"morality" exercise:CFA Association Professional Conduct Standard

来源: 正保会计网校编辑：小鞠橘桔 2020/12/16 09:56:36　字体：大小

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Questions 1:

William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at the current price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:

A、 duty to clients.

B、 reasonable basis.

C、 priority of transactions.

Questions 2:

Hui Chen, CFA, develops marketing materials for an investment fund he founded three years ago. The materials show the 3-year, 2-year, and 1-year returns for the fund. He includes a footnote that states in small print “Past performance does not guarantee future returns.” He does not claim compliance with GIPS in the disclosures or footnotes. He also includes a separate sheet showing the most recent semi-annual and quarterly returns, which notes that they have been neither audited nor verified. Has Chen most likely violated any CFA Institute Standards of Professional Conduct?

A 、No.

B 、Yes, because he included un-audited and unverified results.

C 、Yes, because he did not adhere to the Global Investment Performance standards.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec [Standard V(A)].

A is incorrect because by delaying the revision of his recommendation so that his brother can buy shares at a lower price, he has violated the CFA Institute Standards relating to duty to clients [Standard III(A), Standard VI(B)].

C is incorrect because by delaying the revision of his recommendation so that his brother can buy shares at a lower price, he has violated the CFA Institute Standards relating to priority of transactions [Standard III(A), Standard VI(B)].

【Answer to question 2】A

【analysis】

A is correct because the Standards require members to make reasonable efforts to make sure performance information is fair, accurate, and complete. The Standards do not require compliance with Global Investment Performance Standards (GIPS), auditing, or verification requirements [Standard III(D)].

B is incorrect because the Standards do not require that results be audited or verified unless claiming compliance with GIPS.

C is incorrect because the Standards do not require compliance with GIPS.

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