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ditto · 2024年10月28日

题干这句话是什么意思

NO.PZ2016032801000017

问题如下:

Anderb, a portfolio manager for XYZ Investment Management Company a registered investment organization that advises investment firms and private accounts was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb’s portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?

选项:

A.

Anderb failed to disclose to her employer her personal transactions.

B.

Anderb owned the same securities as those of her clients.

C.

Bates allowed Anderb to use Jonelli as her broker for personal trades.

解释:

A is correct.

This question involves three of the Standards. Anderb, the portfolio manager, has been obtaining more favorable prices for her personal securities transactions than she gets for her clients, which is a breach of Standard III(A) –Loyalty, Prudence, and Care. In addition, she violated Standard I(D) –Misconduct by failing to adhere to company policy and by hiding her personal transactions from her firm. Anderb’s supervisor, Bates, violated Standard IV(C) –Responsibilities of Supervisors; although the company had requirements for reporting personal trading, Bates failed to adequately enforce those requirements. Answer B does not represent a violation because Standard VI(B) –Priority of Transactions requires that personal trading in a security be conducted after the trading in that security of clients and the employer. The Code and Standards do not prohibit owning such investments, although firms may establish policies that limit the investment opportunities of members and candidates. Answer C does not represent a violation because the Code and Standards do not contain a prohibition against employees using the same broker for their personal accounts that they use for their client accounts. This arrangement should be disclosed to the employer so that the employer may determine whether a conflict of interest exists.

For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. 

这句话什么意思,是:和组合其他账户相比,jone给An个人账户低价买入,相对高价卖出。 是这个意思吗,这样没有violation吗

1 个答案

王暄_品职助教 · 2024年10月29日

您的理解是正确的。这句话的意思是,对于Jonelli所在公司做市的证券,Jonelli给Anderb的个人账户提供了比给她的投资组合账户以及其他投资者更低的买入价格和更高的卖出价格。换句话说,Anderb的个人交易在价格上获得了比她的客户和其他投资者更优惠的待遇。

然而,这种优惠待遇实际上构成了对Anderb客户的潜在不公平,因为她作为投资组合经理,有责任对所有客户公平对待,并确保交易的最佳执行。她利用自己的职位获得了比客户更好的交易条件,这违反了CFA道德准则中的Standard III(A)。

此外,Anderb还违反了关于Standard I(D)的规定,因为她没有遵守公司的政策,并且隐瞒了她的个人交易。这些行为都损害了市场的公平性和透明度。

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