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Cherry9520 · 2021年05月15日

这句代表fair dealing?

  1. CFA III
  2. Ethics

* 问题详情，请 查看题干

NO.PZ201604030300004601

问题如下：

1. For a CFA charterholder, would adhering to Omega’s policies regarding riskless principal transactions result in a violation of the CFA Institute Standards of Professional Conduct?

选项：

A.

No.

B.

Yes, because Omega disadvantages institutional clients.

C.

Yes, because disclosure of the policy does not relieve Omega of its obligation to treat clients equally.

解释：

A is correct.

Mark-ups and mark-downs in net trades are considered fees paid by clients. Standard III(B) —Fair Dealing requires that members treat all clients fairly in light of their investment objectives and circumstances. Treating institutional and retail investors differently is not a violation. According to the Standards, members can differentiate their services to clients but different levels of service must be disclosed and should not negatively affect clients. Omega has made the appropriate disclosures to its clients in compliance with legal and regulatory requirements as well as the Standards.

In addition, Omega informs third-party broker-dealers that it will seek best execution on retail orders.

这句代表fair dealing?

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1 个答案

王暄_品职助教 · 2021年05月16日

这题的思路如下：

  • 这里说的是这家公司的“Riskless principal transaction”对机构客户和个人客户有different treatment
  • 机构客户的riskless principal may be traded on a net basis; 但是个人客户（retail orders）的riskless principal transactions may not be traded on net basis，这里虽然感觉是对待机构客户和个人客户不同。但是在retail orders这个格子中后面又提到：对于个人客户是没有mark-up, mark-down（即在给个人客户交易的时候，不会有任何价差）,且没有 commissions or fees，所以这里虽然区别对待了机构和个人客户，但1. 交易价格没有价差，2. 因为公司为个人客户和机构客户提供了【不同的服务且收费不同】，且很明显这里机构客户付了钱。
  • 所以，只要在不损害客户利益的情况下，公司是可以区别对待大小客户的。

所以，最终我们分析得出没有违反。

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