"morality" exercise:Duties to Employers
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Questions 1:
While at a bar in the financial district after work, Ellen Miffitt, CFA, overhears several employees of a competitor discuss how they will manipulate down the price of a thinly traded micro cap stock’s price over the next few days. Miffitt’s clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings. Because she had determined the micro cap stock was suitable for all of her accounts at its previously higher price, Miffitt buys back her client's original exposure at the end of the week at the new, lower price. Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?
A、 Market Manipulation
B 、Preservation of Confidentiality
C、 Material Nonpublic Information
Questions 2:
Sergio Morales, CFA, believes he has found evidence that his supervisor is engaged in fraudulent activity involving a client’s account. When Morales confronts his supervisor, he is told the client is fully aware of the issue. Later that day, Morales contacts the client and upon disclosing the fraudulent activity, is told by the client to mind his own business. Following the requirements of local law, Morales provides all of his evidence, along with copies of the client’s most recent account statements, to a government whistle blower program. Has Morales most likely violated the CFA Institute Standards of Professional Conduct?
A、 No.
B、 Yes, concerning Duties to Employers.
C、 Yes, concerning Preservation of Confidentiality.
B is correct as Miffitt has not violated the confidentiality standard that involves information about former, current, and prospective clients.
A is incorrect because even though she did not initiate the market manipulation, Miffitt added to the stock’s price movement when she sold into a declining market particularly with thinly traded stocks which can be easily influenced by changes in the volume of activity. By repurchasing the shares for her clients she is seeking to take advantage of the manipulation and is in violation of Standard II(B).
C is incorrect as she has attempted to benefit her clients by trading on information that could affect the value of the micro cap stock and as such would be classified as material nonpublic information. Information that is known regarding orders for large trades before they are executed is considered material nonpublic information
A is correct because Morales believes his supervisor and potentially the client are engaged in fraudulent activity and by following the requirements of local law, through their whistleblower program, he has not violated Standard III(E)–Preservation of Confidentiality or Standard (V)–Duties to Employers.
B is incorrect because Morales has not violated Standard (V)–Duties to Employers.
C is incorrect because Morales believes that his supervisor and potentially the client are engaged in fraudulent activity and by following the requirements of local law, through their whistleblower program, he has not violated Standard III(E)–Preservation of Confidentiality.
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