关于第一问:如果只是通过了三级,还没有成为Holder,是不能宣称自己是holder的,如下:
关于第二问,原版书有如下解释:
In addition, if the issue is oversubscribed, members and candidates should forgo any sales to themselves or their immediate families in order to free up additional shares for clients.
在Oversubscribed 中CFA member和immediate families应该放弃。
这里的出发点是:Candidate和member会不会受益。即whether or nor the beneficial interest exists.
就算妻子是fee-paying account,仍然不能参与Oversubscribed IPO,因为是收益账户。所以与是否是non-fee paying account无关。
但是,又有如下解释:
If the investment professional's family-member accounts are managed similarly to the accounts of other clients of the firm, however, the family-member accounts should not be excluded from buying such shares.
如果没有 beneficial-interests 那么在IPO中仍然可以当做正常客户。你的举例他哥哥是实际受益人,是OK的。