新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"morality" exercise:Communication with and Prospective Clients
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
Marc Davidson, CFA, works as a trust specialist for Integrity Financial. On his own time, Davidson starts a part time consulting business providing advice to Trustees for a fee. He conducts this business on his own time. Davidson asks his assistant to compile a list of Integrity’s clients and their contact information. The following month, Davidson is offered a similar role at Integrity’s largest competitor, Legacy Trust Services, Inc. After he begins working at Legacy, his new manager arranges for him to meet with a number of prospective clients, many of whom are clients of Integrity. After meeting with Davidson, a number of former Integrity clients decide to transfer their business to Legacy. Did Davidson’s action violate the Code and Standards?
A、 No.
B、 Yes, Davidson’s part time consulting business is a violation of the Standards.
C、 Yes, both Davidson’s part time consulting business and his meetings with Integrity clients are a violation of the Standards.
Questions 2:
Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials including an overview of the conceptual framework for his model, providing back tested performance results, and listing the top holdings. Chu directs the marketing group to remove the description of his model due to concerns competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30 percent of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu’s:
A 、use of back-tested results in communication with prospective clients.
B 、failure to adequately describe the investment process to prospective clients.
C 、failure to disclose that the top holding represents such a large allocation in the model.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct because members and candidates are required to disclose any compensation arrangement to their employers that involves performing tasks or services that their employers can charge for. Disclosure is required even if the activities occur during non-work hours.
C is incorrect because being hired by a competing firm does not constitute a violation of Standard IV(A). In addition, Davidson is not utilizing confidential information from Integrity to solicit former clients. Although Davidson had a list of client contacts prepared while at Integrity, his new employer arranges the meetings.
A is incorrect because his consulting business is a violation of Standard IV(A).
【Answer to question 2】A
【analysis】
A is correct because use of back-tested results is not prohibited, providing it is appropriately disclosed.
B in incorrect because under Standard V(B) members and candidates must adequately describe to clients and prospective clients the manner in which the member or candidate conducts the investment decision making process.
C is incorrect because Chu is intentionally omitting a material fact regarding the concentration of the model portfolio which would likely have an impact on the prospective client’s perception of the riskiness of this strategy.
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”。
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網安備 11010802044457號
