"morality" exercise:Misrepresentation
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Questions 1:
Yip Wai Yin, a CFA candidate, is an independent mutual fund sales agent. For every front-end load product she promotes, Yip receives a portion of the frontend fee as commission at the time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at the end of the year. Yip always informs her clients that she is paid a commission as an agent, but does not provide details of the compensation structure. When pitching her favored frontend load product line she tells clients 20% of her commission is always invested in the same fund as proof of her confidence in the fund she recommends. Which CFA Code and Standards with regard to Conflicts of Interest does Yip least likely violate?
A、 Referral Fees.
B 、Disclosure of Conflicts.
C 、Priority of Transactions.
Questions 2:
Lewis McChord, CFA, a research analyst at an investment bank, covers the auto industry. McChord recently read a report on an auto manufacturing company written by Pierce Brown. Brown’s report provided extensive coverage of the company’s newly launched products indicating that sales volume, not yet publicly available, would raise future profits. Intrigued by the report, McChord called a senior executive at the company whom she has known personally for years. The officer gave her specific details on new vehicle sales, indicating that profits would double in the current quarter. McChord added this data to Brown’s report and then circulated it within her firm as her own report. McChord least likely violated which of the following CFA Institute Standards of Professional Conduct?
A、 Misrepresentation
B、 Preservation of Confidentiality
C、 Material Nonpublic Information
C is correct because Yip’s investments do not adversely affect the interest of the clients and therefore do not violate the Priority of Transactions requirement. A candidate having the same investment positions does not always create a conflict of interest, and in some instances having an aligned investment portfolio can be beneficial to the client. By not detailing the commission structure to her clients, Yip does not disclose the potential reason for her favoring front-end load funds over back-end load as the commission is higher and is paid immediately rather than at the end of the year and is in violation of Standard VI(A)–Disclosure of Conflicts. Yip also does not disclose the commission structure in detail, which could impair her independence when recommending frontload mutual funds rather than back-end load mutual funds to her clients, a violation of Standard VI(C)–Referral Fees.
A is incorrect because by not detailing the commission structure to her clients, Yip does not disclose the potential reason for her favoring front-end load funds over back-end load as the commission is higher and is paid immediately, rather than at the end of the year.
B is incorrect because Yip does not disclose the commission structure in detail, which could impair her independence when recommending front-load mutual funds rather than back-end load mutual funds to her clients.
B is correct because Standard III(E)–Preservation of Confidentiality has not been violated. The analyst has a personal relationship with the officer of the auto company, and he is not a current, former, or prospective client, so there is no obligation for the analyst to maintain client confidentiality. However, the analyst did violate Standard I(C)–Misrepresentation when she represented another analyst’s work as her own. In addition, the analyst also violated Standard II(A)–Material Nonpublic Information by including data that were material and nonpublic in her research report on sales figures.
A is incorrect because Standard I(C)–Misrepresentation was violated by the analyst when she represented another analysts research report as her own.
C is incorrect because Standard II(A)–Material Nonpublic Information was violated when the analyst included data that were material and nonpublic in the research report on sales figures.
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