"morality" exercise:Diligence and Reasonable Basis

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Questions 1:

Ri Lin, CFA, is a Portfolio Manager with Dynasty Investment Management. Lin is performing research on Titan Mining for potential inclusion in his fund. Management at Titan is interested in having a well-known fund manager such as Lin as a shareholder. Titan pays for Lin to fly to a company retreat in Tokyo, where a brief introductory meeting is followed by attending a sporting event and then dinner at one of the city’s top restaurants. Lin participates after disclosing the activities to Dynasty’s compliance department.Which standard did Lin’s actions most likely violate?

A 、Disclosures of Conflicts

B、 Independence and Objectivity

C、 Diligence and Reasonable Basis

Questions 2:

Atlantic Capital Management has access to a limited number of shares in a popular new issue expected to be oversubscribed. Atlantic’s portfolio managers have determined the issue to be a prudent addition within Atlantic’s developing growth equity strategy. A number of the firm’s investment professionals have family-member accounts that are managed to the developing growth strategy. Which of the following allocation options most likely adheres to the Code and Standards? Atlantic should allocate the shares:

A 、to family-member accounts only after non-family accounts have been allocated their shares.

B、 on a prorated basis across all developing growth accounts, including the family-member accounts.

C、 on a prorated basis across all developing growth accounts, excluding the family-member accounts

View answer resolution

【Answer to question 1】B

【analysis】

B is correct because Lin is placing himself in a situation where his objectivity or appearance of objectivity may be compromised, which is a violation of Standard I(B). It would have been more advisable for Lin to decline having Titan pay for this trip.

A is incorrect because Lin does disclose the activities to Dynasty’s compliance department. If Lin recommends the security, he may also want to disclose that he went on this company sponsored trip at that time.

C is incorrect because participating in this trip done not prevent Lin from performing the required analysis to make an informed investment decision

【Answer to question 2】B

【analysis】

B is correct because under Standard III(B) if an investment professional’s family member accounts are being managed similarly to other clients of the firm, they should not be excluded from buying such shares as they are considered clients despite their familial relationships.

A in incorrect because as stated above, the family member accounts are being managed in the same strategy as other client accounts and do not need to be treated differently.

C in incorrect because as stated above, the family member accounts are being managed in the same strategy as other client accounts and do not need to be treated differently.

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