CFA一级 Exam 6 session 6-10

　　6 . A former hedge fund manager, Jackman, has decided to launch a new private wealth management firm. From his prior experiences, he believes the new firm needs to achieve US$1 million in assets under management in the first year. Jackman offers a $10,000 incentive to any adviser who joins his firm with the minimum of $200,000 in committed investments. Jackman places notice of the opening on several industry web portals and career search sites. Which of the following is correct according to the Code and Standards?

　　A  A member or candidate is eligible for the new position and incentive if he or she can arrange for enough current clients to switch to the new firm and if the member or candidate discloses the incentive fee.

　　B  A member or candidate may not accept employment with the new firm because Jackman's incentive offer violates the Code and Standards.

　　C   A member or candidate is not eligible for the new position unless he or she is currently unemployed because soliciting the clients of the member's or candidate's current employer is prohibited.

　　7 . Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering Iow-fee. execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additional

　　business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full-service trades. and the new low-Fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.

　　A   Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.

　　B   Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.

　　C   Carter should trade only through the new low-fee scheme and should increase his trading volume to meet his required commission commitment.

　　8 . Rule has worked as a portfolio manager for a large investment management firm for the past 10 years. Rule earned his CFA charter last year and has decided to open his own investment management firm. After leaving his current employer, Rule creates some marketing material for his new firm. He states in the material,”In earning the CFA charter, a highly regarded credential in the investment management industry. I further enhanced the portfolio management skills learned during my professional career. While completing the examination process in three consecutive years, I consistently received the highest possible scores on the topics of Ethics, Alternative Investments, and Portfolio Management." Has Rule violated Standard VII(B)-Reference to CFA Institute, the CFA Designation, and the CFA Program in his marketing material?

　　A   Rule violated Standard VII(B) in stating that he compIeted the exams in three consecutive years.

　　B   Rule violated Standard VII(B) in stating that he received the highest scores in the topics of Ethics, Alternative Investments. and Portfolio Management

　　C   Rule did not violate Standard VII(B).

　　9 . Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund's prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund's soft dollar account to pay t:he registration and exam fees for the CFA Program. Which of the following statements is most likely correct?

　　A  Stafford did not violate the Code and Standards because the prospectus informed investors of the fund's soft dollar policies.

　　B   Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.

　　C   Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.

　　10 . Long has been asked to be the keynote speaker at an upcoming investment conference. The event is being hosted by one of the third-party investment managers currently used by his pension fund. The manager offers to cover all conference and travel costs for Long and make the conference registrations free for three additional members of his investment management team. To ensure that the conference obtains the best speakers, the host firm has arranged for an exclusive golf outing for the day following the conference on a local championship-caliber course. Which of the following is least likely to violate Standard I(B)?

　　A  Long may accept only the offer to have his conference-related expenses paid by the host firm.

　　B  Long may accept the offer to have his conference-related expenses paid and may attend the exclusive golf outing at the expense of the hosting firm.

　　C   Long may accept the entire package of incentives offered to speak at this conference.

　　　　

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