开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

moon · 2020年08月18日

问一道题:NO.PZ2016040303000014

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.

"Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts."这句话的意思不是说这些提供的信息对公司所管理的账户没有价值,但是对他管理的其他的账户有用,不属于因公寻思之类的吗?

1 个答案

王暄_品职助教 · 2020年08月18日

嗨,从没放弃的小努力你好:


这句话是说这些信息对管理“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。这个不是因公寻私哦,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


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


  • 1

    回答
  • 3

    关注
  • 708

    浏览
相关问题

NO.PZ2016040303000014 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. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. 这个说的不是对其他账户有利吗,而对这个账户没价值,这样也可以?意思就是只要对于我所管理的客户有利的就可以收,不管是哪个客户?

2022-07-12 22:13 1 · 回答

NO.PZ2016040303000014 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. Although this information is not of value in managing the Jones Corporation account这句话不算对客户不利吗

2022-05-08 10:52 1 · 回答

NO.PZ2016040303000014 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. 老师好,这道题的题干没读懂,也没读懂是什么考点,可以讲解一下吗谢谢!

2022-05-05 12:50 1 · 回答

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.哪里看出来.不投票是经过自己的审慎思考了呢

2020-11-10 17:58 1 · 回答

可以翻译一下这道题么

2020-10-07 15:37 1 · 回答