NO.PZ202301190200001004问题如下Sue Kim, CFis a hee funmanager who specializes in biotechnology stocks. She hspent many years investing in biotecompanies anformerly workeequity portfolio manager for a large bank with substantiresearcapabilities. Two years ago, Kim startea hee fun Green Note Investments. She also manages accounts for severwealthy invials.Now thshe no longer hthe bank’s resources to support her research, Kim relies on a network of experts to help her searfor profitable investment opportunities in the biotechnology areThese experts inclu legal, business, anpoliticcontacts.Kim purchases information from severbiotechnology company employees, none of whom are officers of their respective companies, who perform work outsi their regulpositions biotechnology consultants or experts. These consultants work with Kim without the knowlee of their employers, none of whiha prohibition on outsi employment, anprovi her with information about quarterly earnings another confintita relateto their companies’ performance. Kim bases fininvestment cisions on this information anencourages the consultants anexperts she works with to publicly sclose the information thhbeen passeon to her.To sprethe news about the positive returns Green Note hachieve Kim hires a public relations consultant, Takehiko Akagi, CFAkagi tells Kim thfor a marketing campaign to effective, she nee a five-yereturn history. Kim tries to retrieve her performanhistory from the bank but is niethis request. Searching her home laptop computer, Kim fin her historicbank performantShe uses the bank ta to recreate the olst two years of the requestefive-yeperformanhistory. For the thiryear, she simulates her investment performanapplying Green Note’s current investment strategy to historictwhishe scloses in a footnote along with information about whether the performanis gross or net of fees. For the two most recent years, Kim uses Green Note’s actuperformanhistory.Because the marketing campaign takes longer thexpecteto accomplish its goof bringing new clients to the fun Kim asks Akagi to accept a revisefee arrangement. Insteof paying Akagi a monthly fee of $10,000 to market the fun Kim proposes investment management fee-sharing arrangement. For eaclient Akagi brings to Kim anwhom she signs on investor in Green Note, Kim will pAkagi a fee of 10% of the investment management fee she charges thclient for their first 24 months in the fun Akagi agrees to this arrangement, anKim makes sure to sclose it to prospective clients verbally telling them thGreen Note compensates Akagi for his efforts to fininvestors for the fun whiis the first time clients are ma aware of this arrangement. Akagi also scloses to eaclient the fee he expects to earn from this arrangement oninvestment management agreement is signeKim’s former university roommate, nna Miriam, is now a legexpert in mergers anacquisitions. Miriha number of connections to senior associates who specialize in this area of llarge, well-known lfirms. She uptes Kim when she hears a is about to complete Kim uses this information part of a mosaic of information she gathers from her own researaninformation from other experts in her network. After Kim hterminethMiriam’s information is likely to correct, Kim tras rivative securities of the acquisition target. In the past 18 months, her merger anacquisition investments have resultein profits of $10 million for the hee fun Kim also manages a separate account for Miriam, who hauthorizeKim to replicate the tras in the acquisition targets for her account. Because Miriprovis this valuable information, Kim makes sure she tras Miriam’s account before any other client tras.JuliHuang, a government lobbyist, is another key member of Kim’s expert network. Huang keeps in constant contawith the many lobbyists involvein biotechnology issues anhclose relationships with many legislators. Recently, legislators proposerestricting biotechnology research. If the legislation hpasse it woulhave recevaluations across the boarfor biotestocks. Kim lethe hee funinstry’s efforts to successfully fight this change. She personally natea large sum of money to support these efforts anraisefun from the hee funcommunity to fight this proposelegislation.Kim’s efforts to grow her funresult in new clients anrapigrowth of assets unr management. To bring specializeexperiento her investment cision-making process, Kim uses her stanrzecriteria for aiser selection to hire severcompetent outsi aisers to sit on her investment committee. Kim also subscribes to severwell-known thirparty researvenrs, whishe hnot consirepreviously because of their high charges. With increasefees earnefrom aitionassets unr management, she cnow afforto request from these venrs information tailoreto her specific nee. Because this researis so specializeantaile anbecause Kim is confint the outsi aisers use ligenana reasonable basis in their research, she is able to use the reports, with a few minor changes, her own. Kim shows her new researreports to all of her clients but makes no mention of any other changes to her investment process.Kim’s relationship with Miriis most consistent with the CFA Institute Stanr of ProfessionConconcerning:A.Fair aling.B.Priority of Transaction.C.MateriNonpublic Information. 根据CFA Institute的《道德规范与专业行为准则》，Kim在得知 Miriam提供的信息后，会先交易 Miriam的账户，然后再进行其他客户的交易，Kim在交易执行时给予了Miriam的账户优先地位，符合Priority of Transaction标准。 为什么给了信息，却符合优先交易的规定？
2025-02-16 07:21
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