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3. Jane Norse, CFA, is the manager of the Beckman Company’s pension fund, which substantially outperformed its benchmark this year. John Beckman is extremely pleased with the fund’s performance and offered Norse and five of her friends an all-expenses-paid trip to Hawaii with accommodations at a nearby five-star resort. Prior to her trip, Norse described the details of the entire trip to her supervisor in writing. She subsequently completed the trip. According to the Standards of Practice Handbook, has Norse violated any CFA Institute Standards of Professional Conduct?
A. Yes, because she cannot accept gifts valued at over US$100 from clients.
B. Yes, because accepting the gift will compromise her independence and objectivity.
C. No
Correct answer = C
Additional compensation arrangement can be received only after the written consent from all parties.
對于Additional compensation arrangements，需要披露且得到雇主的書面同意，題目中說，他披露了，但是他未提及是否得到書面同意。我們說，顧客的禮物是可以接受的，A和D（可以接受，但是要揭露且得到書面同意）的表述是不對的；另外，既然披露了，他就沒有違反conflict of interest。 此題，可以選擇答案為：Yes, because she accept client’s gift without employer’s written consent，就可以選這個了。從本題的描述中，A,B都不是確切的選項。
4. 如果是client brokerage，購買的goods and services 并沒有讓客戶獲益，這是可以的，但是需要披露potential conflict；問題：為什么沒有讓客戶受益也還是可以呢？
Solution：對于client brokerage, 只要服務是好的，且客戶沒有支付更高的價格，可以讓經理收益，只要披露就可以了，此時，客戶并沒有損失，在Handbook中有一個例子可以充分說明這個問題，一個Broker幫A介紹了客戶，且Broker的服務較好且價格沒有偏高，此時A將自己的客戶介紹給Broker是可以的， 只要披露；但是，如果Broker的價格較高，不可以讓自身收益，只能讓顧客受益。但是，如果有fiduciary duty存在的前提下，這兩種情況都是不可以的。
5. Giving all client accounts participating in a block trade the same execution price and charging the same commission. 問題：針對大客戶，不可以給予費率優(yōu)惠嗎？？？
Solution：如果charge一樣的commission就應該是一樣的價格。如果給予大客戶優(yōu)惠，就應該不同的客戶不同的對待，這是違反了Fair dealing。
報考指南：2014年CFA考試備考指南
免費題庫：2014年CFA免費題庫
考前沖刺：CFA備考秘籍
高清網(wǎng)課：CFA考試網(wǎng)絡課程
