不懂

问题如下：

Given the board’s intended purpose for starting the Fund, which of the following principles of conduct under the Asset Manager Code of Professional Conduct is least likely violated?

选项：

Act in a professional and ethical manner at all times.

Act for the benefit of clients.

Uphold the rules governing capital markets.

解释：

C is correct. The board gave instructions to Akinyi to ensure compliance with capital markets regulations, thus upholding one of the general principles of conduct of the Asset Manager Code. But the desire for the Fund to act as a buyer of last resort violates the principle of acting for the benefit of clients (i.e., placing their interests before the firm’s and their own). By putting the firm’s interests in front of their clients, the board is not acting in a professional and ethical manner. Although the Fund may benefit corporate finance clients and meet the demand of some clients for a fund, not all Fund clients’ interests may be protected by the Fund being the buyer of last resort (i.e., guaranteeing to buy 100% of the corporate finance clients’ private placements if placement to other potential investors does not succeed). These placements may not meet the Fund’s objectives and risk profile, thus not protecting the interests of the Fund’s clients.

A is incorrect because by not acting for the benefit of all clients, the Board is unprofessional and unethical, violating one of the principles of the Code.

B is incorrect because one of the principles is to act for the benefit of clients, placing client interests before their own. This is not likely because the Fund’s clients’ interests are not necessarily being protected with the underwriting of all corporate finance deals.