"morality" exercise:Priority of Transactions
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Questions 1:
Bryan Barrett, CFA, runs an investment advisory service providing advice on gold and other commodities to several large retail banks. Barrett advertises his services in widely read publications to broaden his business to include retail clients. Because the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett's advertisement most likely violate any CFA Institute Standards of Professional Conduct?
A、 No.
B、 Yes, related to Misrepresentation.
C、 Yes, related to Communication with Clients.
Questions 2:
Solomon Sulzberg, CFA, is a research analyst at Blue Water Management. Sulzberg’s recommendations typically go through a number of internal reviews before they are published. In developing his recommendations, Sulzberg uses a model developed by a quantitative analyst within the firm. Sulzberg made some minor changes to the model but retained the primary framework. In his reports, Sulzberg attributes the model to both the quantitative analyst and himself. Before the internal reviews of his reports were completed, Sulzberg buys shares in one of the companies. After the internal review is complete he fails to recommend the purchase of the stock to his clients and erases all of his research related to this company. Sulzberg least likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct related to:
A 、Record Retention.
B 、Misrepresentation.
C、 Priority of Transactions
B is correct because Barrett’s client base is made up of a small number of large institutions so stating in the advertisement that his client base is a larger number is a misrepresentation and a violation of Standard I(C). In addition, since the advertisement focuses only on the benefits and does not mention the potential risks of these investments it is also potentially misleading to clients.
A is incorrect since the advertisement misrepresents the size of Barrett’s client base. The advertisement is also potentially misleading to clients as it focuses only on the benefits and does not mention the potential risks of these investments.
C is incorrect because this Standard has not been violated
B is correct because the research analyst has not violated Standard I(C)–Misrepresentation because he has not knowingly made any misrepresentations related to investment analysis, recommendations, actions, or other professional activities. The research analyst has correctly attributed the model to both the quantitative analyst and to himself as he has revised the original model. Research developed while employed by a firm are the property of the firm, and the analyst is in violation of Standard V(C)–Record Retention as members and candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients. As a general matter, records created as part of a member’s or candidate’s professional activity on behalf of his or her employer are the property of the firm. The analyst also violated Standard VI(B)–Priority of Transactions by taking advantage of his knowledge of the stock’s value before allowing his employer to benefit from that information.
A is incorrect because the analyst is in violation of Standard V(C)–Record Retention as members and candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients. As a general matter, records created as part of a member’s or candidate’s professional activity on behalf of his or her employer are the property of the firm.
C is incorrect because by taking advantage of his knowledge of the stock’s value before allowing his employer to benefit from that information, the analyst violated Standard VI(B)–Priority of Transactions
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