CFA考试精选练习题
　　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.软美元有两个重点要记。
　　第一个是什么是软美元，就是客户（A）雇佣基金经理（B），基金经理与交易方（C）交易，这时候C返还给B的金钱是软美元。所以要辨析，来自A给到B，但是没花完的，不是软美元。
　　第二个是软美元能用来做什么，CFA规定中切记，软美元只能用来购买和客户目标相符合的研究报告和期刊。
　　这道题显然违反了第二个点，购买自己感兴趣的研究报告和期刊是不行的，而购买和客户利益相关的研究报告和期刊是可以的，答案选A
　　翻译：
　　TC（CFA）是多伦多T小额创业基金的经理。他和RCB做基金交易。RCB为TC提供软美元来购买研究。RCB还交易市政债券，其中一些是TC在其个人投资组合中持有的。他定期用软美元购买研究各种小盘股的研究报告，以及他所持有的市政债券市场状况和问题。这些行动是：
　　A）购买市政债券报告违反了他的职责，而小额创业基金报告则没有。
　　B）没有违反道德准则。
　　C）他同时违反了职责，在购买市政债券报告和小额创业基金报告上。