"morality" exercise:Standard VI(A
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Questions 1:
Ileana Inkster, CFA, was recently offered a senior management position within the trust department at a regional bank. The department is new, but the bank has plans to expand it significantly over the next few months. Inkster has been told she will be expected to help grow the client base of the trust department.She is informed that the trust department plans to conduct educational seminars and pursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared by the bank’s marketing department do not mention that investment products will be for sale at the seminar. The ads indicate attendees can “learn how to immediately add $100,000 to their net worth.” What should Inkster most likely do to avoid violating any CFA Institute Standards of Professional Conduct?
A、 Decline to accept the new position
B、 Accept the position and revise the marketing material
C、 Accept the position and inform senior management of inadequate compliance procedures
Questions 2:
Suni Kioshi, CFA, is an analyst at Pacific Asset Management, where she covers small capitalization companies. On her own time, Kioshi often speculates in low price thinly traded stocks for her own account. Over the last three months, Kioshi has purchased 50,000 shares of Basic Biofuels Company giving her a 5% ownership stake. A week after this purchase, Kioshi is asked to write a report on stocks in the biofuels industry with a request to complete the report within two days. Kioshi wants to rate Basic as a “buy” in this report but is uncertain how to proceed. Concerning the research report, what action should Kioshi most likelytake to prevent violating any of the CFA Institute Code of Ethics and Standards of Professional Conduct?
A、 Sell her shares.
B 、Don’t recommend a buy.
C 、Disclose her stock ownership.
A is correct because the prospective supervisor’s first step should be to not take the position. Accepting the position with inadequate procedures in place or improper marketing material would leave Inkster at risk of incurring a violation of the Code and Standards—Standard IV(C)–Responsibilities of Supervisors. She could agree to be hired as an interim consultant with the bank in order to implement adequate procedures before taking on any supervisory role.
B is incorrect because Inkster should bring the improper marketing material to the attention of the firm's senior managers and recommend corrective action before taking the position.
C is incorrect because Inkster should bring the inadequate compliance system to the attention of the bank's senior managers and recommend corrective action be taken before accepting the position.
C is correct because the manager’s ownership stake is a potential conflict of interest, which should be disclosed as required by Standard VI(A)–Disclosure of Conflicts, but there is no requirement to sell the shares. As long as the analyst has completed a well-informed investment recommendation consistent with Standard (V)–Diligence and Reasonable Basis and disclosed her ownership position, she could include the buy recommendation in her report.
A is incorrect because the manager’s ownership stake is a potential conflict of interest, which should be disclosed as required by Standard VI(A)–Disclosure of Conflicts, but there is no requirement to sell the shares.
B is incorrect because as long as the analyst has completed a well-informed investment recommendation consistent with Standard (V)–Diligence and Reasonable Basis and disclosed her ownership position, she could include the buy recommendation in her report.
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