关于违反公司标准

问题如下：

Which CFA Institute Standard of Professional Conduct would least likely be violated if Pierce distributed the senior analyst’s email as requested?

选项：

A.Standard III: Duties to Clients B.Standard IV: Duties to Employers C.Standard V: Investment Analysis, Recommendations, and Actions

解释：

Solution

1. Incorrect. Standard V: Investment Analysis, Recommendations, and Actions would least likely be violated if Pierce distributed the email. Specifically, Standard V(B): Communication with Clients and Prospective Clients requires members and candidates to (1) disclose to clients and prospective clients the basic format and general principles of the investment processes, (2) disclose to clients and prospective clients limitations and risks, (3) identify which factors are important to their investment analysis, and (4) distinguish between fact and opinion. The email outlined the analyst’s earnings model for a company under his coverage and included his assumptions, the important factors surrounding his analysis, and the risk associated with those earnings. If the email had been distributed, it would have been a violation of Standard III: Duties to Clients—specifically, Standard III(B): Fair Dealings, which requires that members and candidates deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. Emailing the change in earnings expectations to a subset of asset management clients failed to deal fairly with all clients. It would also have been a violation of Standard IV: Duties to Employers—specifically, Standard IV(C): Responsibilities of Supervisors, which requires that members and candidates make reasonable efforts to ensure anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards. Company policy requires reports being emailed to come through Pierce’s supervisor. In this case, the report came directly from the analyst. If it had been emailed, it would have clearly been a violation of company policy and a failure to supervise would have occurred somewhere in the chain of command. However, it is unclear whether this failure occurred with the analyst, the analyst’s supervisor, or Pierce’s supervisor.

2. Incorrect. Standard V: Investment Analysis, Recommendations, and Actions would least likely be violated if Pierce distributed the email. Specifically, Standard V(B): Communication with Clients and Prospective Clients requires members and candidates to (1) disclose to clients and prospective clients the basic format and general principles of the investment processes, (2) disclose to clients and prospective clients limitations and risks, (3) identify which factors are important to their investment analysis, and (4) distinguish between fact and opinion. The email outlined the analyst’s earnings model for a company under his coverage and included his assumptions, the important factors surrounding his analysis, and the risk associated with those earnings. If the email had been distributed, it would have been a violation of Standard III: Duties to Clients—specifically, Standard III(B): Fair Dealings, which requires that members and candidates deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. Emailing the change in earnings expectations to a subset of asset management clients failed to deal fairly with all clients. It would also have been a violation of Standard IV: Duties to Employers—specifically, Standard IV(C): Responsibilities of Supervisors, which requires that members and candidates make reasonable efforts to ensure anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards. Company policy requires reports being emailed to come through Pierce’s supervisor. In this case, the report came directly from the analyst. If it had been emailed, it would have clearly been a violation of company policy and a failure to supervise would have occurred somewhere in the chain of command. However, it is unclear whether this failure occurred with the analyst, the analyst’s supervisor, or Pierce’s supervisor.

3. Correct. Standard V: Investment Analysis, Recommendations, and Actions would least likely be violated if Pierce distributed the email. Specifically, Standard V(B): Communication with Clients and Prospective Clients requires members and candidates to (1) disclose to clients and prospective clients the basic format and general principles of the investment processes, (2) disclose to clients and prospective clients limitations and risks, (3) identify which factors are important to their investment analysis, and (4) distinguish between fact and opinion. The email outlined the analyst’s earnings model for a company under his coverage and included his assumptions, the important factors surrounding his analysis, and the risk associated with those earnings. If the email had been distributed, it would have been a violation of Standard III: Duties to Clients—specifically, Standard III(B): Fair Dealings, which requires that members and candidates deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. Emailing the change in earnings expectations to a subset of asset management clients failed to deal fairly with all clients. It would also have been a violation of Standard IV: Duties to Employers—specifically, Standard IV(C): Responsibilities of Supervisors, which requires that members and candidates make reasonable efforts to ensure anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards. Company policy requires reports being emailed to come through Pierce’s supervisor. In this case, the report came directly from the analyst. If it had been emailed, it would have clearly been a violation of company policy and a failure to supervise would have occurred somewhere in the chain of command. However, it is unclear whether this failure occurred with the analyst, the analyst’s supervisor, or Pierce’s supervisor.

Guidance for Standards I–VII

• recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct