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"morality" exercise:Material Nonpublic Information.
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Questions 1:
On a flight to Europe, Romy Haas, CFA, strikes up a conversation with a fellow passenger, Vincent Trujillo. When Trujillo learns that Haas is in the investment profession, he asks about the CFA designation. Haas tells him the following about the CFA designation:
Statement 1 Individuals who have completed the CFA Program have the right to use the CFA designation.
Statement 2 The CFA designation is globally recognized, which is why I use it as part of my firm’s name.
Statement 3 CFA charterholders must satisfy membership requirements to continue using the designation.
In explaining the use of the CFA designation, Haas least likely violated the CFA Institute Standards of Professional Conduct concerning which of the following statements?
A 、 Statement 1
B、 Statement 2
C、 Statement 3
Questions 2:
Tonya Tucker, CFA, is a financial analyst at Bowron Consolidated. Bowron has numerous subsidiaries and is actively involved in mergers and acquisitions to expand its businesses. Tucker analyzes a number of companies, including Hanchin Corporation. When Tucker speaks with the CEO of Bowron, she indicates that many of the companies she has looked at would be attractive acquisition targets for Bowron. After her discussion with the CEO, Tucker purchases 100,000 shares of Hanchin Corporation at $200 per share. Bowron does not have any pre-clearance procedures, so the next time she meets with the CEO, Tucker mentions she owns shares of Hanchin. The CEO thanks her for this information but does not ask for any details. Two weeks later, Tucker sees a company-wide email from the CEO announcing Bowron’s acquisition of Hanchin for $250 a share. With regards to her purchase of Hanchin stock, Tucker least likely violated the CFA Institute Standards of Professional Conduct concerning:
A 、 Loyalty.
B、 Priority of Transactions.
C、 Material Nonpublic Information.
View answer resolution
【Answer to question 1】 C
【analysis】
C is correct because according to Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program this is an accurate statement concerning the CFA designation.
A is incorrect because according to Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program completion of the CFA Program is not the only requirement for use of the CFA designation as individuals must also have the required years of acceptable work experience.
B incorrect because according to Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program the designation must not be used as part of a firm’s name.
【Answer to question 2】C
【analysis】
C is correct because there is no indication the analyst had access to material nonpublic information and was in violation of Standard II(A)–Material Nonpublic Information. Specifically, Tucker did not have information concerning any decision by Bowron to acquire Hanchin stock since she is not a part of the decision-making team at Bowron, which determines the companies it plans to take over. The analyst had indicated numerous companies were viable options for takeover, and she did not single out any one company in particular.
A is incorrect because even though the company does not have a stock pre-clearance procedure, trading the stock of a company the analyst recommended as an acquisition candidate is an act which violates Standard IV(A)–Loyalty, as she did not give her employer the opportunity to take advantage of her skill/recommendation prior to buying the shares for her own portfolio.
B is incorrect because there has been a violation of Standard VI(B)–Priority of Transactions, which requires that investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner despite the fact that there are no stock pre-clearance procedures at Bowron.
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
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