"morality" exercise:Transaction priority
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Questions 1:
Several years ago, Leo Peek, CFA, co-founded an investment club. The club is fully invested but has not actively traded its account for at least a year and does not plan to resume active trading of the account. Peek’s employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Peek’s actions are least likely to be a violation of which of the CFA Institute Standards of Professional Conduct?
A 、Misrepresentation
B、 Transaction priority
C、 Conflicts of interest
Questions 2:
Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm’s written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith’s most appropriate course of action would be to:
A 、 require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
B、 require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
C、 decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility.
B is correct as there is no indication that the investment club is trading ahead of clients [Standard VI(B)].
A is incorrect as information concerning the investment has been misrepresented due to the lack of disclosure [Standard I(C)].
C is incorrect as members should disclose all beneficial ownership that could reasonably cause a conflict of interest. Additionally, because Peek’s employer requires the disclosure, a failure to provide full information would violate his employer’s policies and CFA Institute Standards of Professional Conduct [Standard VI(A)].
C is correct because if a member cannot fulfill supervisory responsibilities because of the absence of a compliance system or because of an inadequate compliance system, the member should decline in writing to accept supervisory responsibility until the firm adopts reasonable procedures to allow the member to adequately exercise such responsibility [Standard IV(C)].
A is incorrect because these actions will not provide a complete compliance system with which the portfolio manager can adequately exercise her supervisory responsibilities.
B is incorrect because these actions will not provide a complete compliance system with which the portfolio manager can adequately exercise her supervisory responsibilities.
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