【每日一练】CFA 一级（2015年）

Question：

Ron Dunder, CFA, is the CIO for Bling Trust (BT), an investment adviser. Dunder recently assigned one of his portfolio managers, Doug Chetch, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Dunder soon notices that Chetch places many stock trades for these accounts on the last day of the month, toward the market's close. Dunder finds this trading activity unusual and speaks to Chetch, who explains that the trading activity was completed at the client's request. Dunder does not investigate further. Six months later, regulatory authorities sanction BT for manipulating micro-cap stock prices at month end in order to boost account values. Did Dunder violate any CFA Institute Standards of Professional Conduct?

A. Yes, because he failed to reasonably supervise Chetch.

B. Yes, because he did not report his findings to regulatory authorities.

C. No.

Answer = A

The CFA Institute Code and Standard on Responsibilities of Supervisors, Standard IV (C), requires members/candidates to take steps to detect and prevent violations of laws, rules and regulations. Dunder failed in his supervisory role when he accepted Chetch's explanation of the unusual trading activity. Dunder should have reviewed the client's goals and objectives, as well as records, to see whether the client in fact requested month-end trading. Regardless of the explanation provided by Chetch, Dunder should have investigated further.

CFA Level I

"Guidance for Standards I-VII," CFA Institute

Standard IV(C)

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