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Spencer · 2020年10月08日

问一道题：NO.PZ2016040301000004 [ CFA II ]

  1. CFA II
  2. Ethics

问题如下：

Which of the following statements clearly conflicts with the recommended procedures for compliance presented in the CFA Institute Standards of Practice Handbook?

选项：

A.

Firms should disclose to clients the personal investing policies and procedures established for their employees.

B.

Prior approval must be obtained for the personal investment transactions of all employees.

C.

For confidentiality reasons, personal transactions and holdings should not be reported to employers unless mandated by regulatory organizations.

解释：

C is correct.

This question asks about compliance procedures relating to personal investments of members and candidates. The statement in answer C clearly conflicts with the recommended procedures in the Standards of Practice Handbook. Employers should compare personal transactions of employees with those of clients on a regular basis regardless of the existence of a requirement by any regulatory organization. Such comparisons ensure that employees’ personal trades do not conflict with their duty to their clients, and the comparisons can be conducted in a confidential manner. The statement in answer A does not conflict with the procedures in the Handbook. Disclosure of such policies will give full information to clients regarding potential conflicts of interest on the part of those entrusted to manage their money. Answer B is incorrect because firms are encouraged to establish policies whereby employees clear their personal holdings and transactions with their employers.

老师请问，这题是在哪条准则下的呢？
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1 个答案

Debrah_品职答疑助手 · 2020年10月09日

嗨，从没放弃的小努力你好：


本题涉及到的是员工个人持股的处理问题。在Standard VI(B) Priority of transactions中，关于员工交易，required的部分，即CFA会员、考生必须要满足的，其中有一条：Comply with applicable regulatory requirements.如果有相关规定（包括公司自己的规定）要求所有员工都需要事前披露，那么就所有员工就需要事前披露。

协会关于这条推荐做法如下：members and candidates should encourage their investment firms to develop formal policies related to employee purchases of equity or equity-related IPOs.即，协会推荐的做法是：CFA会员、考生应该建议公司制定关于员工购买股票相关规则的正式文件。

如果文件规定了所有员工都需要披露。那么所有员工都要遵守。如果不遵守的话，不但违反了Standard VI(B) Priority of transactions，还违反了Loyalty to employer。因为Loyalty to employer里规定了CFA会员、考生要遵守公司的相关规定。


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Prior approvmust obtainefor the personinvestment transactions of all employees. For confintiality reasons, persontransactions anholngs shoulnot reporteto employers unless manteregulatory organizations. C is correct. This question asks about complianproceres relating to personinvestments of members ancantes. The statement in answer C clearly conflicts with the recommenproceres in the Stanr of PractiHanook. Employers shoulcompare persontransactions of employees with those of clients on a regulbasis regaress of the existenof a requirement any regulatory organization. Sucomparisons ensure themployees’ persontras not confliwith their ty to their clients, anthe comparisons cconctein a confintimanner. The statement in answer A es not confliwith the proceres in the Hanook. sclosure of supolicies will give full information to clients regarng potenticonflicts of interest on the part of those entrusteto manage their money. Answer B is incorrebecause firms are encourageto establish policies whereemployees cletheir personholngs antransactions with their employers. 问一下C为什么不符合准则？

2020-11-28 08:09 1 · 回答

Prior approvmust obtainefor the personinvestment transactions of all employees. For confintiality reasons, persontransactions anholngs shoulnot reporteto employers unless manteregulatory organizations. C is correct. This question asks about complianproceres relating to personinvestments of members ancantes. The statement in answer C clearly conflicts with the recommenproceres in the Stanr of PractiHanook. Employers shoulcompare persontransactions of employees with those of clients on a regulbasis regaress of the existenof a requirement any regulatory organization. Sucomparisons ensure themployees’ persontras not confliwith their ty to their clients, anthe comparisons cconctein a confintimanner. The statement in answer A es not confliwith the proceres in the Hanook. sclosure of supolicies will give full information to clients regarng potenticonflicts of interest on the part of those entrusteto manage their money. Answer B is incorrebecause firms are encourageto establish policies whereemployees cletheir personholngs antransactions with their employers. 这道题中文讲解下，谢谢

2020-10-08 10:27 1 · 回答

    接着上面同学的问题 ，老师给的答案协会推荐的做法是CFA会员、考生应该建议公司制定关于员工购买股票相关规则的正式文件。如果文件规定了所有员工都需要披露。那么所有员工都要遵守。且这个正式文件成为了applicable regulatory requirements。如果不遵守的话，不但违反了StanrVI(Priority of transactions，还违反了Loyalty to employer。因为Loyalty to employer里规定了CFA会员、考生要遵守公司的相关规定。想请问这里是协会建议考生去制定相关政策，似乎和本题的答案不直接相关，我的问题是假如 不披露transactions 是否有有违反条款。看了原题的也不是很明白

2019-05-22 00:45 1 · 回答

这道题为什么不选B？    

2019-04-28 22:31 1 · 回答