2020-11-08 不当行为

今天是2020年11月8日星期日

12/21【24/88】今天是开始习惯养成练习的第533天。

Anderb, a portfolio manager for XYZ Investment Management Company—a registered investment organization that advises investment firms and private accounts—was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb’s portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?

A Anderb failed to disclose to her employer her personal transactions.
B Anderb owned the same securities as those of her clients.
C Bates allowed Anderb to use Jonelli as her broker for personal trades.

不当行为（misconduct）和不当陈述区别很大，平时不管怎么吹牛，只要不牵扯工作，顶多别人会觉得你是个大嘴巴，并不会怀疑你的人品吧。但你平常要是习惯性地小偷小摸，整天欺上瞒下的，甭管是不是在工作中表现出来的，都会让人觉得膈应，让人怀疑你的人品，继而怀疑你的能力，所以不当行为的第一点就是在生活或工作中违反相关法律或公序良俗。
其次，你的所作所为影响到你的工作了，平常你小酒怡情就算了，但你喝得酩酊大醉之后，去帮别人投资，靠谱吗？虽然你正常情况下，也是在赔的，但我们仍然觉得你醉了以后赔的更多。
说到这里，我们思考一种情况，你也是一个有志青年，每天过着 996 的生活，由于你养了一只布偶猫，结果那货一天吃喝拉撒睡花光了你的所有积蓄，还让你债台高筑，你破产了。那这种事情是不是我们说的不当行为呢？
不是哦，因为卖肾撸猫这件事并不能说明专业能力有问题或者人品有问题，纯粹是因为兴趣。考试里面常见的情况就是这个人因为种种个人原因导致破产，比如生病，意外事故等等。这些事情不会影响你的专业能力，所以它们不能算是不当行为。还有一条需要大家额外注意，美国是一个熔炉社会，民众主体是清教徒或者天主教徒。那么其他的少数族裔，像信儒家的，佛家的，或者绿教的，不能因为他们的信仰差异而质疑他们的专业能力，不是主流宗教信仰，不是你的错，更不是什么不当行为。

The correct answer is A. This question involves three of the Standards. Anderb,the portfolio manager, has been obtaining more favorable prices for her personal securities transactions than she gets for her clients, which is a breachof Standard III(A)–Loyalty, Prudence, and Care. In addition, she violated

Standard I(D)–Misconduct by failing to adhere to company policy and by hiding her personal transactions from her firm. Anderb’s supervisor, Bates,violated Standard IV(C)–Responsibilities of Supervisors; although the company had requirements for reporting personal trading, Bates failed to adequately

enforce those requirements. Answer B does not represent a violation because Standard VI(B)–Priority of Transactions requires that personal trading in a security be conducted after the trading in that security of clients and the employer. The Code and Standards do not prohibit owning such investments, although firms may establish policies that limit the investment opportunities of members and candidates. Answer C does not represent a violation because the Code and Standards do not contain a prohibition against employees using the same broker for their personal accounts that they use for their client accounts.

This arrangement should be disclosed to the employer so that the employer may determine whether a conflict of interest exists.

A给自己的私人账户交易用的是优于给客户的价格，这里主要是对客户不忠诚，没有将客户的利益放到至高位置。其次公司要求每月A必须将他的交易记录提交给主管B，但是他刻意隐瞒了自己的个人交易，这就属于不符合公司规定的不当行为，最后作为主管的B显然要对公司出现的这些内控漏洞负责。