"morality" exercise:Responsibilities as a CFA Candidate
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Questions 1:
When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two years ago and was told he could allocate his work hours as he saw fit. At that time, Younis served on the board of three nonpublic golf equipment companies and managed a pooled investment fund for several members of his immediate family. Younis was not compensated for his board service or for managing the pooled fund. Younis’ investment returns attract interest from friends and co-workers who persuade him to include their assets in his investment pool. Younis recently retired from all board responsibilities and now spends more than 80% of his time managing the investment pool for which he charges non-family members a management fee. Younis has never told his employer about any of these activities. To comply with the CFA Institute Standards of Professional Conduct with regards to his business activities over the past two years, Younis would least likely be required to disclose which of the following to his employer?
A、 Board activities
B、 Family investment pool management
C、 Non-family member management fees
Questions 2:
Hezi Cohen, a CFA candidate, is a heavy user of social networking sites on the Internet. His favorite site only allows a limited number of characters for each entry so he has learned to abbreviate everything, including CFA trademarks. Cohen also enjoys professional networking sites and contributes regularly to blogs that discuss the broad topical areas covered within the CFA Program. In addition, he posts to these blogs pieces he has written in his area of expertise: retirement planning. By claiming to be an expert on retirement planning, he believes his stature within the investment community increases and he can gain more clients. Which internet activity can Cohen most likely continue to be in compliance with the CFA Standards of Professional Conduct?
A 、Use of abbreviations.
B 、Claiming retirement planning expertise.
C、 Blogging about broad topical areas within the CFA Program.
A is correct because golf equipment is a business independent of the financial services industry such that any board obligations would not likely be considered a conflict of interest requiring disclosure according to Standard IV(B)–Additional Compensation Arrangements. Standard IV(B) requires members and candidates to obtain permission from their employer before accepting compensation or other benefits from third parties for the services that might create a conflict with their employer’s interests. Managing investments for family and non-family members could likely create a conflict of interest for Younis’ employer and should be disclosed to his employer.
B is incorrect, as Younis should have made full and fair disclosure of all matters that could reasonably be expected to impair his independence and objectivity or interfere with his respective duties to his clients, prospective clients, and employer as required by Standard VI(A)–Disclosure of Conflicts. Since the majority of his time is now spent on fund management, in potential competition with his employer, he would need to disclose this. Disclosure of the outside work should also have been made at the time of employment so that his employer was fully aware of these activities and could make their own judgment on whether or not these activities impaired the broker’s ability to complete his responsibilities at the financial services organization.
C is incorrect, as Younis should have made full and fair disclosure of all matters that could reasonably be expected to impair his independence and objectivity or interfere with his respective duties to his clients, prospective clients, and employer as required by Standard VI(A)–Disclosure of Conflicts. Since the majority of his time is now spent on fund management, in potential competition with his employer, he would need to disclose this. Disclosure of the outside work should also have been made at the time of employment so that his employer was fully aware of these activities and could make their own judgment on whether or not these activities impaired the broker’s ability to complete his responsibilities at the financial services organization.
B is correct because the Standards do not prevent a person from claiming to be an expert in their area of specialty as long it is not a misrepresentation and/or an exaggeration of their skill and expertise.
A is incorrect because according to Standard VII, CFA Institute trademarks are not allowed to be abbreviated.
C is incorrect because Standard VII–Responsibilities as a CFA Institute Member or CFA Candidate restricts the disclosing of all aspects of the CFA exam, including broad topical areas. These are considered confidential and thus should not be discussed over the Internet.
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