题干：From time to time, PIA receives initial public offering (IPO) allocations from FTI. Danko allocates these IPOs to those discretionary accounts that normally participate in IPOs. If the IPO is oversubscribed, he excludes his wife’s discretionary non-fee-paying account so that he is not accused of bias when allocating the oversubscribed IPOs.
Q. Does Danko violate the CFA Institute Standards when he allocates oversubscribed IPO issues?
- No.
- Yes, because he should allocate the oversubscribed IPOs across all discretionary accounts.
- Yes, because he should treat his wife’s account the same as other discretionary accounts and include it in the oversubscribed IPO allocations.
Solution
A is correct. When an issue is oversubscribed, allocations cannot be made to accounts where members and candidates have beneficial interest; client orders must be filled first.
Application of the Code and Standards: Level III Learning Outcomes
- Evaluate practices, policies, and conduct relative to the CFA Institute Code of Ethics and Standards of Professional Conduct
- Explain how the practices, policies, or conduct does or does not violate the CFA Institute Code of Ethics and Standards of Professional Conduct
我的问题：老师您好，我记得有过类似的题，但是好像涉及的相关discretionary的账户是类似parents这样的身份，我印象中的解释是应该把parents的账户当成普通的客户，不区别对待。而这个题是wife。在这道题里，这个wife的身份是不是被认为跟其他relatives的身份不一样，算跟Danko是一个人了（这是这道题目给出的正式解释的角度），所以才选A？ 或者答案给的角度不对，应该从non-fee-paying的角度来解释？ 请老师解答，多谢！
