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

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1、EthicalandProfessionalStandardss(O*5dmHS69f5CgApplicationoftheCodeandStandards:LevelIIIMW&hmiBQCase:JasonLockeJasonLocke,CFA,hasrecentlybeenhiredastheChiefInvestmentOfficeroftheEscarpmentRegionalGovernmentEmployees*PensionFund(theFund).Currently,heisconductingevaluationsofallexternalmanagersemployed

2、bytheFundtoensurethattheyareprovidingthehighestpossiblereturnsfortheirmandates,whilecomplyingwithallapplicablelawsandregulations.1.ockeisevaluatingtheactivityofNiagaraGrowthManagers(NGM)falocalmoneymanagerallocated10percentoftheFund,sassets.Herealizesthatanyreductionintheallocationtothislocalmanager

3、willbemetwithconsiderablepoliticalpressure.Theinvestmentpolicystatement(IPS)forNGM,sportionoftheFund,sassetsstatesthatNGMistoactivelymanageanequityportfoliooflocalSmall-cap,high-techcompanies.UponhisreviewofNGM*sactivity,Lockeisconcernedabouttwoitemsthathewouldlikeexplained.AtameetingwithNGMMportfol

4、iomanager,EmmaBlack,CFA,Lockeaskshertocommentoneachitem:CommoditiesPositions1.ocke:,0verthelastyear,severallargepositionsincommoditieshavebeentakenbytheFundsportfolio.ThisisinconsistentwiththeIPS.wBlack:Commoditieshavesignificantlyoutperformedhigh-techequitiesrecently.Iaddedcommoditiestolargerclient

5、s,portfoliosonatemporarybasis.Clientswerenotinformedbecausethepositionswillbesoldoncemarketsentimentshifts.Ihavenotmanagedcommoditiesbefore,butIamgettinggoodreturns/*1.ocke:Iamuncomfortablewiththeseinvestmentsinthisportfolio/QCase:JasonLockeIPOShareAllocation1.ocke:,TheFundsportfolioreceived50,000sh

6、aresofaninitialpublicoffering(IPO)on1April.On15May,30,000shareswereremovedatthecurrentmarketprice.Black:,TherewasaproblemwithNGMfsIPOallocationalgorithm.Initially,youwereover-allocatedandwhenwediscoveredtheerror,youraccountwasadjusted/1.ocke:Short-terminterestshouldhavebeencreditedtotheFundforuseofi

7、tscashtocoverthetrade.Inanycase,thiswasanIPOofalargeinternationalhigh-techcompany.Itwasnotanappropriateinvestmentfortheportfolio/QCase:JasonLockeAfterthemeeting,LockeisnotsatisfiedwithBlackscommentsanddecidesthatfurtheractionisrequired.HealsodecidesthathewillallowNGMtocontinuetomanageFundassetsuntil

8、hefinisheshisevaluation.ThisdecisionisbasedonthesuperiorreturnsoftheNGM-managedassets,thesignificantdiversificationthisportfolioaddstotheFund,andalsothepoliticalimplicationsoffiringthelocalmoneymanager.Thenextweek,LockecallsBlackandoutlinesseveralconditionsthatmustbefulfilledforNGMtocontinueasamanag

9、erfortheFund.Oneoftheconditionsoutlinedrelatestotradeallocations.TradeAllocation1.ocke:TrovidewrittentradeallocationproceduresconsistentwiththeCFAInstituteStandardsofProfessionalConduct/*Black:Iwillmailyouacopyofournewproceduresstatingthattradeallocationsmustbereviewedattheendofeachmonthagainstclien

10、ts1IPS.Italsosaysthatinterestwillbecreditedtoaccountsthathavebeenincorrectlyallocatedsharesanddebitedfromthoseaccountsthatshouldhavereceivedshares.Withhisevaluationcomplete；LockemustnowconsiderwhethertoretainNGMasoneoftheFund,sassetmanagers.Case:JasonLockeAccordingtotheCFAInstituteStandardsofProfess

11、ionalConduct,LockeoweshisprimarydutyofloyaltyinmanagingtheFundto:A.theplantrustees.Case:JasonLockeQAnswer:B.1.ockesprimarydutyistohisclients.Inthecaseofapensionplan,theclientsarealloftheultimatebeneficiaries.Withrespecttothecommoditiespositions,whichofthefollowingactionsbestdescribesBlacksviolationo

12、ftheCFAInstituteStandardsofProfessionalConduct?BlackviolatedCFAInstituteStandardsby:A.buyinganassetclassinwhichshehasnopriormanagementexperience.B.buyingassetsthatareinconsistentwiththeportfoliosInvestmentPolicyStatement.C.failingtonotifytheclientthatshewouldtemporarilydeviatefromtheclientsInvestmen

13、tPolicyStatement.Case:JasonLockeAnswer:B.UndernocircumstancesshouldamanagertakeinvestmentactionthatisinconsistentwiththeclientsIPS.Case:JasonLockeWithregardtotheIPOshareallocation,arebothNGM,smethodoftradecorrectionon15MayandLockesdemandforashort-terminterestcredit,respectively,consistentwiththeCFAI

14、nstituteStandardsofProfessionalConduct?A.Yes.B.No,onlythemethodoftradecorrectionisconsistent.C.No,onlythedemandforashort-terminterestcreditisconsistent.1.ocke,sinterestclaimislegitimatesincetheFund,scashwasemployedtopurchaseequitiesthatwerelaterremovedfromtheaccount.Therefore,theFundisowedinterestfo

15、rtheperiodinquestion.Case:JasonLockeAfterhisinitialmeetingwithBlack,doesLockesdecisiontoallowNGMtocontinuemanagingtheportfolioviolatetheCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,becauseheallowedpoliticalfactorstoinfluencehisdecision.C.Yes,becauseheisobligatedtoimmediatelysuspendNGMuntilh

16、efinisheshisevaluation.Case:JasonLockeQAnswer:A.UntilLocke,sinvestigationiscomplete,hehasnoobligationtosuspendthemanagerortakeanyotheraction.Hebelievesthemanagercananddoesaddvaluethroughsuperiorreturnsanddiversification,andthereforeitmaybereasonabletoretainNGMifLockecanbesatisfiedthatthemanagercanactwithintheconstraintsoftheIPSan