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洋葱头 · 2023年11月04日

这些信息尽管对Jones员工计划账户没用,但是Farnsworth可以用在其他账户上受益。

NO.PZ2016040301000014

问题如下:

One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution. Farnsworth investigates the director issue, concludes that the management nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:

选项:

A.

Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.

B.

Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokerage firm.

C.

Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.

解释:

B is correct.

This question relates to Standard III(A) –Loyalty, Prudence, and Care—specifically, a member’s or candidate’s responsibility for voting proxies and the use of client brokerage. According to the facts stated in the question, Farnsworth did not violate Standard III(A). Although the company president asked Farnsworth to vote the shares of the Jones Corporation profit-sharing plan a certain way, Farnsworth investigated the issue and concluded, independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not in violation of his responsibility to be loyal and to provide care to his clients. In this case, the participants and the beneficiaries of the profit-sharing plan are the clients, not the company’s management. Had Farnsworth not investigated the issue or had he yielded to the president’s wishes and voted for a slate of directors that he had determined was not in the best interest of the company, Farnsworth would have violated his responsibilities to the beneficiaries of the plan. In addition, because the brokerage firm provides the lowest commissions and best execution for securities transactions, Farnsworth has met his obligations to the client in using this brokerage firm. It does not matter that the brokerage firm also provides research information that is not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for that information.

Farnsworth不想失去管理这个Jones这个员工计划账户的机会,因为他把这个账户指定给了一个交易中介做交易,这个中介会给Farnsworth提供很多的信息,这些信息尽管对Jones员工计划账户没用,但是Farnsworth可以用在其他账户上受益。

里她获得的soft dollor 是给别的投资交易获利而不是员工计划账户本身 也不冲突吗?

1 个答案

王暄_品职助教 · 2023年11月04日

文中说,这些信息对管理“Jones Corporation”这家公司的账户没什么价值,但是有利于他手上的其他客户的账户。这个不是因公寻私,因为其他客户也是客户,他并没有说拿着这些信息做有利于自己账户的事情。一般来说,manager给broker一笔commission都是集合了自己所有客户的钱,一次性给broker的。所以只要broker返还的softdollar可以为自己的客户服务即可,CFA并不要求细分到具体是哪位客户

 

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NO.PZ2016040301000014 问题如下 One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth: A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm. B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. 老师,请问题干是什么意思呀,可以讲解一下吗?

2024-05-14 15:45 1 · 回答

NO.PZ2016040301000014 最后一句话,broker提供了一些无用的信息给投资经理,即使投资经理没有付费给broker这没关系。 我理解了一下这一整段的解析,是不是说要在保证soft llor只要是best excution anbest commission,并且将这些soft llar披露给客户,其他附加信息不管是什么都不违反这条 loyto client? 我理解的对吗?

2021-08-24 14:11 1 · 回答

NO.PZ2016040301000014 not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct. This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. 老师你好,请问下题目中the slate of rectors这个句子和slate是什么意思?

2021-07-21 10:06 1 · 回答

    请问老师 这题主人公获得了SOFT LLOR且没有披露,为什么没有违反相应准则

2019-05-23 15:20 1 · 回答