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CFA考试Level Ⅰ

【单选题】

Daniel Lyons, CFA, is an analyst who covers several stocks including Horizon Company.Lyons's aunt owns 30,000 shares of Horizon.She informs Lyons that she has created a divust in his name into which she has placed 2,000 shares of Horizon.The divust is sdivuctured so that Lyons will not be able to sell the shares until his aunt dies, but may vote the shares.Lyons is due to update his research coverage of Horizon next week.Lyons should most appropriately:

A.update the report as usual because he is not a beneficial owner of the stock.

B.advise his superiors that he is no longer able to issue research recommendations on Horizon.

C.disclose the situation to his employer and, if then asked to prepare a report, also disclose his beneficial ownership of the shares in his report.

答案：C

【解析】Even though the shares are held in trust, Lyons is considered a beneficial owner under Standard VI(A) Disclosure of Conflicts because he has a pecuniary interest in the shares and because has the power to vote the shares.Lyons is obligated to inform his employer of the potential conflict.If Lyons's employer permits him to continue issuing investment recommendations on the company, Lyons must disclose the existence of a potential conflict in his reports.