"morality" exercise: fair dealing

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來源: 正保會計網校編輯：多多 2020/09/09 10:30:00　字體：大小

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Questions 1:

Alexander Newton, CFA, is the chief compliance officer for Mills Investment Limited. Newton institutes a new policy requiring the pro rata distribution of new security issues to all established discretionary accounts for which the new issues are appropriate. The policy also provides for the exclusion of newly established discretionary accounts from the distribution until they have reached their one-month anniversary date. This policy is disclosed to all existing and potential clients. Did Newton most likely violate any CFA Institute Standards of Professional Conduct?

A. No, because the policy has been adequately disclosed to all existing and potential clients

B. No, because the allocation policy is not inequitable under the standards

C. Yes

Questions 2:

Ian O'Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O'Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory's excellent growth prospects. O'Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a "buy." According to the CFA Institute Standards of Professional Conduct, O'Sullivan is most likely required to disclose his ownership of Mallory stock in:

A. the press releases only.

B. both the press release and the research report.

C. the research report only

View answer resolution

【Answer to question 1】（C）

【analysis】

Under Standard III(B)-Fair Dealing, members and candidates should disclose to clients and prospective clients how they select accounts to participate in and how they determine the amount of securities each account will buy or sell. Trade allocation procedures must be fair and equitable, and disclosure of inequitable allocation methods does not relieve the member or candidate of this obligation. All discretionary accounts should be treated in the same manner. Treating newer accounts differently would be considered inequitable regardless of whether this policy is disclosed.;

【Answer to question 2】（B）

【analysis】

Members should disclose all matters that reasonably could be expected to impair the member's objectivity as outlined in Standard I(B), and Standard VI(A)

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