道德

问题如下：

Did Fitzgerald most likely violate the CFA Institute Standards of Professional Conduct regarding his emails to the chief financial officers of the two companies under his coverage?

选项：

A.No B.Yes, regarding Standard III(B): Fair Dealing C.Yes, regarding Standard V(A): Diligence and Reasonable Basis

解释：

Solution

1. Correct. Fitzgerald most likely did not violate any of the CFA Institute Standards of Professional Conduct by emailing his earnings estimates to the CFOs of the companies under his coverage. He simply sent the CFOs his earnings model for their review and asked for comments. There is no evidence his earnings estimates do not reflect his investment recommendation or opinion about the earnings potential of the companies under his coverage.

2. Incorrect. When Fitzgerald published his earnings estimates and distributed his research report, he most likely did not violate Standard III(B): Fair Dealing. This standard requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. There is no evidence he gave preferential treatment to any investor.

3. Incorrect. When Fitzgerald emailed the CEOs of the companies under his coverage, he most likely did not violate Standard V(A): Diligence and Reasonable Basis. This standard requires members and candidates to (1) exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions and (2) have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action. He emailed only his model, not his recommendation, to the CEOs to elicit their comments. There is no evidence his earnings estimates do not reflect the earnings potential of the companies under his coverage.

Guidance for Standards I–VII

• demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations