"morality" exercise:American Financial Association Professional Conduct Standard
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Questions 1:
Jackson Barnes, CFA, works for an insurance company providing financial planning services to clients for a fee. Barnes has developed a network of specialists, including accountants, lawyers, and brokers, who contribute their expertise to the financial planning process. Each of the specialists is an independent contractor. Each contractor bills Barnes separately for the work he or she performs, providing a discount based upon the number of clients Barnes has referred. What steps should Barnes take to be consistent with the CFA Institute Standards of Professional Conduct?
A、 Have his independent contractors approved by the insurance company
B、 List the consideration he receives from the specialists on monthly client invoices
C、 Inform potential clients about his arrangement with the contractors before they agree to hire him
Questions 2:
Linda Chin, CFA, is a member of a political group advocating lower governmental regulation in all aspects of life. She works in a country where local securities laws are minimal and insider trading is not prohibited. Chin’s politics are reflected in her investment strategy where she follows her country’s mandatorylegal and regulatory requirements. Which of the following actions by Chin is most consistent with the CFA Institute Standards of Professional Conduct?
A 、Follow the CFA Code and Standards.
B 、Continue her current investment strategy.
C、 Disclose her political advocacy to clients.
C is correct because the referral arrangements should be disclosed to potential clients “before entry into any formal agreement for services” and not after the fact. This allows potential clients to consider whether the arrangement causes them any potential harm as a result of the arrangement (e.g., higher fees and potential conflicts of interests).
A is incorrect as Standard VI(C)–Referral Fees specifically requires referral arrangements be disclosed to clients so this step should be taken regardless of any other additional actions.
B is incorrect as the referral arrangements should be disclosed to clients before entry into any formal agreement for services and not after the fact, which would be the case with the disclosure being provided on the bills sent out in arrears.
A is correct because Standard I(A)–Knowledge of the Law requires Members and Candidates to comply with the more strict law, rules, or regulations and follow the highest requirement, which in this case would be the CFA Institute Standards of Professional Conduct. Standard II(A)–Material Nonpublic Information would also apply as Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information. Disclosure that she meets local mandatory legal requirements, not the more strict law, rule, or regulation of the Code and Standards, would not alleviate the member from following the Code and Standards.
B is incorrect because Standard I(A)–Knowledge of the Law requires Members and Candidates to not trade on material nonpublic information. Standard II(A)–Material Nonpublic Information would also apply as Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.
C is incorrect because Standard I(A)–Knowledge of the Law requires Members and Candidates to comply with the more strict law, rule, or regulation, which in this case is the Code and Standards and not local requirements. Disclosure of the manager’s political advocacy is not required because it does not entail a conflict of interest and doing so would not alleviate the member from following the Code and Standards.
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