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单项选择题

An investment-banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm’s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm

A. Establish physical and informational barriers within the firm to prevent the exchange of information between the investment-banking and brokerage operations.
B. Permanently prohibit both purchase and sell recommendations of the stocks of clients of the investment-banking department.
C. Monitor the exchange of information between the investment-banking department and the brokerage operation.
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单项选择题An investment management firm has been hired by SEK Corporation to work on an initial public offering for the company. The firm’s brokerage unit now has a sell recommendation on SEK, but the head of the investment-banking department has asked the head of the brokerage unit to change the recommendation from sell to buy. According to the Standards, the head of the brokerage unit would be permitted to:

A. increase the recommendation by no more than one increment (in this ease, to a hold recommendation).
B. place the company on a restricted list and give only factual information about the company.
C. reassign responsibility for rating the stock to the head of the investment-banking department.

单项选择题Scott, CFA, is an analyst for M&D Investment Managers. He has recently accepted an invitation to visit the facilities of ChemCo, a producer of chemical compounds, ChemCo offers to pay for Scott’s accommodations in a penthouse suite at a luxury hotel and allow Scott to use the firm’s private jet to travel to its three facilities located in New York, Boston and Philadelphia. In addition, ChemCo offers two tickets to a high-society dinner in New York and a calculator with the ChemCo logo. Scott declines to use Chemco’s corporate jet or to allow the firm to pay for his accommodations but accepts the calculator and the tickets to the dinner (which he discloses to his employer) since he will be able to market his firm’s mutual funds to other guests at the dinner. Has Scott violated the Code and Standards

A. Yes.
B. No, since he is using the gifts accepted to benefit his employer’s interests.
C. No, since the gifts he accepts were fully disclosed in writing to his employer.