2013年CFA考试模拟题型-关于道德和专业标准1-5
1. Bailey Watson, CFA manages 25 emerging market pension funds. He recently had the
opportunity to buy 100,000 shares in a publicly listed company whose prospects are considered
“above industry norm” by most analysts. The company’s shares rarely trade because most
managers take a “buy and hold” strategy because of the company’s small free float. Before
placing the order with his dealer, Watson allocated the shares to be purchased according to the
weighted value of each of his clients’ portfolios. When it came time to execute the trades, the
dealer was only able to purchase 50,000 shares. To prevent violating Standard III (B) Fair
Dealing, it would be most appropriate for Watson to reallocate the 50,000 shares purchased by:
A. reducing each pension fund’s allocation proportionately.
B. distributing them equally amongst all the pension fund portfolios.
C. allocating randomly but giving funds left out priority on the next similar type trade.
Answer = A
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard III (B) Fair Dealing
Study Session 1–2–c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and
Standards of Professional Conduct.
A is correct because Standard III (B) Fair Dealing requires members and candidates to deal fairly
and objectively with all clients. Certain clients cannot be favored over other clients when their
investment objectives and circumstances are similar. Therefore, the most appropriate way to
handle the reallocation of an illiquid share is to reduce each client’s proportion on a pro rata, or
weighted basis.
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