2013年CFA考试模拟题型-关于道德和专业标准6-10
6. Colleen O’Neil, CFA, manages a private investment fund with a balanced global investment
mandate. Her clients insist that her personal investment portfolio replicate the investments
within their portfolio to assure them she is willing to put her money at risk. By undertaking
which of the following simultaneous investment actions for her own portfolio would O’Neil most
likely be in violation of Standard VI (B) Priority of Transactions?
A. Sale of a listed U.S. blue chip value stock
B. Participation in a popular frontier market IPO
C. Purchase of a UK government bond in the primary market
Answer = B
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard VI (B) Priority of Transactions
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that
violates the Code and Standards.
B is correct because Standard VI (B) Priority of Transactions dictates members and candidates
give their clients and employer priority when making personal investment transactions. Even
when clients allow or insist the manager invest alongside them, the manager’s transactions
must never adversely affect the interests of the clients. A popular or “hot” IPO in a frontier
market is likely to be oversubscribed. In such cases, Standard VI (B) dictates the manager should
not participate in this event to better ensure clients will have a higher probability of getting their
full subscription allotment, even though clients have allowed or dictated that she participate
alongside them.
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