"morality" exercise:Referral Fees

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來源: 正保會計網校編輯：小鞠橘桔 2020/09/23 09:09:45　字體：大小

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Questions 1:

Alexandra Zagoreos, CFA, is the head of a government pension plan. Whenever Zagoreos hires a money management firm to work with the pension plan, she finalizes the deal over dinner at a nice restaurant. At these meals, Zagoreos also arranges for the money manager to provide her payments equal to 10% of the management fee the manager receives from the pension plan with no formal documentation of this agreement. Zagoreos keeps half of the payments for her own use and distributes the remainder as cash incentives to a handful of her most trusted staff. Zagoreos least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?

A 、Referral fees.

B 、Loyalty, Prudence and Care.

C、 Additional Compensation Arrangements.

Questions 2:

Florence Zuelekha, CFA, is an equity portfolio manager at Grid Equity Management (GEM), a firm specializing in commodities. Zuelekha, who previously focused on alternative energy, recently attends her first commodity conference, sponsored in large part by GEM. Independent industry experts argued that commodities would increase in value and recommended that investors hold at least 10% of their portfolio assets in commodities based on consistent increases in their values over the previous two years. Without doing any additional research, Zuelekha recommends to all her clients an immediate allocation of 5% of their portfolio into commodities. Over the next few weeks, Zuelekha moves her own portfolio to a 10% commodity allocation. Which of the CFA Standards did Zuelekha most likely violate?

A、 Priority of Transactions.

B、 Independence and Objectivity.

C、 Diligence and a Reasonable Basis.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct as the money should not be accepted without receiving written consent from all parties involved; therefore, Zagoreos is in violation of Standard IV(B)–Additional Compensation Arrangements. The manager has acted for her own benefit by receiving compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all parties involved. This action is a violation of Standard III(A)–Loyalty, Prudence, and Care, which requires that members act for the benefit of their clients, and places their client’s interests before their employer’s or their own interests. However, there is no indication that the member has received compensation, consideration, or benefit received from, or paid to, others for the recommendation of products or services and therefore has not violated Standard VI(C) related to referral fees.

B is incorrect because the manager has acted for their own benefit by receiving compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all partiesinvolved. This action is a violation of Standard III(A)–Loyalty, Prudence, and Care, which requires that members act for the benefit of their clients, and places their client’s interests before their employer’s or their own interests.

C is incorrect as the manager has accepted compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all parties involved, in violation of Standard IV(B)– Additional Compensation Arrangements.

【Answer to question 2】C

【analysis】

C is correct, as Standard (V)–Diligence and a Reasonable Basis requires members and candidates to have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action. Relying solely upon attendance at a one-day conference listening to industry experts to make an investment recommendation, especially when the industry experts have based their recommendations upon price data only, would not meet the requirements of the Code and Standards with regard to Diligence and a Reasonable Basis.

A is incorrect because there has not been a violation of this standard.

B is incorrect, as even though the portfolio manager has allocated a portion of her portfolio to an asset class she recommended for clients there has not been a violation of this Standard since the manager has not front run any of her clients.

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