文本2017年cfa二級cfal2歷年mock2009-2016

考試之家專業(yè)提供CFAFRM各級最新全程課程IIMockExam:MorningSessionofthe2016LevelIICharteredFinancialAnalyst?MockExaminationhas60questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof18minutesperitemset(vignetteand6multiplechoicequestions)foratotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-6ProfessionalStandards考試之家專業(yè)提供CFAFRM各級最新全程課程IIMockExam:MorningSessionofthe2016LevelIICharteredFinancialAnalyst?MockExaminationhas60questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof18minutesperitemset(vignetteand6multiplechoicequestions)foratotalof180minutes(3hours)forthissessionoftheexam.QuestionsTopicMinutes1-6ProfessionalStandards187-12ProfessionalStandards1813-18Economics1819-24FinancialReportingandAnalysis1825-30FinancialReportingandAnalysis1831-36CorporateFinance1837-42Equity1843-48Fixede1849-54Fixede1855-60AlternativeInvestments18Total:180Byaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程Ethics–KingfisherThegovernmentofadevelopingcountrypublisheda考試之家專業(yè)提供CFAFRM各級最新全程課程Ethics–KingfisherThegovernmentofadevelopingcountrypublishedarequestforproposal(RFP)forthedevelopmentofpoliciestoimprovethebusinessconductofitscapitalmarketslicensees,withthehopeofimprovingconfidencelevelsamonginvestors.KingfisherFinancialDevelopmentPartnersrespondedwithadetailedproposalincludingthefollowingjustificationsforwhythefirmshouldwinthetender:Justification1:WithateamofthreeCFAcharterholders,Kingfisherismorequalifiedthanourcompetitorstodesignpoliciestoupholdandenhancecapitalmarketintegrity.Justification2:EachteammembermustannuallyrenewhisorhercommitmenttoabidebytheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct(CodeandStandards).Justification3:Inaddition,everyteammemberpassedeachleveloftheCFAexamonthefirstattempt.Kingfisherislaternotifiedthatithadwonthetender.TheKingfisherteamconsistsofteamleaderKhalidJuma,CFA,andhistwoassociates,VimalBachu,CFA,andAnilaPatel,CFA.Kingfisherandthegovernmentagreethatthefirststeptowardimprovingmarketintegrityistocreateanindustry-widecodeofconductbasedontheCodeandStandards.AlthoughtheCodeandStandardsarenotintendedtobeadoptedinfullbythegovernment,thedecisionismadetoconcentrateonfourmainareas:professionalism,capitalmarketintegrity,dutiestoclients,andinvestmentmendations.TheKingfisherteamsubsequentlydraftsthefollowingpolicystatements:LevelsofProfessionalismFinancialservicesprofessionalsmustactinaprofessionalmanneratalltimestohelpprotecttheintegrityofthecountry’scapitalmarkets.Assuch,financialservicesprofessionalsmustensurethattheymeetataminimumthreemajorrequirements.Professionalsmust(1)discloseallconflictsofinterest,(2)selectivelydifferentiateservicestoclients,and(3)outlineallmanagercompensationarrangementsforclients.CapitalMarketIntegrityFinancialservicesprofessionalsmustprotecttheintegrityofthecapitalmarketsbyensuringthatanyinsiderinformationobtainedismanagedinsuchawayastopreventtheinvestingpublicfrombeingdisadvantaged.Inaddition,nofinancialservicesprofessionalcanknowinglyparticipateinanyactivitydevisedtomisleadinvestorsordistortanyprice-settingmechanism.DutiestoClientsByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義考試之家專業(yè)提供CFAFRM各級最新全程課程Clients’interestsmustcomebeforethoseofthefinancialservicesfirmand/or考試之家專業(yè)提供CFAFRM各級最新全程課程Clients’interestsmustcomebeforethoseofthefinancialservicesfirmand/oritsstaff.Toensurethatclients’interestsareprotected,allportfoliosmustbeinvestedaccordingtoeachclient’sinvestmentplanandmustbewelldiversifiedacrossallassetclassesavailable.Furthermore,fundmanagersmustannuallyreviewclientneedsandobjectivesandrebalanceportfoliosifrequired.InvestmentmendationsAllinvestmentmendationsshouldbemadeafterextensiveresearchundertakenbyoronbehalfofthefirm.Inaddition,eachresearchreportmustRequirement1:bereviewedbypeersassoonaspracticaltoensureadequatebasisandduediligencepolicieswerefollowed,Requirement2:beassessedtodeterminethequalityofthemendationovertime,andRequirement3:onlyincludenamesofteammemberswhotookpartintheresearchandagreedwiththemendation.TheKingfisherteamandthegovernmentcommitteemeettoagreeonthedraftcodeofconduct.Membersofthegovernmentcommitteesuggestthefollowingadditionalpolicy:“EachfinancialservicesfirmmusthaveacompliancesupervisortoensurethatTask1:systemsareinplacetodetectviolationsoflaws,rules,regulations,firmpolicies,andtheindustry-widecodeofconductandtoenforceinvestment-relatedcompliancepolicies;Task2:thefirmhasadequatedocumentedcompliancepoliciesandproceduresandittrainsallpersonnelonthesameandmakessurethepoliciesandproceduresarefollowed;andTask3:inadequateproceduresareidentifiedandmendationstocorrectinadequateproceduresaresubmittedtoseniormanagementforapprovalandimplementation.”1. WhichofKingfisher'sstatementsintheRFPregardingitsqualificationsmostlikelyviolatestheCFAInstituteStandardsofProfessionalConduct?A.B.C.Justification1.Justification2.Justification3.Answer=AByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程ItisaviolationofStandardVII(B):ReferencetoCFAInstitute,考試之家專業(yè)提供CFAFRM各級最新全程課程ItisaviolationofStandardVII(B):ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramtoimplythatthecompetenciesofaCFAcharterholderaresuperiortothoseofothersnotholdingthedesignation.Itisnotaviolation,however,tofactuallystatethatcharterholdersmustannuallyrenewtheircommitmenttoabidebytheCodeandStandardsorthateachoftheteammemberspassedallthreeCFAexamsontheirfirstattempt.CFALevel2"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardVII(B):ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram2.WithregardtotheproposedpolicystatementrelatingtoLevelsofProfessionalism,whichdraftrequirementleastlikelyreflectsanyoftheCFAInstituteStandardsofProfessionalConduct?A.B.C.CompensationarrangementsDifferentiationofservicesConflictsofinterestAnswer=BStandardIII(B):FairDealingmodatesthedifferentiationofservicestoclientsaslongassuchservicesarenotofferedselectively.Thedifferentservicelevelsshouldbedisclosedtoclientsandprospectiveclientsandshouldbeavailabletoeveryone.ArequirementtodiscloseallconflictsofinterestwouldnotviolateStandardVI(A):DisclosureofConflicts,norwouldtheoutlineofallcompensationarrangementsviolateStandardIV(B):AdditionalCompensationArrangements.CFALevel2"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardIII(B):FairDealing;StandardVI(A):ConflictsofInterest;StandardIV(B):AdditionalCompensationArrangements3.DoKingfisher'sproposedpolicystatementsrelatedtoCapitalMarketIntegritymostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.B.C.Yes,withregardtomaterialnonpublicinformationYes,withregardtomarketmanipulationNoAnswer=CKingfisher'sproposedgeneralprinciplesrelatedtoCapitalMarketIntegrityproperlyaddressinprincipleStandardII(A):MaterialNonpublicInformationandStandardII(B):MarketManipulation.StandardII(A)doesnotdisallowthepossessionofinsiderinformationbutdoesdisallowusingtheinformationtotakeunfairadvantageofthegeneralinvestingpublic.StandardByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義考試之家專業(yè)提供CFAFRM各級最新全程課程II(B)requirestheprohibitionofmarketmanipulation—thatis,disseminationoffalseormisleadinginformationandtransactionsthatdeceiveorwouldbelikelytomisleadmarketparticipants考試之家專業(yè)提供CFAFRM各級最新全程課程II(B)requirestheprohibitionofmarketmanipulation—thatis,disseminationoffalseormisleadinginformationandtransactionsthatdeceiveorwouldbelikelytomisleadmarketparticipantsbydistortingtheprice-settingmechanismoffinancialinstruments.CFALevel2"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardII(A):MaterialNonpublicInformation;StandardII(B):MarketManipulation4.WhichofKingfisher'sproposedrequirementstoensureDutiestoClientsisleastappropriatetopreventviolationsofCFAInstituteStandardsofProfessionalConduct?Therequirementcallingfora(n):A.B.C.diversifiedportfolio.investmentplan.periodicreview.Answer=AStandardIII(A):Loyalty,Prudence,andCarerequiresaclient'sportfoliotobemanagedbyinvestmentguidelinesagreedonwiththeclient.Someclients'investmentobjectivesmaynotallowforadiversifiedportfolioacrossallassetclassesavailable.Therefore,itmayviolateStandardIII(A)toincludeallassetclassesavailable.CFALevel2"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardIII(A):Loyalty,PrudenceandCare5.WhichofKingfisher'sproposedrequirementsregardinginvestmentmendationsismostappropriatetopreventviolationsofStandardV(A):DiligenceandReasonableBasis?A.B.C.Requirement1Requirement3Requirement2Answer=CItismendedthatfirmsdevelopandusemeasurablecriteriaforassessingthequalityofresearchtohelpcomplywithStandardV(A):DiligenceandReasonableBasis.Therefore,theresearchmendationsneedtobeassessedtodeterminetheirvalidityovertime.Didtheprocessandtheanalyst'sviewleadtotherightmendation?Ifovertimemendationsconsistentlyprovetobewrong,perhapstheresearchprocessesneedtobechanged—ortheanalyststhemselves.CFALevel2Byaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程"CFAInstituteGuidanceforStandardsI–VII,"考試之家專業(yè)提供CFAFRM各級最新全程課程"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardV(A):DiligenceandReasonableBasis6.WhichofthefollowingtaskssuggestedbythegovernmentcommitteewouldleastlikelyconformtoStandardIV(C):ResponsibilitiesofSupervisors?A.B.C.Task1Task2Task3Answer=ATask1isinsufficientinthatStandardIV(C):ResponsibilitiesofSupervisorsrequiressupervisorstoenforcenon-investment-relatedpoliciesaswellasinvestment-relatedpolicies.CFALevel2"CFAInstituteGuidanceforStandardsI–VII,"CFAInstituteStandardIV(C):ResponsibilitiesofSupervisors【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義Byaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程Ethics–AdamNinemonthsago,MakennaAdam,CFA,wasdismissedfromherjobasan考試之家專業(yè)提供CFAFRM各級最新全程課程Ethics–AdamNinemonthsago,MakennaAdam,CFA,wasdismissedfromherjobasanequityresearchanalystwithTranscontinentalBrokerageCompany,apubliclylistednationwidestockbrokeragecompany.Unabletofindnewemployment,AdamestablishesanInternet-basedbusiness,AdamResearchLtd.,sellingresearchreportstoindividuals,institutionalinvestors,andsell-sidefinancialservicescompanies.AdamrecognizesthatshemustmakenumerousdisclosuresonherwebsitetocomplywiththeCFACodeofEthicsandStandardsofProfessionalConduct(CodeandStandards)aswellastheCFAInstituteResearchObjectivityStandards.ShebelievesitisimportanttocomplywiththeCodeandStandardstohelpimproveherbusinessprospects.AdamclearlydisplaysthefollowingclaimonthehomepageofAdamResearch’swebsite:AdamResearchLplieswiththeCFAInstituteResearchObjectivityStandards.Investorscanbeassuredthatallresearchisaccurate,althoughactualesmaydifferfromforecastedes.Ourresearchreportsclearlydistinguishbetweenfactsandopinionsbytheanalystwritingtheresearchreport.Analystsarealsofreetovoicetheirownopinionswhenmakingmendationswithoutfearofreprisaltoensuretheirindependence.Alsoclearlydisplayedonthehomepageisanadditionaldisclosureregardingpotentialconflictsofinterest:AdamResearchLtd.and/oritsemployeesandassociatesmayoccasionallyholdsharesinanyofthecompanieswecover.Pleasecontactusfordisclosureconcerningoursharepositions.Inaddition,Adamcreatesastockratingsystem,againpostingitonthewebsiteforherclientsandpotentialclientssotheycanunderstandthebasisforhowAdamResearchmendationsaremade.Shedescribestheratingsystemasfollows:Thefirmusesdifferentmendationcategories(outperform,neutral,andunderperform),alongwithanindicationregardingrisksforeachtypeofinvestorandthetimeframeinwhichthesharesareexpectedtoreachtheirtargetprice.Adamrealizesshemustproduceresearchreportsquicklytohaveproducttosell.Herfirstreportcoversherformeremployer,Transcontinental,andisbasedinpartonlastyear’sannualreport.BecausesheisaformeremployeeandashareholderinTranscontinental,AdamisconvincedsheknowsallaspectsofthecompanyverywellanddecidesnottomeetwithTranscontinentalmanagement.Shepublishesthereport,clearlystatingsheisaformeremployeeandcurrentshareholder.Todrivetraffictoherwebsite,sheallowsfreeaccesstothereport,leavingitonthesiteevenafterTranscontinentalreportsitsyear-endfinancialresults.Shereceivesanexcellentresponse,withroughly45%ofhermarketinglistdownloadingthereport.TheTranscontinentalreportcapturesinvestors’attentionbecauseofitsstrong“buy”mendation,incontrasttootheranalystreportsmendinga“sell.”Asaresult,Adamisinvitedtoparticipateinaninteractiveinternetchatroomdiscussionduringwhichshemendsa“buy”forByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程Transcontinental.Becauseoflimitedtime,shedisclosesonlyherformeremploymentat考試之家專業(yè)提供CFAFRM各級最新全程課程Transcontinental.Becauseoflimitedtime,shedisclosesonlyherformeremploymentatTranscontinentalandusestherestofthetimetoadvertiseAdamResearch.Onseveraloccasions,Adammentionsherwebsite’sURL.ToexpandAdamResearch’sresearchcapabilityafterobtainingnewclients,Adamhirestwoanalysts.RecognizingtheneedtohavewrittenimplementationpoliciesbecauseAdamisnolongertheonlyonewritingresearchreports,shecreatespoliciesandprovidesthemtothenewemployeesbeforepostingthemontheAdamResearchwebsiteforclientstodownload.ThesepoliciesareprovidedinExhibit1.Exhibit1AdamResearchCompanyPoliciesandProcedures7. WhichofthefollowinginitialclaimsmadeonthehomepageofAdamResearch'swebsiteleastlikelyreflectstheCFAInstituteResearchObjectivityStandards?A.B.C.DistinctionbetweenfactandopinionIndependenceofanalysts'AccuracyofresearchreportsmendationsByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義PolicyTypeDocumentContentDescriptionResearchObjectivityPolicyThisdocumentdescribestheprocessrequiredtodeterminewhetherthereisindependenceandobjectivityinthefirm’sresearch,withinstructionstomakethispolicyavailabletoallinvestorsandemployees.Procedurescitedincludesupervisoryprocedurestoensurecompliance,annualattestation,andadherencetointernalauditrequirements.ComplianceandEnforcementPoliciesThisdocumentdescribescompliancepoliciesandprocedurestoensureresearchobjectivityandlistsallactivitiesconsideredtobeviolationsandtheresultingdisciplinarysanctions,includingdismissalfromthefirm.PersonalInvestmentsandTradingPoliciesThisdocumentdescribesthepoliciesdesignedtomanagecoveredemployees’personalinvestmentsandtradingactivitiestoensuretheinterestsoftheclientsarealwaysplacedbeforethecompany,itsemployees,andtheirimmediatefamilies,includingprohibitionoffrontrunningandparticipationinsubjectcompanyIPOs.Inaddition,coveredpersonsarebannedfromtradingagainstthecompany’s mendationsunlessforfinancialhardshipreasons.Alltradesmustbeapprovedinadvance.考試之家專業(yè)提供CFAFRM各級最新全程課程Answer=CTheCFAInstituteResearchObjectivityStandardscannotensuretheaccuracyofresearchreportsandmendations,contraryto考試之家專業(yè)提供CFAFRM各級最新全程課程Answer=CTheCFAInstituteResearchObjectivityStandardscannotensuretheaccuracyofresearchreportsandmendations,contrarytothestatementmadebyAdam.Actualeventswilloftendifferfromforecastsonwhichinvestmentmendationsaremade.CFALevelII“CFAInstituteResearchObjectivityStandards”O(jiān)verviewoftheCFAInstituteResearchObjectivityStandards8.AdamResearch'swebsitedisclosureregardingpotentialconflictsofinterestleastlikelymeetsthemendationsforcompliancewiththeCFAInstituteResearchObjectivityStandardsconcerningthe:A.B.C.minentdisplay.Answer=BThedisclosuresgivenonthewebsiteareverybriefandarenotcomprehensiveorcomplete.Theyalsoarenotdesignedtobeinformative,especiallyconcerningshareownershipofspecificcompanies,becausetheyrequireclientstocontactAdamfordisclosureconcerningsharepositions.Thedisclosuremendationsareverycomprehensive.CFALevelII"CFAInstituteResearchObjectivityStandards"Standard10.0–Disclosures;mendedProceduresforCompliance9.WhichcategoryofAdamResearch'sstockratingsystemcouldmostlikelybeimprovedtomeetthemendationsforcomplianceoftheCFAInstituteResearchObjectivityStandards?A.B.C.mendationcategoriesInvestorriskTimehorizonAnswer=AThemendationratingcategoryusedisrelative,soabenchmark,index,orobjectiveshouldbeclearlyidentified.Adamdoesnotspecifythebenchmarkused.CFALevelII"CFAInstituteResearchObjectivityStandards"Standard11.0–RatingSystem;mendedProceduresforComplianceByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程10.TheresearchreportonTranscontinentalmostlikelymeetsmendationsforcompliancewiththeCFAInstitute考試之家專業(yè)提供CFAFRM各級最新全程課程10.TheresearchreportonTranscontinentalmostlikelymeetsmendationsforcompliancewiththeCFAInstituteResearchObjectivityStandardswithregardto:A.B.C.reasonableandadequatebasis.timelinessofresearchreportsandrelationshipswithsubjectcompanies.mendations.Answer=CAdamdisclosesherformerrelationshipwiththesubjectcompanyaswellashershareholdinginthecompany.CFALevelII"CFAInstituteResearchObjectivityStandards"Standard6.0–RelationshipswithSubjectCompanies11.DidAdam'sparticipationinaninteractiveinternetchatroomdiscussionmostlikelycomplywithmendationsforcomplianceoftheCFAInstituteResearchObjectivityStandardsandStandardsofProfessionalConduct?A.B.C.No,becausesheistryingtomanipulatethesharepriceYesNo,becauseshedidnotmakesufficientdisclosuresAnswer=CAdamfailedtomakesufficientdisclosuresbynotinformingtheaudienceofhershareholdinginthesubjectcompany,asrequiredbytheCFAInstituteResearchObjectivityStandard2.0–PublicAppearances.Additionally,sheshouldhavedisclosedtotheaudiencewhetherawrittenresearchreportisavailable,theapproximatecost,andhowareadermightacquirethereport.CFALevelII"CFAInstituteResearchObjectivityStandards"Standard2.0–PublicAppearances;mendedProceduresforCompliance【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義Byaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程12.Whichof考試之家專業(yè)提供CFAFRM各級最新全程課程12.WhichofAdamResearch'smentionedcompanypoliciesandproceduresgiveninExhibit1leastlikelycomplieswiththeCFAInstituteResearchObjectivityStandards?A.B.C.ComplianceandEnforcementPersonalInvestmentsandTradingResearchObjectivityAnswer=AAdamfailedtoincludemonitoringandauditproceduresandrecordkeepingrequirements.TobeinfullcompliancewiththeResearchObjectivityStandards,Adamwouldneedtoaddressallelevencomponentsofthestandardrequirements.CFALevelII"CFAInstituteResearchObjectivityStandards"Standard9.0–ComplianceandEnforcementByaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.考試之家專業(yè)提供CFAFRM各級最新全程課程Economics–DrawbridgeCharlesHollingsworthisaninvestmentstrategistatDrawbridgeAssetPartners(Drawbridge),aninternational考試之家專業(yè)提供CFAFRM各級最新全程課程Economics–DrawbridgeCharlesHollingsworthisaninvestmentstrategistatDrawbridgeAssetPartners(Drawbridge),aninternationalinvestmentfirm.HeismeetingwithequityanalystAndrewGillibrandandeanalystElianaNavarrotodiscussnewinvestmentopportunitiesandtheeconomicfactorstheyshouldconsiderastheymaketheirinvestmentselections.Hollingsworthbeginsthemeetingwiththefollowingstatement:"Beforewelookatnewinvestmentopportunities,Iwanttoreviewsomepriortransactions.Afewmonthsago,Drawbridgeenteredintoacarrytradeinasetofcurrencies.Thismorning,wewereunfortunatelyforcedtocloseoutthepositionatasizablelossasaresultofunexpectedmarketvolatility."Hollingsworthcontinues:"Earlierintheyear,DrawbridgehedgedalongexposuretotheAustraliandollar(AUD)bysellingAUD5millionforwardagainsttheUSdollar(USD);theall-inforwardpricewas0.8940(USD/AUD).Itisnowthreemonthspriortothesettlementdate,andIwanttomarktheforwardpositiontomarket."Exhibit1providesinformationaboutcurrentratesintheforeignexchangemarkets.Oncompletionoftheagendaitemsrelatingtotheforeignexchangemarkets,Hollingsworthandhisteammoveontonewinvestmentopportunities.Theybeginwithadiscussionabouttherelationshipbetweeneconomicgrowthandtheperformanceofequityanddebtmarkets.Gillibrand:"Whenweconsiderourequityinvestmentsoverthelongterm,ourprimaryfocusshouldbeontherateofGDPgrowth.Forlongertimehorizons,changesinearningsandtheprice/earningsmultiplearerelativelylessimportantindeterminingappreciationinthestockmarket."Navarro:"Whenwelookatoureinvestments,weshouldkeepinmindthathigherratesofpotentialGDPgrowthwilltranslateintohigherrealinterestratesandhigherexpectedrealassetreturns."Byaccessingthismockexam,youagreetothefollowingtermsofuse:Thismockexamisprovidedtocurrently-registeredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexampreparationonly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2016CopyrightedbyCFAInstitute.Allrightsreserved.【夢軒考資網(wǎng)】專業(yè)提供CFAFRM全程高清視頻+講義Exhibit1CurrentForeignExchangeDataSpotrate(USD/AUD)0.9062/0.9066Three-monthpoints-36.8/-36.4Three-monthLibor(AUD)2.88%Three-monthLibor(USD)0.23%考試之家專業(yè)提供CFAFRM各級最新全程課程Hollingsworth:"AnticipatingchangesinpotentialGDPcanbequitelucrativeforus考試之家專業(yè)提供CFAFRM各級最新全程課程Hollingsworth:"AnticipatingchangesinpotentialGDPcanbequit