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"morality" exercise:Transaction priority
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek’s employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Peek’s actions are least likely to be a violation of which of the CFA Institute Standards of Professional Conduct?
A 、Misrepresentation
B、 Transaction priority
C、 Conflicts of interest
Questions 2:
Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm’s written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith’s most appropriate course of action would be to:
A 、 require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
B、 require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
C、 decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct as there is no indication that the investment club is trading ahead of clients [Standard VI(B)].
A is incorrect as information concerning the investment has been misrepresented due to the lack of disclosure [Standard I(C)].
C is incorrect as members should disclose all beneficial ownership that could reasonably cause a conflict of interest. Additionally, because Peek’s employer requires the disclosure, a failure to provide full information would violate his employer’s policies and CFA Institute Standards of Professional Conduct [Standard VI(A)].
【Answer to question 2】C
【analysis】
C is correct because if a member cannot fulfill supervisory responsibilities because of the absence of a compliance system or because of an inadequate compliance system, the member should decline in writing to accept supervisory responsibility until the firm adopts reasonable procedures to allow the member to adequately exercise such responsibility [Standard IV(C)].
A is incorrect because these actions will not provide a complete compliance system with which the portfolio manager can adequately exercise her supervisory responsibilities.
B is incorrect because these actions will not provide a complete compliance system with which the portfolio manager can adequately exercise her supervisory responsibilities.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
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