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【CFA习题】

1.Beth Kozniak, a CFA candidate, is an independent licensed real estate broker and a well-known property investor. She is currently brokering the sale of a commercial property on behalf of a client in financial distress. If the client's building is not sold within 30 days, he will lose the building to the bank. A year earlier, another client of Kozniak's had expressed interest in purchasing this same property. However, she is unable to contact this client, and she has not discovered any other potential buyers. Given her distressed client's limited time frame, Kozniak purchases the property herself and forgoes any sales commission. Six months later, she sells the property for a nice profit to the client who had earlier expressed interest in the property. Has Kozniak most likely violated the CFA Institute Standards of Professional Conduct?

A. No

B. Yes, she did not disclose her potential conflicts of interest to either client

C. Yes, she profited on the real estate to the detriment of her financially stressed client

查看答案解析

【答案】

【解析】

Kozniak does not appear to have violated any CFA Institute Standards of Professional Conduct. Because she is known in the market for investing and brokering property and both parties have worked with Kozniak in the past, both parties would know of her interests. In addition, in both cases, she acts for her own account as a primary investor, not as a broker. She buys the property for her own portfolio and then sells the property from her own portfolio. Therefore, Kozniak did not violate Standard VI(A)–Disclosure of Conflicts. When she purchased the property for her portfolio, she saved her client from losing the building to the bank and did not charge a sales commission. Because the sale of the property to her other client did not take place until six months after her purchase, and she was unable to contact the client who had earlier expressed interest prior to her purchase, she cannot be accused of violating Standard III(A)–Loyalty, Prudence, and Care with either client.

【CFA习题】

2.Mariam Musa, CFA, head of compliance at Dunfield Brokers, questions her colleague Omar Kassim, a CFA candidate and a research analyst, about his purchase of shares in a company for his own account immediately before he publishes a "buy" recommendation. He defends his actions by stating he has done nothing wrong because Dunfield does not have any personal trading policies in place. The CFA Institute Standards of Professional Conduct were most likely violated by:

A. only Kassim.

B. both Musa and Kassim.

C. only Musa.

查看答案解析

【答案】

【解析】

Both Musa and Kassim violated the Standards of Professional Conduct. Musa violated Standard IV(C)–Responsibilities of Supervisors by not ensuring policies were in place to prevent violations of the Standards of Professional Conduct (in this case, Standard VI(B)–Priority of Transactions) by someone subject to her supervision. As the head of compliance, Musa supervised Kassim and must meet her supervisory responsibilities outlined in the Standards of Professional Conduct. Kassim violated Standard VI(B)–Priority of Transactions because he did not give sufficient priority to Dunfield's clients before trading on his recommendation.

没有被折磨的觉悟，就没有向前冲的资格。既然选择了，就算要跪着也要走下去。其实有时候我们还没做就被我们自己吓退了，想要往前走，就不要考虑太多，去做就行了。既然选择了CFA考试，就要朝着它勇敢向前，每天进步一点点，基础扎实一点点，通过考试也就会更容易一点点。