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"morality" exercise:Communication with and Prospective Clients
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
Marc Davidson, CFA, works as a trust specialist for Integrity Financial. On his own time, Davidson starts a part time consulting business providing advice to Trustees for a fee. He conducts this business on his own time. Davidson asks his assistant to compile a list of Integrity’s clients and their contact information. The following month, Davidson is offered a similar role at Integrity’s largest competitor, Legacy Trust Services, Inc. After he begins working at Legacy, his new manager arranges for him to meet with a number of prospective clients, many of whom are clients of Integrity. After meeting with Davidson, a number of former Integrity clients decide to transfer their business to Legacy. Did Davidson’s action violate the Code and Standards?
A、 No.
B、 Yes, Davidson’s part time consulting business is a violation of the Standards.
C、 Yes, both Davidson’s part time consulting business and his meetings with Integrity clients are a violation of the Standards.
Questions 2:
Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials including an overview of the conceptual framework for his model, providing back tested performance results, and listing the top holdings. Chu directs the marketing group to remove the description of his model due to concerns competitors may attempt to replicate his investment philosophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30 percent of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu’s:
A 、use of back-tested results in communication with prospective clients.
B 、failure to adequately describe the investment process to prospective clients.
C 、failure to disclose that the top holding represents such a large allocation in the model.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct because members and candidates are required to disclose any compensation arrangement to their employers that involves performing tasks or services that their employers can charge for. Disclosure is required even if the activities occur during non-work hours.
C is incorrect because being hired by a competing firm does not constitute a violation of Standard IV(A). In addition, Davidson is not utilizing confidential information from Integrity to solicit former clients. Although Davidson had a list of client contacts prepared while at Integrity, his new employer arranges the meetings.
A is incorrect because his consulting business is a violation of Standard IV(A).
【Answer to question 2】A
【analysis】
A is correct because use of back-tested results is not prohibited, providing it is appropriately disclosed.
B in incorrect because under Standard V(B) members and candidates must adequately describe to clients and prospective clients the manner in which the member or candidate conducts the investment decision making process.
C is incorrect because Chu is intentionally omitting a material fact regarding the concentration of the model portfolio which would likely have an impact on the prospective client’s perception of the riskiness of this strategy.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
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