"morality" exercise:Fair Dealing

来源: 正保会计网校编辑：小鞠橘桔 2020/12/16 10:02:29　字体：大小

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Questions 1:

Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial (SVF), a large US-based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the fund’s client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVF’s mutual funds six hours after the close of US markets, which is prohibited by US regulators. Did Mancini violate any CFA Institute Standards of Professional Conduct?

A No.

B Yes, with regard to Fair Dealing.

C Yes, with regard to Fair Dealing and Material Nonpublic Information.

Questions 2:

Ricardo Torres, CFA, is a well-respected telecommunications analyst for Pegasus Advisers. He is known for his thorough analysis, including interviews with suppliers, customers, and competitors. Torres has a strong following, and his research reports can often materially affect the market. As a result, Pegasus limits the distribution of his reports to Pegasus clients. After losing market share to Pegasus for over two years, Marco Rodrigo, a CFA candidate, reports Torres to the local securities regulator on suspicion of using insider information to make share recommendations. What CFA Institute Standard of Professional Conduct has Rodrigo most likely violated?

A、 Misconduct

B、 Material Nonpublic Information

C 、Market Manipulation

View answer resolution

【Answer to question 1】C

【analysis】

C is correct because clients should be treated fairly and impartially [Standard III(B)]. In addition, the flexible trading terms allow the hedge fund manager to enrich themselves and is a violation of Standard II(A), concerning trading on material nonpublic information. This is also a conflict of interest [Standard VI(A)–Disclosure of Conflicts].

A is incorrect because violations of several Standards have occurred.

B is incorrect because a violation of the Fair Dealing standard has occurred.

【Answer to question 2】A

【analysis】

A is correct. Rodrigo has likely violated Standard I(D)–Misconduct by behaving in an unprofessional manner that reflects adversely on his professional integrity by reporting Torres to the regulator when there is no apparent evidence Torres is using material nonpublic information. Torres is a well-respected analyst known for his in-depth, thorough analysis using a mosaic process. It appears Rodrigo only reported Torres to harm his reputation in order to recapture the market share he has lost over the last two years. There is no evidence Torres manipulated the market through his research. The research is used for the benefit of the Pegasus clients. Although the public may consider Torres’ reports to be material because of the fact that their release can move the market, it does not mean the report must be made available to the public prior to the release of the report to Pegasus clients.

B is incorrect because there is no evidence Torres manipulated the market through his research. The research is used for the benefit of the Pegasus clients.

C is incorrect because while the public may consider Torres reports to be material due to the fact that their release can move the market, it does not mean the report must be made available to the public prior to the release of the report to Pegasus clients.

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