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"morality" exercise:Communication with Clients and Prospective Clients
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Questions 1:
Sergio Morales, CFA, believes he has found evidence that his supervisor is engaged in fraudulent activity involving a client’s account. When Morales confronts his supervisor, he is told the client is fully aware of the issue. Later that day, Morales contacts the client and upon disclosing the fraudulent activity, is told by the client to mind his own business. Following the requirements of local law, Morales provides all of his evidence, along with copies of the client’s most recent account statements, to a government whistle blower program. Has Morales most likely violated the CFA Institute Standards of Professional
Conduct?
A、 No.
B、 Yes, concerning Duties to Employers.
C 、Yes, concerning Preservation of Confidentiality.
Questions 2:
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
View answer resolution
【Answer to question 1】A
【analysis】
A is correct because Morales believes his supervisor and potentially the client are engaged in fraudulent activity and by following the requirements of local law, through their whistleblower program, he has not violated Standard III(E)–Preservation of Confidentiality or Standard (V)–Duties to Employers.
B is incorrect because Morales has not violated Standard (V)–Duties to Employers.
C is incorrect because Morales believes that his supervisor and potentially the client are engaged in fraudulent activity and by following the requirements of local law, through their whistleblower program, he has not violated Standard III(E)–Preservation of Confidentiality.
【Answer to question 2】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.
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