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eee · 2019年05月20日

一道官网题目



A colleague in the research department, Koffe Mensah, CFA, approaches Ravinder seeking advice about a research report he is writing on a listed company. The majority of Staple’s clients hold this company’s shares in their portfolios. Mensah explains that his supervisor is pressuring him to make a buy recommendation to substantiate some positive rumors that the lead dealer heard about the company. Mensah states that his thorough research leads him to believe the company is overvalued. Ravinder reminds Mensah that if the share price moves up, Mensah will likely receive a higher bonus.


Q. If Mensah gives in to his supervisor’s pressure, what CFA Standard will he most likely violate?

  1. Material Nonpublic Information
  2. Conflicts of Interests
  3. Diligence and Reasonable Basis

Solution

C is correct. Mensah would violate Standard V(A)–Diligence and Reasonable Basis because his research indicated that the company was overvalued. Mensah would not have violated Standard II(A)–Material Nonpublic Information because causing someone to trade on rumors does not necessarily involve trading on material nonpublic information. In addition, Mensah would not have violated Standard VI(A)–Disclosure of Conflicts because the bonus structure is not short-term focused and considers long-term value creation through correct investment recommendations. As a result, disclosure of this bonus structure is not required.


此题为什么不是利益冲突呢,首先他的主要客户持有这个公司股票,他受supervisor影响要出具一份正面报告,其次股价上升,他可能受到更高bonus,这两者都存在利益冲突啊,而diligence实际他已经做了,只不过结果是negative,他如果发布正面报告并不是因为他没有diligence



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发亮_品职助教 · 2019年05月22日

题干是说:If Mensah gives in to his supervisor’s pressure,如果他屈服于Supervisor写了正面报告,那么他违反以下选项的哪条?

首先肯定是违反Standard V(A)–Diligence and Reasonable Basis了,因为这个条款里有这么一条:

Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action;

对于任何Recommendation,有Reasonable basis,显然正面的消息不是基于Reasonable basis。所以违反。

当然如果屈服于上级肯定还违反了:Standard I(B)–Independence and Objectivity


关于Bonus,如果说他写的报告基于Reasonable basis,独立客观的写了一份Buy recommendation推给了客户和公司,并且股票价格真的涨了,那其实就是向公司投资部门做了正确的推荐,那非常有可能是Bonus的。这种不用向客户披露,因为这是正常的工作业绩报酬。反过来想,那如果他推荐了买,但是股票价格没涨,那肯定也是没Bonus了,这样其实Bonus不会影响他的独立客观性。与他写的报告是什么无关,只与他推荐的成功率有关。

如果说他的Supervisor给他说,写一个正面消息,给你一个Bonus,这不是基于成功率,这是基于威逼利诱,那这肯定是违反了,因为Bonus影响了他的独立客观性。

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