NO.PZ2016040301000008
问题如下：
An investment management firm has been hired by ETV Corporation to work on an additional public offering for the company. The firm’s brokerage unit now has a "sell" recommendation on ETV, but the head of the investment banking department has asked the head of the brokerage unit to change the recommendation from "sell" to "buy." According to the Standards, the head of the brokerage unit would be permitted to:
选项：
A. Increase the recommendation by no more than one increment (in this case, to a "hold" recommendation).
B. Place the company on a restricted list and give only factual information about the company.
C. Assign a new analyst to decide if the stock deserves a higher rating.
解释：
B is correct.
This question relates to Standard I(B)–Independence and Objectivity. When asked to change a recommendation on a company stock to gain business for the firm, the head of the brokerage unit must refuse in order to maintain his independence and objectivity in making recommendations. He must not yield to pressure by the firm’s investment banking department. To avoid the appearance of a conflict of interest, the firm should discontinue issuing recommendations about the company. Answer A is incorrect; changing the recommendation in any manner that is contrary to the analyst’s opinion violates the duty to maintain independence and objectivity. Answer C is incorrect because merely assigning a new analyst to decide whether the stock deserves a higher rating will not address the conflict of interest.
多问一句，放在限制性清单的同时，也要披露投行部门在做该客户业务这个利益关系吧？