CFA一级知识点大剖析之Ethics（二）

       3. Jane Norse, CFA, is the manager of the Beckman Company’s pension fund, which substantially outperformed its benchmark this year. John Beckman is extremely pleased with the fund’s performance and offered Norse and five of her friends an all-expenses-paid trip to Hawaii with accommodations at a nearby five-star resort. Prior to her trip, Norse described the details of the entire trip to her supervisor in writing. She subsequently completed the trip. According to the Standards of Practice Handbook, has Norse violated any CFA Institute Standards of Professional Conduct? 

        A. Yes, because she cannot accept gifts valued at over US$100 from clients.

        B. Yes, because accepting the gift will compromise her independence and objectivity.
        C. No

        Correct answer = C

        4. 如果是client brokerage，购买的goods and services 并没有让客户获益，这是可以的，但是需要披露potential conflict；问题：为什么没有让客户受益也还是可以呢？
        Solution：对于client brokerage, 只要服务是好的，且客户没有支付更高的价格，可以让经理收益，只要披露就可以了，此时，客户并没有损失，在Handbook中有一个例子可以充分说明这个问题，一个Broker帮A介绍了客户，且Broker的服务较好且价格没有偏高，此时A将自己的客户介绍给Broker是可以的， 只要披露；但是，如果Broker的价格较高，不可以让自身收益，只能让顾客受益。但是，如果有fiduciary duty存在的前提下，这两种情况都是不可以的。

        5. Giving all client accounts participating in a block trade the same execution price and charging the same commission. 问题：针对大客户，不可以给予费率优惠吗？？？
        
        Solution：如果charge一样的commission就应该是一样的价格。如果给予大客户优惠，就应该不同的客户不同的对待，这是违反了Fair dealing。