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小皮皮daisy · 2020年03月13日

问一道题:NO.PZ201604030300004702

* 问题详情,请 查看题干

问题如下:

2. When participating in the road shows in Switzerland, Riser least likely violates the Standard relating to:

选项:

A.

Disclosure of Conflicts.

B.

Independence and Objectivity.

C.

Additional Compensation Arrangements.

解释:

C is correct.

Riser least likely violates Standard IV(B) —Additional Compensation Arrangements when participating in the road shows. The Standard provides guidance regarding the acceptance and disclosure of compensation that might conflict with an employer’s interests. Participating in the road shows and receiving compensation from the subsidiary do not appear to conflict with his employer’s interests.

When participating in the road shows, Riser may violate Standards I(B) —Independence and Objectivity and VI(A) —Disclosure of Conflicts. The Standard relating to Independence and Objectivity requires that members use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Riser’s role as board member could jeopardize his objectivity and create a conflict of interest. Standard VI(A) —Disclosure of Conflicts requires that members make full and fair disclosure of all matters that could reasonably be expected to impair the independence and objectivity or interfere with respective duties to the clients, and prospective clients. Full disclosure allows clients to judge motives and possible biases for themselves. Riser does not appear to make adequate disclosure.

如果说与雇主利益没有冲突,那为什么违反了A呢。

而且这里面也没有说,他把路演的利益和收入提前报告给雇主得到雇主同意,如果A选项违反了,C也应该违反了。

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发亮_品职助教 · 2020年03月14日

嗨,努力学习的PZer你好:


这里是这样,Riser同学是Swibank的Portfolio manager,然后Swibank在Luxembourg有一家子公司,子公司的任务是销售Funds-of-funds,所以子公司的任务其实是销售基金产品的。然后Riser在子公司的任职是serve on the board of directors.

从职责上看,Riser在Swibank的本职工作是基金经理,在子公司做的是Road show,advise on business strategies....也就是在子公司做的是推广,以及为公司提供Advice。

所以,在子公司的工作任务和基金经理没有冲突。如果说在子公司做的是基金经理,或者是研究员,那肯定和原雇主产生了冲突,但是他现在在子公司做的是销售推广与咨询业务,与本职工作没有冲突。这样的话参加Road show根本不会与本职工作产生影响。


A说的Disclosure of conflicts,主要只说没有跟客户充分披露他的本职工作。

从原文看,他在子公司Board的薪水不合理,因为薪水是基于他在Swibank当基金经理收入的5%,那这样的话,在推广的过程中,只要重点卖自己的产品,那在Swibank当基金经理的收入会提高,在子公司当Board member的收入也会提高。

所以他在参考Road show推广产品时,就存在Conflicts,自己与客户的利益冲突。站在客户的角度看,基金经理推广产品时,可能只会考虑到自己的收入,重点推广和自己有关的产品。而不是客观的从产品的角度推广的。



“如果A选项违反了,C也应该违反了。”


不一定。

Conflicts of interest,是指一切的利益冲突,他有可能是员工与雇主的冲突,也有可能是员工与客户的冲突。

参考Conflicts of interest,他是从所以利益冲突角度出发的:

Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.
 


而Additional Compensation Arrangements,只是员工与雇主的冲突。

参考Additional Compensation Arrangements的定义,他是从employer的interest出发的:

Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer’s interest unless they obtain written consent from all parties involved.


-------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


小皮皮daisy · 2020年03月15日

太赞了,实名表白发亮助教。。解答特别清晰

发亮_品职助教 · 2020年03月14日

参考下面高亮部分:


参考Conflicts of interest,他是从所以利益冲突角度出发的:


Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.


参考Additional Compensation Arrangements的定义,他是从employer的interest出发的:


Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer’s interest unless they obtain written consent from all parties involved.

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