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Linda · 2024年05月14日

B为什么不对

NO.PZ2023021602000063

问题如下:

Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment adviser. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, toward the market's close. Dunder finds this trading activity unusual and speaks to Chetch, who explains that the trading activity was completed at the client’s request. Dunder does not investigate further. Six months later, regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?

选项:

A.Yes, because he failed to reasonably supervise Chetch. B.Yes, because he did not report his findings to regulatory authorities. C.No.

解释:

The CFA Institute Code and Standard on Responsibilities of Supervisors, Standard IV (C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory role when he accepted Chetch's explanation of the unusual trading activity. Dunder should have reviewed the client's goals and objectives, as well as records, to see whether the client in fact requested month-end trading. Regardless of the explanation provided by Chetch, Dunder should have investigated further.

B为什么不对

1 个答案

王暄_品职助教 · 2024年05月14日

选项B(因为他没有向监管机构报告他的发现)不是一个正确的答案,因为在这个情景下,并没有直接的信息表明Dunder有法律义务或充分的理由去立即报告监管机构。尽管他注意到了不寻常的交易活动,但他接受了Chetch的解释,即这些交易是应客户的要求进行的。虽然Dunder的监督不足,但在没有进一步调查的情况下,他可能没有足够的证据或理由去报告给监管机构。


重要的是要理解,CFA Institute Standards of Professional Conduct 主要关注的是专业人员的行为和决策过程,而不是他们是否向外部机构报告。报告给监管机构通常是基于有充分理由怀疑存在违法行为时的一种选择,但在这个案例中,Dunder并没有足够的证据来支持这样的怀疑

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