"morality" exercise:Standard III(B)–Fair Dealing
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Questions 1:
Kirsten Kelso, CFA, is a research analyst at an independent research firm. Kelso is part of a team of analysts who focus on the automobile industry. Recently, Kelso disagreed with two research sell recommendations written by her team even though she felt confident the research process was properly conducted. In a webcast open to all institutional but not retail clients, Kelso states “even though my name is on the sell reports, these stocks are a buy in part because sales and share prices for both auto companies will rise significantly due to strong demand for their vehicles.” Kelso’s actions would least likely violate which of the following CFA Institute Standards of Professional Conduct?
A 、Fair Dealing
B、 Communication with Clients
C、 Diligence and Reasonable Basis
Questions 2:
Chris Rodriguez, CFA, is a portfolio manager at Nisqually Asset Management, which specializes in trading highly illiquid shares. Rodriguez has been using Hon Securities Brokers almost exclusively when making transactions for Nisqually clients, as well as for his own relatively small account. Hon always executes Rodriguez’s personal trades at a more preferential price than for Rodriguez’s client’s accounts. This occurs regardless of whether or not Rodriguez personally trades before or after clients. Rodriguez should least likely do which of the following in order to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct?
A、 Eliminate the exclusive trading arrangement.
B、 Trade client accounts before his own account.
C 、Average trade prices across all trading accounts.
C is correct because the recommendation is based on a reasonable and adequate research process, so the analyst could follow the research team’s opinion, as required by Standard V(A)–Diligence and Reasonable Basis.
A is incorrect because the analyst can express her disagreement with the team by documenting her difference of opinion, but Standard III(B)–Fair Dealing requires members and candidates to treat all clients fairly when disseminating investment recommendations or making material changes to prior investment recommendations or when taking investment action. The discussion with institutional clients is inappropriate as the analyst is making selective disclosure. Members and candidates must make every effort to treat all individual and institutional clients in a fair and impartial manner.
B is incorrect because the analyst has not separated fact from opinion as required by Standard V(B)–Communication with Clients and Prospective Clients when she makes a verbal buy recommendation on the auto companies.
C is correct because Rodriguez is in violation of Standard IV(A)–Loyalty, which requires, in matters related to their employment, members and candidates to act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. Rodriguez should not accept the special treatment from Hon, and he should seek such favors for the clients of Nisqually, specifically the lower costs Rodriguez has been getting for his transactions. Rodriguez should not average transaction costs, as his clients should be given the lower preferential prices according to Standard III(A)–Loyalty Prudence and Care.
A is incorrect because Hon is favoring Rodriguez’s personal trading account, most likely as an inducement for him to trade client accounts at Hon, which is a violation by Rodriguez of Standard IV(A)–Loyalty, which requires, in matters related to their employment, members and candidates to act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. By trading ahead of clients the member has also violated Standard VI(B)–Priority of Transactions, and changing this procedure is necessary. Investment transactions for clients and employers must have priority over investment transactions in which a member or candidate is the beneficial owner. Front-running transactions is considered unethical behavior because of the importance of the duty of loyalty investment professionals owe to their clients and the fact that this duty is compromised whenever professionals place their personal interests before those of their clients.
B is incorrect because the member has violated Standard VI(B)–Priority of Transactions by trading ahead of clients, and changing this procedure is necessary. Investment transactions for clients and employers must have priority over investment transactions in which a member or candidate is the beneficial owner. Front-running transactions is considered unethical behavior because of the importance of the duty of loyalty investment professionals owe to their clients and the fact that this duty is compromised whenever professionals place their personal interests before those of their clients.
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