CFA三级培训项目：经典题_Ethical and Professional Standards_打印版.docx

EthicalandProfessionalStandardss(£O*5dmHS69f5>CgApplicationoftheCodeandStandards:LevelIIIMW&«hmiBQCase:JasonLockeJasonLocke,CFA,hasrecentlybeenhiredastheChiefInvestmentOfficeroftheEscarpmentRegionalGovernmentEmployees*PensionFund(theFund).Currently,heisconductingevaluationsofallexternalmanagersemployedbytheFundtoensurethattheyareprovidingthehighestpossiblereturnsfortheirmandates,whilecomplyingwithallapplicablelawsandregulations.1.ockeisevaluatingtheactivityofNiagaraGrowthManagers(NGM)falocalmoneymanagerallocated10percentoftheFund,sassets.Herealizesthatanyreductionintheallocationtothislocalmanagerwillbemetwithconsiderablepoliticalpressure.Theinvestmentpolicystatement(IPS)forNGM,sportionoftheFund,sassetsstatesthatNGMistoactivelymanageanequityportfoliooflocalSmall-cap,high-techcompanies.UponhisreviewofNGM*sactivity,Lockeisconcernedabouttwoitemsthathewouldlikeexplained.AtameetingwithNGMMportfoliomanager,EmmaBlack,CFA,Lockeaskshertocommentoneachitem:CommoditiesPositions1.ocke:,0verthelastyear,severallargepositionsincommoditieshavebeentakenbytheFund'sportfolio.ThisisinconsistentwiththeIPS.wBlack:"Commoditieshavesignificantlyoutperformedhigh-techequitiesrecently.Iaddedcommoditiestolargerclients,portfoliosonatemporarybasis.Clientswerenotinformedbecausethepositionswillbesoldoncemarketsentimentshifts.Ihavenotmanagedcommoditiesbefore,butIamgettinggoodreturns/*1.ocke:"Iamuncomfortablewiththeseinvestmentsinthisportfolio/'QCase:JasonLockeIPOShareAllocation1.ocke:,TheFund'sportfolioreceived50,000sharesofaninitialpublicoffering(IPO)on1April.On15May,30,000shareswereremovedatthecurrentmarketprice."Black:,TherewasaproblemwithNGMfsIPOallocationalgorithm.Initially,youwereover-allocatedandwhenwediscoveredtheerror,youraccountwasadjusted/1.ocke:"Short-terminterestshouldhavebeencreditedtotheFundforuseofitscashtocoverthetrade.Inanycase,thiswasanIPOofalargeinternationalhigh-techcompany.Itwasnotanappropriateinvestmentfortheportfolio/'QCase:JasonLockeAfterthemeeting,LockeisnotsatisfiedwithBlack'scommentsanddecidesthatfurtheractionisrequired.HealsodecidesthathewillallowNGMtocontinuetomanageFundassetsuntilhefinisheshisevaluation.ThisdecisionisbasedonthesuperiorreturnsoftheNGM-managedassets,thesignificantdiversificationthisportfolioaddstotheFund,andalsothepoliticalimplicationsoffiringthelocalmoneymanager.Thenextweek,LockecallsBlackandoutlinesseveralconditionsthatmustbefulfilledforNGMtocontinueasamanagerfortheFund.Oneoftheconditionsoutlinedrelatestotradeallocations.TradeAllocation1.ocke:TrovidewrittentradeallocationproceduresconsistentwiththeCFAInstituteStandardsofProfessionalConduct/*Black:"Iwillmailyouacopyofournewproceduresstatingthattradeallocationsmustbereviewedattheendofeachmonthagainstclients1IPS.Italsosaysthatinterestwillbecreditedtoaccountsthathavebeenincorrectlyallocatedsharesanddebitedfromthoseaccountsthatshouldhavereceivedshares."Withhisevaluationcomplete；LockemustnowconsiderwhethertoretainNGMasoneoftheFund,sassetmanagers.Case:JasonLockeAccordingtotheCFAInstituteStandardsofProfessionalConduct,LockeoweshisprimarydutyofloyaltyinmanagingtheFundto:A.theplantrustees.Case:JasonLockeQAnswer:B.1.ocke'sprimarydutyistohisclients.Inthecaseofapensionplan,theclientsarealloftheultimatebeneficiaries.Withrespecttothecommoditiespositions,whichofthefollowingactionsbestdescribesBlack'sviolationoftheCFAInstituteStandardsofProfessionalConduct?BlackviolatedCFAInstituteStandardsby:A.buyinganassetclassinwhichshehasnopriormanagementexperience.B.buyingassetsthatareinconsistentwiththeportfolio'sInvestmentPolicyStatement.C.failingtonotifytheclientthatshewouldtemporarilydeviatefromtheclientsInvestmentPolicyStatement.Case:JasonLockeAnswer:B.UndernocircumstancesshouldamanagertakeinvestmentactionthatisinconsistentwiththeclientsIPS.Case:JasonLockeWithregardtotheIPOshareallocation,arebothNGM,smethodoftradecorrectionon15MayandLocke'sdemandforashort-terminterestcredit,respectively,consistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Yes.B.No,onlythemethodoftradecorrectionisconsistent.C.No,onlythedemandforashort-terminterestcreditisconsistent.1.ocke,sinterestclaimislegitimatesincetheFund,scashwasemployedtopurchaseequitiesthatwerelaterremovedfromtheaccount.Therefore,theFundisowedinterestfortheperiodinquestion.Case:JasonLockeAfterhisinitialmeetingwithBlack,doesLocke'sdecisiontoallowNGMtocontinuemanagingtheportfolioviolatetheCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,becauseheallowedpoliticalfactorstoinfluencehisdecision.C.Yes,becauseheisobligatedtoimmediatelysuspendNGMuntilhefinisheshisevaluation.Case:JasonLockeQAnswer:A.UntilLocke,sinvestigationiscomplete,hehasnoobligationtosuspendthemanagerortakeanyotheraction.Hebelievesthemanagercananddoesaddvaluethroughsuperiorreturnsanddiversification,andthereforeitmaybereasonabletoretainNGMifLockecanbesatisfiedthatthemanagercanactwithintheconstraintsoftheIPSan