"morality" exercise:Standards of Professional Conduct of CFA
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Questions 1:
Sheila Schleif, CFA, is an equity analyst at an investment banking division of Mokara Financial Group, a full service financial group. Schleif uses a multifactor computer model to make stock recommendations for all clients of Mokara. Schleif discovers that the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell. Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation. A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions, Schleif most likely violated which of the following CFA Institute Standards of Professional Conduct?
A 、Fair Dealing
B 、Priority of Transactions
C、 Diligence and Reasonable Basis
Questions 2:
Heidi Katz is a CFA candidate and an analyst at a pension consulting firm. Her father is a major shareholder and managing director at Saturn Partners, a large hedge fund. When assisting in an alternative manager search for a pension client, Katz plans to recommend Saturn’s market-neutral strategy because she feels it meets all of the pension plan’s criteria. Given this situation, the best course of action for Katz is to:
A 、not present this strategy to the client and recommend another strategy.
B、disclose the potential conflict to the pension client when discussing this recommendation.
C 、disclose the potential conflict to her employer and follow their guidance regarding disclosure of her relationship to the client.
A is correct because the analyst violated Standard III(B)–Fair Dealing by selectively distributing the recommendation only to investment banking clients despite being responsible for making investment recommendations to all group clients. Schleif should distribute the change in recommendation to all clients who received the initial recommendation, not just those within the investment banking division of the group.
B is incorrect because Schleif did not violate Standard VI(B)–Priority of Transactions as she did not conduct transactions in her personal account until a week after the changed recommendation was distributed to clients.
C is incorrect as now that the coding error is corrected the analyst has a reasonable basis for changing her recommendation as required by Standard V(A)–Diligence and Reasonable Basis.
B is correct because Standard VI(A) requires disclosure of conflicts but does not prohibit members from making recommendations as long as the potential conflicts are appropriately disclosed.
A is incorrect because if Katz believes the Saturn strategy is the best available choice she can make this recommendation, but she must disclose the relationship with her father’s fund.
C is incorrect because even if her employer guides Katz not to disclose a potential conflict, she must still disclose any reasonable influences on her objectivity when making a recommendation to a client or prospective client.
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