"morality" exercise:the CFA Institute Professional Conduct Program

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Questions 1:

Which of the following least likely forms the basic structure for enforcement of the CFA Institute Professional Conduct Program?

A、 Bylaws

B 、Rules of Procedure

C、 Board of Governors

Questions 2:

Ross Nelson, CFA, manages accounts for high-net-worth clients including his own family’s account. He has no beneficial ownership in his family’s account. Because Nelson is concerned about the appearance of improper behavior in managing his family’s account, when his firm purchases a block of securities, Nelson allocates to his family’s account only those shares that remain after his other client accounts have their orders filled. The fee for managing his family’s account is based on his firm’s normal fee structure. According to the Standards of Practice Handbook, Nelson’s best course of action with regard to management of his family’s account would be to:

A 、treat the account like other client accounts.

B 、treat the account like other employee accounts of the firm.

C 、remove himself from any direct involvement by transferring responsibility for this account to another investment professional in the firm.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Although the Board of Governors maintains oversight and responsibility for the Professional Conduct Program, the CFA Institute Bylaws and Rules of Procedure form the basic structure for enforcement of the Code and Standards.

A is incorrect because although the Board of Governors maintains oversight and responsibility for the Professional Conduct Program the CFA Institute Bylaws and Rules of Procedure form the basic structure for enforcement of the Code and Standards.

B is incorrect because although the Board of Governors maintains oversight and responsibility for the Professional Conduct Program the CFA Institute Bylaws and Rules of Procedure form the basic structure for enforcement of the Code and Standards.

【Answer to question 2】A

【analysis】

A is correct as Nelson has breached his duty to his family by treating them differently from other clients. They are entitled to the same treatment as any other client of the firm. Nelson should treat his family’s account like any other client account [Standard III(B) related to fair dealing and Standard VI(B) related to Priority of Transactions].

B is incorrect as this action is not necessary.

C is incorrect as this action is not necessary.

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