金程教育WWW.GFEDU.NET专业·创新·增值1-5Ethics1.Onemonthago,LucasThorpe,aportfoliomanagerforaninvestmentmanagementfirmandaCFAProgramLevelIIcandidate,receivedaletterfromKeikoOkada,CFA,thedesignatedofficerfortheCFAInstituteProfessionalConductProgram(PCP).TheletterexplainedthatthePCPhadreceivedacomplaint,accusinghimofviolatingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.OkadarequestedThorpe’scooperation,askinghimtoexplainwhyhesoldpubliclytradedSavannaHoneyProducts(Savanna)sharesforbothhispersonalandclientaccounts.OkadanotedtheanonymouscomplaintshereceivedindicatedthatsaleswereexecutedonedayafterhisresearchvisittoSavannaandthedaybeforeSavannareleasedanearningswarningduetoanexpectedsignificantdropinprofitmargins.Inhisdefense,ThorperespondedinalettertoOkadaasfollows:“IarrangedtheresearchvisittoSavannaaspartofmyroutinereviewofthecompany.We’reasmallfirm,sotheportfoliomanagersdotheirownanalysis.TheearningswarninginformationIreceivedfromthechieffinancialofficer(CFO)ofSavannawasfreelygiven;Ididn’taskforit.TheCFOevenstatedhehadbeengivingthesameinformationtoanyanalystwhohadvisitedinthelasttwodays.MyclientswouldhavebeenharmedifIhadnotsold,becauseothermanagerswouldbesellingbeforeme.Besides,whatIdidisnotillegalinmymarket.Itreatedmyclientsfairly;IsoldSavannasharesforallmyclientsbeforeIsoldmyown.”1.1AsaresultofThorpe’sadmissionhetradedinSavannashares,whichCFAInstituteStandardofPracticewillOkadaleastlikelyinvestigateforapossibleviolation?A.ProfessionalismB.DutiestoClientsC.IntegrityofCapitalMarketsSolution:BBiscorrect.OkadaisleastlikelytoinvestigateCFAInstituteStandardIII:DutiestoClients.WhentradinginSavannashares,Thorpelikelydisplayedloyalty,prudence,andcarebyputtingtheinterestsofhisclientsbeforehisown,asrequiredunderStandardIII:DutiestoClients.Thorpe,however,likelyviolatedStandardII:IntegrityofCapitalMarketswhenhetradedoninformationthatcouldbeconsideredmaterialandnon-public.DespiteinsidertradingbeinglegalinThorpe’sjurisdiction,asaCFAcandidate,heisrequiredun...
