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1、EthicalandProfessionalStandardss(O*5dmHS69f5CgApplicationoftheCodeandStandards:LevelIIIMW&hmiBQCase:JasonLockeJasonLocke,CFA,hasrecentlybeenhiredastheChiefInvestmentOfficeroftheEscarpmentRegionalGovernmentEmployees*PensionFund(theFund).Currently,heisconductingevaluationsofallexternalmanagersemployed
2、bytheFundtoensurethattheyareprovidingthehighestpossiblereturnsfortheirmandates,whilecomplyingwithallapplicablelawsandregulations.1.ockeisevaluatingtheactivityofNiagaraGrowthManagers(NGM)falocalmoneymanagerallocated10percentoftheFund,sassets.Herealizesthatanyreductionintheallocationtothislocalmanager
3、willbemetwithconsiderablepoliticalpressure.Theinvestmentpolicystatement(IPS)forNGM,sportionoftheFund,sassetsstatesthatNGMistoactivelymanageanequityportfoliooflocalSmall-cap,high-techcompanies.UponhisreviewofNGM*sactivity,Lockeisconcernedabouttwoitemsthathewouldlikeexplained.AtameetingwithNGMMportfol
4、iomanager,EmmaBlack,CFA,Lockeaskshertocommentoneachitem:CommoditiesPositions1.ocke:,0verthelastyear,severallargepositionsincommoditieshavebeentakenbytheFundsportfolio.ThisisinconsistentwiththeIPS.wBlack:Commoditieshavesignificantlyoutperformedhigh-techequitiesrecently.Iaddedcommoditiestolargerclient
5、s,portfoliosonatemporarybasis.Clientswerenotinformedbecausethepositionswillbesoldoncemarketsentimentshifts.Ihavenotmanagedcommoditiesbefore,butIamgettinggoodreturns/*1.ocke:Iamuncomfortablewiththeseinvestmentsinthisportfolio/QCase:JasonLockeIPOShareAllocation1.ocke:,TheFundsportfolioreceived50,000sh
6、aresofaninitialpublicoffering(IPO)on1April.On15May,30,000shareswereremovedatthecurrentmarketprice.Black:,TherewasaproblemwithNGMfsIPOallocationalgorithm.Initially,youwereover-allocatedandwhenwediscoveredtheerror,youraccountwasadjusted/1.ocke:Short-terminterestshouldhavebeencreditedtotheFundforuseofi
7、tscashtocoverthetrade.Inanycase,thiswasanIPOofalargeinternationalhigh-techcompany.Itwasnotanappropriateinvestmentfortheportfolio/QCase:JasonLockeAfterthemeeting,LockeisnotsatisfiedwithBlackscommentsanddecidesthatfurtheractionisrequired.HealsodecidesthathewillallowNGMtocontinuetomanageFundassetsuntil
8、hefinisheshisevaluation.ThisdecisionisbasedonthesuperiorreturnsoftheNGM-managedassets,thesignificantdiversificationthisportfolioaddstotheFund,andalsothepoliticalimplicationsoffiringthelocalmoneymanager.Thenextweek,LockecallsBlackandoutlinesseveralconditionsthatmustbefulfilledforNGMtocontinueasamanag
9、erfortheFund.Oneoftheconditionsoutlinedrelatestotradeallocations.TradeAllocation1.ocke:TrovidewrittentradeallocationproceduresconsistentwiththeCFAInstituteStandardsofProfessionalConduct/*Black:Iwillmailyouacopyofournewproceduresstatingthattradeallocationsmustbereviewedattheendofeachmonthagainstclien
10、ts1IPS.Italsosaysthatinterestwillbecreditedtoaccountsthathavebeenincorrectlyallocatedsharesanddebitedfromthoseaccountsthatshouldhavereceivedshares.Withhisevaluationcomplete；LockemustnowconsiderwhethertoretainNGMasoneoftheFund,sassetmanagers.Case:JasonLockeAccordingtotheCFAInstituteStandardsofProfess
11、ionalConduct,LockeoweshisprimarydutyofloyaltyinmanagingtheFundto:A.theplantrustees.Case:JasonLockeQAnswer:B.1.ockesprimarydutyistohisclients.Inthecaseofapensionplan,theclientsarealloftheultimatebeneficiaries.Withrespecttothecommoditiespositions,whichofthefollowingactionsbestdescribesBlacksviolationo
12、ftheCFAInstituteStandardsofProfessionalConduct?BlackviolatedCFAInstituteStandardsby:A.buyinganassetclassinwhichshehasnopriormanagementexperience.B.buyingassetsthatareinconsistentwiththeportfoliosInvestmentPolicyStatement.C.failingtonotifytheclientthatshewouldtemporarilydeviatefromtheclientsInvestmen
13、tPolicyStatement.Case:JasonLockeAnswer:B.UndernocircumstancesshouldamanagertakeinvestmentactionthatisinconsistentwiththeclientsIPS.Case:JasonLockeWithregardtotheIPOshareallocation,arebothNGM,smethodoftradecorrectionon15MayandLockesdemandforashort-terminterestcredit,respectively,consistentwiththeCFAI
14、nstituteStandardsofProfessionalConduct?A.Yes.B.No,onlythemethodoftradecorrectionisconsistent.C.No,onlythedemandforashort-terminterestcreditisconsistent.1.ocke,sinterestclaimislegitimatesincetheFund,scashwasemployedtopurchaseequitiesthatwerelaterremovedfromtheaccount.Therefore,theFundisowedinterestfo
15、rtheperiodinquestion.Case:JasonLockeAfterhisinitialmeetingwithBlack,doesLockesdecisiontoallowNGMtocontinuemanagingtheportfolioviolatetheCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,becauseheallowedpoliticalfactorstoinfluencehisdecision.C.Yes,becauseheisobligatedtoimmediatelysuspendNGMuntilh
16、efinisheshisevaluation.Case:JasonLockeQAnswer:A.UntilLocke,sinvestigationiscomplete,hehasnoobligationtosuspendthemanagerortakeanyotheraction.Hebelievesthemanagercananddoesaddvaluethroughsuperiorreturnsanddiversification,andthereforeitmaybereasonabletoretainNGMifLockecanbesatisfiedthatthemanagercanactwithintheconstraintsoftheIPSan
