unpaid summer intern with Patriarch Investment Counsel and expects to be offered a full-time paid position in the fall. Through his efforts, he is able to convince some family members and friends to become clients of the firm, and he now assists with the management of their accounts. His supervisor congratulates him and states: "These clients are the foundation from which you will be able to build your career as an investment advisor." After working hard all summer, Nano is told that Patriarch will not be able to offer him a paid position.
Nano interviews with a number of firms, and tells each one about the accounts that he is managing and expects to be able to bring with him. Because he was merely an intern at Patriarch, he does not think he owes any particular loyalty to Patriarch. He gains further assurance that he can keep the clients from the fact that his former supervisor implied that these were Nano’s clients.
Nano subsequently joins Markoe Advisors as an assistant director with supervisory responsibilities. Markoe Advisors is an investment management firm that advertises that it provides customized portfolio solutions for individual and institutional clients. As a matter of policy, Markoe does not reject as a client any individual meeting the account minimum size. Markoe has two strategies—aggressive growth equity and growth equity—and is always fully invested. Nano asks his family and friends to transfer their accounts from Patriarch to Markoe.
As the first CFA candidate to be employed by Markoe, Nano has been asked to head a team that is reviewing the firm’s compliance policies and procedures, which Nano considers inadequate and incomplete. He states his concerns to President Markoe: "Although Markoe Advisors, as a firm, cannot adopt the CFA Institute Code of Ethics and Standards of Professional Conduct, the firm can adopt the CFA Institute Asset Manager Code of Professional Conduct." President Markoe tells Nano that the firm is considering acquiring another advisory firm that has similar compliance policies and procedures. Markoe says: "We are not going to consider any compliance changes at this time."
Nano decides to draft a model compliance document to guide discussions about compliance issues at the firm in the future. Nano’s initial draft includes the following components of a compliance policy statement:
1. Performance Presentation
Performance data must be documented for each of Markoe Advisors’ active accounts, be disclosed upon request, and be compared with the firm’s composite, which is composed of active accounts only. Performance data must be presented on a before-tax basis to all clients, with the disclosure that all performance data are presented gross of fees.
2. Suitability of Investments
Markoe Advisors, to maintain consistency of performance, assigns each client to one of the firm’s two portfolios. Both of these portfolios are sufficiently broadly diversified to meet the investment objectives of all of our clients.
3. Disclosures of Conflicts
Markoe Advisors encourages its staff to be involved in the business and civic community. Only business or civic interests that relate to current portfolio holdings need to be reported to the firm.
4. Violations
Any violation of the Markoe Advisors compliance policy statement will be reported to the president, and employees will receive an official warning.
5. Compensation
All staff members of Markoe Advisors will discuss with their supervisor all outside compensation that they are receiving or may receive.
1. Does Nano comply with the CFA Institute Standards of Professional Conduct when he asks his clients to transfer their accounts to Markoe Advisors?
选项：
A.No.
B.Yes, because he contacted the clients after leaving Patriarch.
C.Yes, because he was an intern and not a paid employee of Patriarch.
解释：
B is correct.
Standard IV(A) prohibits employees from soliciting the clients of employers prior to, but not subsequent to, their departure.
如题
