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精选问答1
题干Sheila Schleif, CFA, is an equity analyst at an investment banking division of MokaraFinancial Group, a full-service financial group. Schleif uses a multifactor computer model to make stock recommendations for all clients of Mokara.
Schleif discovers the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell.
Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation.
A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions,Schleif most likely violated which of the following CFA Institute Standards ofProfessional Conduct?
A.Priority of Transactions
B.Diligence and Reasonable Basis
C.Fair Dealing
答案解析Correct Answer: C
The analyst violated Standards III(B): Fair Dealing by selectively distributing the revised recommendation only to investment banking clients despite being responsible for making investment recommendations to all group clients.
Schleifshould distribute the change in recommendation to all clients who received the initial recommendation, not just those within the investment banking division of the group.
解题思路
这道题是数量与组合两个学科的结合。首先要注意题干给的信息是geometric return，题目要求的是risk premium for equities。还有另一道题目是求real rate of return for equities，我们就把它们放在一起解答。
主人公S同学是一个equity 分析师是在投行部门工作的，S是用一个多因素模型做股票的建议给他所有的客户，然后S发现模型有一些错误，如果这个错误被修正了那他最近给客户的buy recommendation可能就要改成sell，然后S同学就修正了这个错误，改变了投资建议，同时通过邮件的形式发给了所有的投行客户，一周之后S卖了他自己持有的股票，这里相当于在说他发给客户一周之后才做的交易，所以是给客户交易的时间，让客户先交易，这个做法是非常正确的，所以没有违反A选项。
这个人及时修正了自己的模型错误并且改了投资建议，意味着他的研究是非常严谨的，所以B选项也没违反。
C选项，这个很多同学都想不到错在哪里了，这个就要求大家读题目一定要细心仔细，题干刚开始说的是S同学给all clients的buy recommendation, 然后他修改了投资建议之后，用邮件发给的客户是all investment banking clients，大家看这2个地方是不是不一样，一个是所有客户，一个是所有的投行客户，这明显的就是歧视了投行以外的客户，区别对待，所以违反了Fair Dealing。
易错点分析
读题一定要仔细，要记住这种考法，协会非常协会考，all clients和all investment banking clients，这是不一样的，all clients是所有的客户，all investment banking clients是只有投行客户，还有其他客户没有包含的，这是一种歧视。
精选问答2
题干Elbie Botha,CFA, an equity research analyst at an investment bank, disagrees with her research team’s buy recommendation for a particular company's rights issue.
She acknowledges the team’s recommendation is based on a well-developed process and extensive research, but she feels the valuation is overpriced based on her assumptions.
Despite her contrarian view, her name is included on the research report to be distributed to all of the investment bank's clients. To avoid violating any CFA Institute Standards of Professional Conduct, it would beleast appropriate for Botha to undertake which of the following?
A. Insist her name be removed from the report
B. Leave her name on the report
C.Issue a new report
答案解析C is correct.
Standard IV(A):Loyalty calls for employees to be loyal to their employer by notcausing harm. If Botha released a contradictory research recommendation reportto clients, it could possibly cause confusion amongst clients and embarrassmentto the firm.
解题思路
B 同学在投行是股权分析师，她不同意研究团队的recommendation，但是她知道团队的研究是审慎的，但是她个人觉得这个公司的价值被高估了，尽管她不同意这个观点，但是她的名字出现在了这份研究报告上，然后问你下面哪种做法是错误的。
其实只要整个研究团队是Diligence andreasonable basis的，即使你不同意最后的结果，你也是可以把你的名字放在report上面的，这是不违反的，但是你也可以怎么做呢，
A说的是坚持移除自己的名字，这个是对的，你可以放也可以不放，所以A和B是正确的。但是C是错的，这相当于是拆自己公司的台，会损害雇主的利益，这是错误的做法，所以选C。
易错点分析
大家做错这个题，很多同学是选了B，这是对这个点没有掌握好，所以相关结论要记牢，这个题是非常典型的案例，大家可以记一下。
精选问答3
题干ColleenO'Neil, CFA, manages a private investment fund with a balanced global investment mandate. Her clients insist that her personal investment portfolio replicate the investments within their portfolios to assure them she is willing to put her own money at risk.By undertaking which of the following simultaneous investment actions for her own portfolio would O'Neil most likely be in violation of Standard VI(B): Priority of Transactions?
A.Sale of a listed US blue chip value stock
B.Purchase of a UK government bond in the primary market
C.Participation in a popular frontier market IPO
答案解析C is correct.
StandardVI(B):
Priority of Transactions dictates members and candidates give their clients and employer priority when making personal investment transactions. Even when clients allow or insist the manager invest alongside them, the manager's transactions must never adversely affect the interests of the clients.
A popular or "hot" IPO in a frontier marketis likely to be oversubscribed. In such cases, Stndard VI(B) dictates that themanager should not participate in this event to better ensure clients will have a higher probability of getting their full subscription allotment, even thoughclients have allowed or dictated that she participate alongside them.
解题思路
N同学管理了一个基金，这个基金对外宣称的风格是平衡型基金，他的客户坚持N同学的自己账户的投资和基金的投资是一致的，说白了就是让N同学的个人账户完全复制基金的投资，题干问你下面哪一个行为是N同学最有可能违反了Priority of Transactions，让你选一个错误的做法
A说的是卖股票，B说的是买英国的债券，A和B这2个选项其实说的是suitability这个知识点，因为这个基金是一个平衡型基金，所以股票和债券都要投资，这样才能和自己对外宣称的投资风格保持一致，所以A和B是正确的做法。
C说的是参与到超额认购的IPO，超额认购的IPO说的是一个公司原本计划融资1,000万，结果市场上有1,200万的资金想要买它，需求大于供给，这就意味着必然有很多人是买不到的，所以你自己也交易，你的客户也交易，你应该先给客户交易，然后再轮到自己，所以在这种情况下，你先给客户交易完之后，自己是买不到的，这样才是符合Priority of Transactions，所以N同学的个人账户其实是不能参与超额认购的IPO，如果N同学参与到超额认购的IPO，那他肯定就违反了Priority of Transactions 所以我们选C。
易错点分析
很多同学做错这个题，是因为没有读懂Her clients insist that her personal investment portfolio replicate theinvestments within their portfolios to assure them she is willing to put herown money at risk.
这句话的意思是客户希望基金经理和他们捆绑在一起，如果基金经理敢拿自己的钱去投资这个策略，那就说明这个策略真的是可以赚钱的，所以客户希望把基金经理个人的业绩和基金的业绩捆绑在一起，这也是为什么如果N同学参与到超额认购就会违反Priority of Transactions，因为他要和基金的投资是一样的。大家可以多体会体会这个案例。
精选问答4
题干During a round of golf,Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account.
Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.
Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.
Rodriguez did not violate the Code andStandards because the comments made to Hart were not intended to solicit aninvestment in Mega Retail.
答案解析A is correct.
Hart’s decision to invest in the retail fund appears directly correlated with Rodriguez’s statement about the successful quarter of Mega Retail and thus violatesStandard II(A) – Material Nonpublic Information.
Rodriguez’s information wouldbe considered material because it would influence the share price of MegaRetail and probably influence the price of the entire exchange-traded retail fund.
Thus, answer B is incorrect. Answer C is also incorrect because Rodriguezshared information that was both material and nonpublic. Company officers regularly have such knowledge about their firms, which is not a violation. The sharing of such information, however, even in a conversation between friends,does violate Standard II(A).
解题思路
R同学是M公司的CFO，和H同学在打高尔夫的时候，向H同学透露了M公司将会有一个超预期的销售，第二天这个H同学就买了大量的ETF在他的个人账户，问你下面哪个选项的描述是正确的。
读完题干很容易想到这个题是在考内幕信息，所以我们第一步先判断信息是否是：Material和Non-public的。
Material是指利用这个信息获利，Non-public就是字面意思非公开。这个CFO的信息来源肯定是可靠地。这个超预期的信息，也是能获利的。这个信息没有公开（因为是对这个季末的预期）也是Non-public的。
所以这个信息是内幕信息，所以H同学违反了内幕交易，R同学也违反了准则，自己不能用也不能给别人用。所以我们选A。
另外这个内幕信息，不限于买卖单只股票。还限制衍生品，Mutual fund和另类投资。可以理解为任何基于这个内幕信息的交易。
易错点分析
对于内幕信息，大的原则是自己不能用，也不能给别人，虽然你没有直接参与到股票交易，但是任何一切相关的交易都是违反了准则，这个大家需要注意一下。
精选问答5
题干One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan.Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group.
Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments.
Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution.
Farnsworth investigates the director issue, concludes that the management nominated slate is better for the long-run performance of the company than thedissident group’s slate, and votes accordingly. Farnsworth:
Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.
Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokeragefirm.
Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.
答案解析Bis correct.
This questionrelates to Standard III(A) –Loyalty, Prudence, and Care—specifically, a member’s or candidate’s responsibility for voting proxies and the use of client brokerage.
According to the facts stated in the question,Farnsworth did not violate Standard III(A). Although the company presidentasked Farnsworth to vote the shares of the Jones Corporation profit-sharingplan a certain way, Farnsworth investigated the issue and concluded,independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not inviolation of his responsibility to be loyal and to provide care to his clients.
In this case, the participants and the beneficiaries of the profit-sharing planare the clients, not the company’s management. Had Farnsworth not investigated the issue or had he yielded to the president’s wishes and voted for a slate ofdirectors that he had determined was not in the best interest of the company,Farnsworth would have violated his responsibilities to the beneficiaries of the plan.
In addition, because the brokerage firm provides the lowest commissions and best execution for securities transactions, Farnsworth has met his obligations to the client in using this brokerage firm.
It does not matter that the brokerage firm also provides research information that is not useful for the account generating the commission because Farnsworth is not paying extramoney of the client’s for that information.
解题思路
这道题出现了多个事情，比较复杂。碰到这种复杂的情况，大家要分情况讨论，先看事件A有没有违反，确定了好事件A，再去判断事件B。做法就是在题干中找到与A有关的描述，然后分析。交错在一起分析的话容易混乱。
出现的第一个事件是，客户Jones要求基金经理F同学在股东投票中，投票给Jones这边的提案。
Jonesasked Farnsworth to vote the shares in the profit-sharing plan in favor of the slateof directors nominated by Jones Corporation and against the directors sponsoredby a dissident stockholder group.然后有描述，这个基金经理不想失去这个客户等等。
关于投票这件事，基金经理经过调查后，发现投Jones这边，会对公司的长期发展有利，然后就投了Jones这边。
Farnsworth investigates the director issue, concludes that the management-nominated slateis better for the long-run performance of the company than the dissident group's slate, and votes accordingly.
所以从投票这件事上，基金经理没有违反，因为虽然客户要求这么做了，但是他经过调查发现是应该投Jones这边的，也按照调查结果去做了。
第二件事是：基金经理将Jones账户的所有交易放在这家Brokerage，因为这家经纪公司提供的信息非常有用，但是提供的信息对Jones的交易没有任何帮助，只能帮助基金经理交易其他人的账户。
并且：The brokerage firm providing this information also offers the lowest commissionsfor trades and provides best execution.
经纪公司提供的是lowest commissions和best execution。所以基金经理选择这家经纪公司是没有问题的，因为是best execution，lowest commissions。
此外，经纪公司提供的信息，没有用在Jones的账户上，用在他人的账户交易上；这算不算违规？
这是不算的，因为基金经理并没有为这些信息多收取Jones的 commission；所以不是Jones的soft dollar。这也是不违规的。所以答案选B.
易错点分析
这道题有两个难点，首先，题目给出的表格和信息比较多，有些同学没有理清解题思路。其次，投资策略——“低买高卖”指的是价格的高低（不是收益率），有些同学在这里容易混淆。
