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Standard III(A)Loyalty,Prudence,and Care
Tony Calaveccio,CFA,is the manager of the TrustCo Small Cap Venture Fund in Toronto.He places trades for the fund with River City Brokerage.River City provides Calaveccio with soft dollars to purchase research.River City also deals in municipal bonds,some of which Calaveccio holds in his personal portfolio.He periodically uses the soft dollars to request research reports on various small cap stocks and also on the status of the municipal bond market and issues that he holds.These actions are:
A)in violation of his fiduciary duties regarding the municipal bond research but not so regarding the research on the small cap issues.
B)not in violation of the Code and Standards.
C)in violation of his fiduciary duties regarding both the small cap research and the municipal bond research.
Answer:A
The issue at hand is the member's fiduciary responsibilities in handling"soft dollars"which are technically the property of the client.Standard III(A),Loyalty,Prudence,and Care,delineates the member's fiduciary responsibilities with regard to soft dollars.Since municipal bond research is clearly not relevant to the Small Cap Fund holders,he is clearly using the soft dollars to obtain research for his personal benefit and is in violation of the standard:
解析：
Standard III(A)Loyalty,Prudence,and Care.軟美元有兩個(gè)重點(diǎn)要記。
第一個(gè)是什么是軟美元，就是客戶（A）雇傭基金經(jīng)理（B），基金經(jīng)理與交易方（C）交易，這時(shí)候C返還給B的金錢是軟美元。所以要辨析，來(lái)自A給到B，但是沒(méi)花完的，不是軟美元。
第二個(gè)是軟美元能用來(lái)做什么，CFA規(guī)定中切記，軟美元只能用來(lái)購(gòu)買和客戶目標(biāo)相符合的研究報(bào)告和期刊。
這道題顯然違反了第二個(gè)點(diǎn)，購(gòu)買自己感興趣的研究報(bào)告和期刊是不行的，而購(gòu)買和客戶利益相關(guān)的研究報(bào)告和期刊是可以的，答案選A
翻譯：
TC（CFA）是多倫多T小額創(chuàng)業(yè)基金的經(jīng)理。他和RCB做基金交易。RCB為TC提供軟美元來(lái)購(gòu)買研究。RCB還交易市政債券，其中一些是TC在其個(gè)人投資組合中持有的。他定期用軟美元購(gòu)買研究各種小盤股的研究報(bào)告，以及他所持有的市政債券市場(chǎng)狀況和問(wèn)題。這些行動(dòng)是：
A）購(gòu)買市政債券報(bào)告違反了他的職責(zé)，而小額創(chuàng)業(yè)基金報(bào)告則沒(méi)有。
B）沒(méi)有違反道德準(zhǔn)則。
C）他同時(shí)違反了職責(zé)，在購(gòu)買市政債券報(bào)告和小額創(chuàng)業(yè)基金報(bào)告上。
