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分享 CFA: accumulation 2017-5-28 20:04; Q-31. Jorge Lopez, CFA, is responsible for his bank’s proxy voting on behalf of the bank’s asset management clients. Lopez recently performed a cost-benefit analysis , showing that voting all proxies might not benefit the bank’s clients. Based on this analysis, Lopez changes the proxy voting policies and procedures without informing anyone else of the change. Lopez now v otes client proxies on the side of management on all issues with the exception of major mergers where a significant impact on the stock price is expected. Lopez least likely violated the CFA Institute Standards of Professional Conduct regarding: A. Cost-benefit analysis. B. Voting with management. C. Proxy voting policy disclosures. Solution: A. A is correct because there is no violation of Standard III (A) Loyalty, Prudence, and Care by performing a cost-benefit analysis showing that voting all proxies might not benefit the client, and concluding voting proxies may not be necessary in all instances. However, even though voting proxies may not be necessary in all instances, part of a member’s or candidate’s duty of loyalty under Standard III (A) Loyalty, Prudence, and Care includes voting proxies in an informed and responsible manner, which is not being done by Lopez by automatically voting with management on the majority of issues. In addition, members and candidates should disclose to clients their proxy-voting policies, including any changes to that policy as required by Standard III(A) Loyalty, Prudence, and Care, which has not been done. Q-32. One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account's trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments. Although t his information is not of value in managing the Jones Corporation account , it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution . Farnsworth investigates the director issue, concludes that the management-nominated slate is better for the long-run performance of the company than the dissident group's slate, and votes accordingly. Farnsworth: A. Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm. B. Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokerage firm. C. Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones. Solution: B. This question relates to Standard III (A) Loyalty, Prudence, and Care—specifically, a member's or candidate's responsibility for voting proxies and the use of client brokerage. According to the facts stated in the question, Farnsworth did not violate Standard III(A). Although the company president asked Farnsworth to vote the shares of the Jones Corporation profit-sharing plan a certain way, Farnsworth investigated the issue and concluded, independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not in violation of his responsibility to be loyal and to provide care to his clients. In this case, the participants and the beneficiaries of the profit-sharing plan are the clients, not the company's management. Had Farnsworth not investigated the issue or had he yielded to the president's wishes and voted for a slate of directors that he had determined was not in the best interest of the company, Farnsworth would have violated his responsibilities to the beneficiaries of the plan. In addition, because the brokerage firm provides the lowest commissions and best execution for securities transactions, Farnsworth has met his obligations to the client in using this brokerage firm. It does not matter that the brokerage firm also provides research information that is not useful for the account generating the commission, because Farnsworth is not paying extra money of the client's for that information. Q-33. David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom he had not had contact in over two year s. During a recent brief telephone conversation, the client stated he wanted to increase his risk exposure. Bravoria subsequently recommended and invested in several high-risk funds on behalf of the client. Bravoria continued, as he had done in the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria most likely violate any CFA Standards? A. No B. Yes, with regard to investment statements C. Yes, with regard to purchasing venture capital funds Solution: C. Bravoria violated Standard III (A) in not exercising Loyalty, Prudence and Care. Bravoria had not updated his client’s profile in over two years thus should not have made further investments , particularly in high risk investments until such time as he updated the client’s risk and return objectives, financial constraints and financial position. Bravoria provided his client with investment statements more frequently than that which is required ; i.e. Quarterly so was not in violation of regular account information. Q-34. Jack Steyn, CFA, recently became the head of the trading desk at a large investment management firm that specializes in domestic equities. While reviewing the firm’s trading operations, he notices clients give discretion to the manager to select brokers on the basis of their overall services to the management firm. Despite the client directive, Steyn would most likely violate Standard III (A) Loyalty, Prudence, and Care if he pays soft commissions for which of the following services from the brokers ? A. Equity research reports B. Investment conference attendance C. Database services for offshore investments C is correct because Standard III (A) Loyalty, Prudence and Care stipulates that the client owns the brokerage. Therefore members and candidates are required to only use client brokerage to the benefit of the clients (soft commissions policy). Because the firm specializes in domestic equity, an offshore investment database service would not benefit clients . Q-35. 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 clients’ 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 Solution: C. C is correct because Rodriguez is in violation of Standard IV (A) Loyalty, which requires that, in matters related to their employment, members and candidates must 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 because his clients should be given the lower preferential prices according to Standard III (A) Loyalty, Prudence, and Care.; 个人分类: 金融学|0 个评论

分享 I am observing the world on your behalf. （转载）: 唐伯小猫 2014-4-21 21:40; 转载- 今天是郭小姐离开的第一千零一天。作为一个脸盲，我不记得绝大多数人的长相。我曾经觉得过了这么久我一定会忘记她的样子，就像我忘记其他人那样，但事实上我没有。我经常梦到她，梦到多年后在陌生的城市久别重逢，在P大的食堂门口擦身而过，或者在现在的住处一回头发现她也在看着我。我很感激还能有这种机会再见到她，梦里她还是那么青春的样子。我猜她应该不知道我已经满脸胡子了。有的时候从梦里没太醒过来。我就会想到底还有没有机会再见她一次，也许在某一次在我系好安全带之后会发现有个长得和她很像的女孩就坐在我的邻座，跟我一起去下一个目的地，然后她笑着对着诧异的我说很久不见。当然这些都是白日梦，白日梦醒，我就又呆呆的回过神来。很多年前郭小姐还是我女朋友的时候，我还是个屌丝宅男，最多也只会去一些近处走走，那个时候遥远得还没有屌丝、宅男这些词。她跟我说她爸爸去欧洲出差，她也想去欧洲。我当时对欧洲的景色几乎毫无概念，只知道去欧洲要好多钱，真不知道要多久才能去成。于是她告诉我说她出生的地方在喀纳斯湖，那里的湖水和森林就像欧洲一样。我只能模模糊糊的想象一艘船开在茫茫的湖面。几年之后我来到德国国王湖，船开到半是积雪的湖中央，船员在山间吹号，声音响彻山谷，我就想起她说的喀纳斯湖来。再后来我来到加拿大的路易斯湖，八月的夏天满是积雪，我绕着湖慢跑，我又想起她说的喀纳斯湖。我猜这应该就是她想说的那个样子，不过我没法向她验证了。郭小姐好像还知道很多在之后我会经历的事情，不光只是她给我讲过的美丽湖水。她和我说她喜欢莫奈的睡莲，有一家博物馆有一整间屋子都是莫奈的睡莲，不过她不记得是哪一家博物馆了。那个时候我连莫奈都不知道是谁，于是只记得睡莲。现在我也不记得是哪家博物馆了，也许是MoMA，也许是大都会，一间靠边的展厅，长长的好几个画板的绿色的色块，旁边不时有人在讲莫奈晚年几近失明的故事。第一眼看到那一片睡莲的时候我就想起郭小姐来，我于是默默的拍了好几张拼在一起的照片。这么一想，我的生活里好像都是郭小姐的影子。每当我评论画评论人评论各种东西的时候我仿佛都会记得她跟我说过的话。我本来以为时光流逝，这些细节都会被我忘掉，但事实上这些细节却在被一遍遍的回忆，仿佛上年纪的老人反倒还能清晰的回忆起年轻的事情。我努力的想留下一点她存在过的痕迹，比如她帮我选的大衣、她送给我的香水，假装她还没走远。可是她就是走远了。我想抓住回忆，能找到的只是零星几张和她的合影，以及梦里的擦身而过。有时我羡慕她能像照片里一样青春永驻，有时我神情呆滞的从她出现的梦中醒来，就像教父结尾里失去女儿的阿尔帕西诺，耳边听不到任何声响，思绪定格在悲伤的片刻。她从我读grad school的开始就在我的生活中缺席。我想在我的博士论文扉页写上To Dearest Miss GUO Yue, I am observing the world on your behalf. 看上去还不够优雅，如果她能帮我改得更优雅一点就好了。郭小姐离开的这一千零一天，我的生活里发生了好多故事。我想把发生的故事去过的地方看过的风景写下来讲给她听，虽然不会多么猎奇，但也许勉强够一个讲故事的本子。我还想告诉她我也喜欢上了别人，我又不喜欢了那些人，但我都会告诉那些人郭小姐是我一直爱的人。一段段故事在被一代代人重复，一样的情感想必也早被别人写过了。想来想去，还是直接抄过来简单：曾经沧海难为水除却巫山不是云取次花丛懒回顾半缘修道半缘君; 1 次阅读|0 个评论

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