问一道题：NO.PZ2016040303000014 [ CFA III ]

NO.PZ2016040303000014 问题如下 One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management-nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth: A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm. B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. 这个说的不是对其他账户有利吗，而对这个账户没价值，这样也可以？意思就是只要对于我所管理的客户有利的就可以收，不管是哪个客户？

NO.PZ2016040303000014 问题如下 One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management-nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth: A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm. B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. Although this information is not of value in managing the Jones Corporation account这句话不算对客户不利吗

NO.PZ2016040303000014 问题如下 One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management-nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth: A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm. B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. 老师好，这道题的题干没读懂，也没读懂是什么考点，可以讲解一下吗谢谢！

not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct. This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation.哪里看出来.不投票是经过自己的审慎思考了呢