"morality" exercise:Independence and Objectivity

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來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/09/23 09:04:14　字體：大小

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Questions 1:

Leng Bo, CFA, is a bond portfolio manager for individual investors. Last year, a client whose portfolio is limited to investment-grade bonds approved Bo’s purchase of a below investment grade bond. Because yields in the high grade fixed-income markets declined, Bo subsequently decides to enhance this client’s portfolio by investing in several additional bonds with ratings one or two notches below investment grade. The investment strategy implemented by Bo most likely violated which of the following CFA Institute Standards of Professional Conduct?

A 、Suitability

B、 Communications with Clients

C、 Independence and Objectivity

Questions 2:

Stian Klun, CFA, is preparing a brochure to advertise his firm. The brochure includes the following disclosures:“I am a CFA so I am a member of the CFA Institute, which constitutes the most elite group of professionals within the investment management business. In order to become a CFA charterholder, I had to complete a comprehensive program of study in the investment management field.”

Klun is least likely to have violated the CFA Institute Standards of Professional Conduct related to referencing the:

A 、CFA Institute.

B 、CFA Program.

C、 CFA Designation.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct because the client only approved the purchase of one below investment grade bond while the portfolio manager has purchased several additional bonds below investment grade without client approval in violation of Standard III(C).

B is incorrect because no violation of this Standard has occurred.

C is incorrect because no violation of this Standard has occurred.

【Answer to question 2】B

【analysis】

B is correct as the CFA Program has been properly referenced while the CFA Institute and CFA Designation have been improperly referenced in violation of Standard VII(B)– Reference to the CFA Institute, the CFA Designation, and the CFA Program. CFA Institute cannot be referred to as the most elite group of professionals within the investment management business as this is an opinion that cannot be objectively determined. The CFA acronym should be used an adjective rather than a noun, i.e. CFA Charterholder.

A is incorrect as individuals must not exaggerate the meaning or implications of membership in CFA Institute.

C is incorrect because Klum has indicated that he is a CFA and improperly referenced the designation

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