CFA特許金融分析師-CFA一級-10-EthicalandProfessionalStandards

CFA特許金融分析師-CFA一級-10-EthicalandProfessionalStandards[單選題]1.Pietro,presidentofLocalBank,hashiredthe（江南博哥）bank’smarketmaker,Vogt,toseekamergerpartner.Localiscurrentlynotlistedonastockexchangeandhasnotreportedthatitisseekingstrategicalternatives.Vogthasdiscussedthepossibilityofamergerwithseveralfirms,buttheyhavealldecidedtowaituntilafterthenextperiod’sfinancialdataareavailable.ThepotentialbuyersbelievetheresultswillbeworsethantheresultsofpriorperiodsandwillallowthemtopaylessforLocalBank.Pietrowantstoincreasethelikelihoodofstructuringamergerdealquickly.WhichofthefollowingactionswouldmostlikelybeaviolationoftheCodeandStandards?A.PietrocouldinstructLocalBanktoissueapressreleaseannouncingthatithasretainedVogttofindamergerpartner.B.Pietrocouldplaceabuyorderfor2,000shares(orfourtimestheaverageweeklyvolume)throughVogtforhispersonalaccount.C.AfterconfirmingwithLocal’schieffinancialofficer,PietrocouldinstructLocaltoissueapressreleasereaffirmingthefirm’spriorannouncedearningsguidanceforthefullfiscalyear.正確答案：B參考解析：銀行行長P聘請V尋找合并伙伴。V已經(jīng)與幾家公司討論過合并的方法，但是對方?jīng)Q定等到下個(gè)季度的財(cái)務(wù)數(shù)據(jù)出來之后再看。潛在買家認(rèn)為，之后的財(cái)務(wù)數(shù)據(jù)將比前幾個(gè)時(shí)期的結(jié)果更糟，從而使他們能夠以更低的價(jià)格收購銀行。選項(xiàng)提供的三種做法，哪一個(gè)最可能會違規(guī)：A.由localbank發(fā)布新聞稿，宣布他們已經(jīng)聘請了V來尋求合并伙伴。B.P給V2000股公司股票（四倍于周交易量）C.P和公司財(cái)務(wù)官確認(rèn)公司目前財(cái)務(wù)狀況，召開發(fā)布會，公開公司的盈利情況。本題選擇B，B錯(cuò)誤，因?yàn)檫@樣會使得市場投資者誤以為Localbank公司很好，散戶就會紛紛購買這家公司股票，推動公司股價(jià)上升。這是在操縱市場；A和C都是正確的行為。并沒有影響金融市場，而且公開公布了Localbank信息。[單選題]2.Greyrecommendsthepurchaseofamutualfundthatinvestssolelyinlong-termUSTreasurybonds.Hemakesthefollowingstatementstohisclients:I.“ThepaymentofthebondsisguaranteedbytheUSgovernment;therefore,thedefaultriskofthebondsisvirtuallyzero.”II.“Ifyouinvestinthemutualfund,youwillearna10%rateofreturneachyearforthenextseveralyearsbasedonhistoricalperformanceofthemarket.”DidGrey’sstatementsviolatetheCFAInstituteCodeandStandards?A.NeitherstatementviolatedtheCodeandStandards.B.OnlystatementIviolatedtheCodeandStandards.C.OnlystatementIIviolatedtheCodeandStandards.正確答案：C參考解析：Grey建議購買某投資于長期美國國債的共同基金。他對客戶說:“債券的支付由美國政府擔(dān)保，所以這些債券的違約風(fēng)險(xiǎn)幾乎為零。”“如果你投資于共同基金，根據(jù)市場的歷史表現(xiàn)，你將在未來幾年每年獲得10%的回報(bào)率?！?，本題問Grey的表述是否違規(guī)？本題選擇C選項(xiàng)，Grey第一個(gè)表述是可以的，美國金融市場比較完備，國債違約概率很低。而第二個(gè)表述違規(guī)：不可以根據(jù)歷史業(yè)績保證基金未來的收益。未來的收益率難以確定。[單選題]3.WhichofthefollowingstatementsregardingGIPScomplianceiscorrect?A.PlansponsorsandconsultantsthatmanageassetscanclaimcompliancewithGIPS.B.SoftwarethatcalculatesperformanceinamannerconsistentwiththeGIPSstandardscanclaimcompliancewithGIPS.C.InvestmentmanagementfirmscancomplywithGIPSrequirementsbylimitingtheircomplianceclaimstothestandardstheyhavechosentofollow.正確答案：A參考解析：本題問以下哪個(gè)表述是正確的。這題其實(shí)是問什么樣的主體可以宣稱自己遵循了GIPS。本題選擇A選項(xiàng)，投資計(jì)劃發(fā)起人和投資顧問可以宣稱遵守GIPS如果確實(shí)管理了資產(chǎn)。B不對因?yàn)镚IPS并不適用與軟件服務(wù)商；C不對因?yàn)椴豢梢圆糠肿袷谿IPS，要么不宣稱遵守要么遵守全部要求。[單選題]4.AspartoftheDutiestoClientsstandard,membersandcandidatesmust:A.documentclientfinancialconstraintsafteraninitialinvestmentaction.B.maintainanequalbalanceofinterestsowedtotheirclientsandemployers.C.dealfairlyandobjectivelywithallclientswhenengaginginprofessionalactivities.正確答案：C參考解析：根據(jù)條款-對客戶的職責(zé)（DutiestoClients），以下哪個(gè)說法是正確的？本題正確的是C選項(xiàng)：會員和候選人在提供投資建議、采取投資行動時(shí)，必須公平、客觀地對待所有客戶。A不正確，因?yàn)閼?yīng)當(dāng)在采取投資行動之前(而不是之后)對客戶的財(cái)務(wù)狀況進(jìn)行合理評估；B不正確，因?yàn)闀T和候選人必須以客戶的利益為出發(fā)點(diǎn)，把客戶的利益放在雇主或自己的利益之前，而不是保持平等。[單選題]5.Michelieutellsaprospectiveclient,“Imaynothavealong-termtrackrecordyet,butI’msurethatyou’llbeverypleasedwithmyrecommendationsandservice.InthethreeyearsthatI’vebeeninthebusiness,myequity-orientedclientshaveaveragedatotalreturnofmorethan26%ayear.”Thestatementistrue,butMichelieuonlyhasafewclients,andoneofhisclientstookalargepositioninapennystock(againstMichelieu’sadvice)andrealizedahugegain.ThislargereturncausedtheaverageofallofMichelieu’sclientstoexceed26%ayear.Withoutthisoneinvestment,theaveragegainwouldhavebeen8%ayear.HasMichelieuviolatedtheStandards?A.No,becauseMichelieuisnotpromisingthathecanearna26%returninthefuture.B.No,becausethestatementisatrueandaccuratedescriptionofMichelieu’strackrecord.C.Yes,becausethestatementmisrepresentsMichelieu’strackrecord.正確答案：C參考解析：Michelieu告訴一個(gè)潛在的客戶，“雖然我還沒有一個(gè)長期的記錄，但是我相信你會對我的推薦和服務(wù)滿意。在我從商的三年中，我的股票型客戶平均每年的總回報(bào)率超過26%”。雖然這是事實(shí)，但Michelieu只有幾個(gè)客戶，而且他的一個(gè)客戶在一只與Michelieu建議相違背的股票上持有大量頭寸，并獲得了巨大的收益，以至于Michelieu所有客戶的平均年回報(bào)率超過了26%。如果沒有這一項(xiàng)投資，年平均收益只有8%。Michelieu是否違反了標(biāo)準(zhǔn)？本題選擇C，Michelieu違規(guī)了。M關(guān)于客戶賬戶平均收益的表述具有誤導(dǎo)性，畢竟收益主要來自于一名反對M投資推薦的客戶。M并沒有完整、準(zhǔn)確地介紹自己的業(yè)績。[單選題]6.WardisscheduledtovisitthecorporateheadquartersofEvansIndustries.WardexpectstousetheinformationheobtainstheretocompletehisresearchreportonEvansstock.WardlearnsthatEvansplanstopayallofWard’sexpensesforthetrip,includingcostsofmeals,hotelroom,andairtransportation.WhichofthefollowingactionswouldbethebestcourseforWardtotakeundertheCodeandStandards?A.Accepttheexpense-paidtripandwriteanobjectivereport.B.Payforalltravelexpenses,includingcostsofmealsandincidentalitems.C.Accepttheexpense-paidtripbutdisclosethevalueoftheservicesacceptedinthereport.正確答案：B參考解析：Ward打算參觀Evans公司的總部。Ward希望利用在Evans公司獲得的信息來完成他關(guān)于Evans股票的研究報(bào)告。Ward得知Evans計(jì)劃支付此行的所有費(fèi)用，包括餐費(fèi)、住宿費(fèi)和機(jī)票。下列哪項(xiàng)是Ward的最佳選擇？本題選擇B選項(xiàng)——在獨(dú)立客觀的標(biāo)準(zhǔn)I(B)下，最好的做法是盡可能避免利益沖突。Ward最好的做法是自己支付差旅費(fèi)用、餐費(fèi)等其他費(fèi)用。選項(xiàng)C說披露費(fèi)用，但該選項(xiàng)不如避免利益沖突，即B選項(xiàng)。選項(xiàng)A說接受安排并提供客觀的報(bào)告，這也不是最好的辦法，因?yàn)椴⒉粫鏇_突的現(xiàn)象。[單選題]7.SmithisafinancialanalystwithXYZBrokerageFirm.SheispreparingapurchaserecommendationonJNICorporation.WhichofthefollowingsituationsismostlikelytorepresentaconflictofinterestforSmiththatwouldhavetobedisclosed?A.SmithfrequentlypurchasesitemsproducedbyJNI.B.XYZholdsforitsownaccountasubstantialcommonstockpositioninJNI.C.Smith’sbrother-in-lawisasuppliertoJNI.正確答案：B參考解析：Smith是XYZ經(jīng)紀(jì)公司的金融分析師，她打算推薦購買JNI公司的股票。以下哪一個(gè)選項(xiàng)最可能代表Smith必須披露的利益沖突？本題選擇B選項(xiàng)——當(dāng)Smith自己持有大量JNI公司股票的時(shí)候，應(yīng)當(dāng)進(jìn)行披露。A說Smith經(jīng)常使用JNI的產(chǎn)品，并非必須披露；C說Smith的姐夫是JNI的供貨商，這層關(guān)系不至于必須披露。[單選題]8.Fiduciarydutyisastandardmostlikelytobeupheldbymembersofa(n):A.employer.B.profession.C.not-for-profitbody.正確答案：B參考解析：第10題題意是說誰最可能承擔(dān)受托責(zé)任。本題選擇B：業(yè)內(nèi)專業(yè)人士。指的是幫助客戶打理資產(chǎn)、做投資配置的專業(yè)人員。既然收了客戶的錢，就要對客戶負(fù)責(zé)。A選項(xiàng)employer比較寬泛；C選項(xiàng)指的是非盈利機(jī)構(gòu)，不符合題意。[單選題]9.StewarthasbeenhiredbyGoodnerIndustries,Inc.,tomanageitspensionfund.Stewart’sdutyofloyalty,prudence,andcareisowedto:A.ThemanagementofGoodner.B.TheparticipantsandbeneficiariesofGoodner’spensionplan.C.TheshareholdersofGoodner.正確答案：B參考解析：Stewart受聘于Goodner公司管理養(yǎng)老基金，Stewart應(yīng)對哪個(gè)主體盡忠誠、謹(jǐn)慎的職責(zé)？本題選擇B，管理公司養(yǎng)老金基金時(shí)應(yīng)對養(yǎng)老金的最終受益人負(fù)責(zé)，而非公司管理層或股東。[單選題]10.AninvestmentmanagementfirmhasbeenhiredbyETVCorporationtoworkonanadditionalpublicofferingforthecompany.Thefirm’sbrokerageunitnowhasa“sell”recommendationonETV,buttheheadoftheinvestmentbankingdepartmenthasaskedtheheadofthebrokerageunittochangetherecommendationfrom“sell”to“buy.”AccordingtotheStandards,theheadofthebrokerageunitwouldbepermittedto:A.Increasetherecommendationbynomorethanoneincrement(inthiscase,toa“hold”recommendation).B.Placethecompanyonarestrictedlistandgiveonlyfactualinformationaboutthecompany.C.Assignanewanalysttodecideifthestockdeservesahigherrating.正確答案：B參考解析：ETV公司聘請了一家投資管理公司為該公司進(jìn)行公開募股。該公司的經(jīng)紀(jì)部門現(xiàn)在做出“賣出”的建議，但投資銀行部門的負(fù)責(zé)人要求經(jīng)紀(jì)部門的負(fù)責(zé)人將“賣出”的建議改為“買入”。經(jīng)紀(jì)部門的主管可以怎么做？本題選擇B。該題涉及條款I(lǐng)(B)——獨(dú)立客觀性。當(dāng)被要求改變投資推薦時(shí)，經(jīng)紀(jì)部門的負(fù)責(zé)人應(yīng)當(dāng)拒絕以保持自己的獨(dú)立性和客觀性。他不能屈服于公司投行業(yè)務(wù)部門的壓力。而且為了避免利益沖突的出現(xiàn)，應(yīng)當(dāng)將ETV放入限制清單，避免對它發(fā)表投資建議，只發(fā)布事實(shí)性的陳述。A不正確因?yàn)楦淖兺顿Y推薦則違反獨(dú)立客觀性。C不正確的因?yàn)橹概尚碌姆治鰩焷頉Q定股票是否值得更高的評級并不能解決利益沖突。[單選題]11.WillieristheresearchanalystresponsibleforfollowingCompanyX.Alltheinformationhehasaccumulatedanddocumentedsuggeststhattheoutlookforthecompany’snewproductsispoor,sothestockshouldberatedaweak“hold.”Duringlunch,however,WillieroverhearsafinancialanalystfromanotherfirmwhomherespectsofferopinionsthatconflictwithWillier’sforecastsandexpectations.Uponreturningtohisoffice,Willierreleasesastrong“buy”recommendationtothepublic.Willier:A.ViolatedtheStandardsbyfailingtodistinguishbetweenfactsandopinionsinhisrecommendation.B.ViolatedtheStandardsbecausehedidnothaveareasonableandadequatebasisforhisrecommendation.C.WasinfullcompliancewiththeStandards.正確答案：B參考解析：Willier是負(fù)責(zé)跟蹤X公司的研究分析師，他收集的所有信息和記錄都表明，該公司新產(chǎn)品的前景不佳，因此不應(yīng)該過多持有該股票。然而，在午餐期間，Willier無意中聽到來自另一家公司的金融分析師的觀點(diǎn)與Willier的預(yù)測和期望相沖突。回到辦公室后，Willier向公眾發(fā)布了一個(gè)強(qiáng)烈的“買入”建議。Willier是否違規(guī)？本題選擇B，Willier違規(guī)了，因?yàn)樗牭搅藙e人的觀點(diǎn)后未經(jīng)過驗(yàn)證就修改了自己的觀點(diǎn)。如果Willier無意中聽到的觀點(diǎn)促使他進(jìn)行了進(jìn)一步的研究和調(diào)查，從而證明改變觀點(diǎn)是合理的，那么改變建議是合適的。[單選題]12.ABCInvestmentManagementacquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirm’scurrentpolicyistoaddnewaccountsforthepurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirm’sperformancereturns.Beforetheendoftheinitialmonth,Cuppnoticesthatoneofthesignificantholdingsofthenewaccountsisacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidestoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonth’sportfolioreturn.A.CuppdidnotviolatetheCodeandStandardsbecausetheGIPSstandardsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountproducesaninaccuratecalculationofthemonthlyresultsaccordingtothefirm’sstatedpolicies.正確答案：C參考解析：ABC公司計(jì)算業(yè)績的政策是：當(dāng)新的賬戶管理期限超過一個(gè)月（afterthefirstfullmonth），才把它納入績效計(jì)算之中。Cupp這個(gè)人發(fā)現(xiàn)一個(gè)新賬戶在月末前（beforetheendoftheinitialmonth）價(jià)值翻倍，所以Cupp把新賬戶納入業(yè)績計(jì)算中使得ABC公司績效更好看。哪一個(gè)選項(xiàng)是正確的？本題選擇C，Cupp違反了條款I(lǐng)II(D)-業(yè)績報(bào)告，他為了獲得收益偏離了公司的既定政策。A不對，一方面當(dāng)事人違規(guī)了；另一方面，對GIPs表述也不對。B不對，因?yàn)楣緵]有聲明它正在更新組合組策略。如果發(fā)生這種變化，則必須審查該月的所有現(xiàn)金流動，以確保新政策得到一貫的實(shí)施。[單選題]13.AlbertandTye,whorecentlystartedtheirowninvestmentadvisorybusiness,haveregisteredtotaketheLevelIIICFAexamination.Albert’sbusinesscardreads,“JudyAlbert,CFALevelII.”TyehasnotputanythingabouttheCFAdesignationonhisbusinesscard,butpromotionalmaterialthathedesignedforthebusinessdescribestheCFArequirementsandindicatesthatTyeparticipatesintheCFAProgramandhascompletedLevelsIandII.AccordingtotheStandards:A.AlberthasviolatedtheStandards,butTyehasnot.B.TyehasviolatedtheStandards,butAlberthasnot.C.BothAlbertandTyehaveviolatedtheStandards.正確答案：A參考解析：Albert和Tye最近開始了他們自己的投資咨詢業(yè)務(wù)，他們已經(jīng)注冊了三級CFA考試。Albert的名片上寫著:“JudyAlbert,CFAlevelII”。Tye并沒有在他的名片上寫任何有關(guān)CFA認(rèn)證的內(nèi)容，但他為該公司設(shè)計(jì)的宣傳材料中描述了CFA的要求，并表明Tye參加了CFA課程，而且已經(jīng)完成了一級和二級考試。以下哪個(gè)選項(xiàng)說法是正確的？本題選擇A選項(xiàng)。Albert違規(guī)了因?yàn)樵诿嫌∩稀癈FAlevelII”會讓人以為這是一個(gè)職稱，然而這并非職稱。Tye沒有違規(guī)，因?yàn)樗愂龅亩际强陀^事實(shí)。[單選題]14.Cannanhasbeenworkingfromhomeonweekendsandoccasionallysavescorrespondencewithclientsandcompletedworkonherhomecomputer.Becauseofworseningmarketconditions,Cannanisoneofseveralemployeesreleasedbyherfirm.WhileCannanislookingforanewjob,sheusesthefilesshesavedathometorequestlettersofrecommendationfromformerclients.Shealsoprovidestoprospectiveclientssomeofthereportsasexamplesofherabilities.A.CannanviolatedtheCodeandStandardsbecauseshedidnotreceivepermissionfromherformeremployertokeeporusethefilesafterheremploymentended.B.CannandidnotviolatetheCodeandStandardsbecausethefileswerecreatedandsavedonherowntimeandcomputer.C.CannanviolatedtheCodeandStandardsbecausesheisprohibitedfromsavingfilesonherhomecomputer.正確答案：A參考解析：Canan周末在家工作，偶爾會保存與客戶的信件，并在家里的電腦上完成工作。由于市場環(huán)境惡化，Cannan被公司解雇。當(dāng)Cannan在找新工作的時(shí)候，她利用在家中保存的信息聯(lián)系之前的客戶為她寫推薦信。她還向潛在客戶提供了之前的報(bào)告以證明她的能力。以下哪個(gè)選項(xiàng)表述正確？A是正確的。根據(jù)條款V(C)-記錄保留，Cannan在工作之余需要她前雇主的允許才能在家里保存這些文件，否則她應(yīng)該刪除在家工作留檔的文件。B不對因?yàn)樗性诼毱陂g創(chuàng)建的文件都是公司的財(cái)產(chǎn)，即使是那些在正常工作時(shí)間之外創(chuàng)建的文件。C不對因?yàn)閑thics并不禁止使用個(gè)人電腦為雇主完成工作。[單選題]15.Anderb,aportfoliomanagerforXYZInvestmentManagementCompany—aregisteredinvestmentorganizationthatadvisesinvestmentfirmsandprivateaccounts—waspromotedtothatpositionthreeyearsago.Bates,hersupervisor,isresponsibleforreviewingAnderb’sportfolioaccounttransactionsandherrequiredmonthlyreportsofpersonalstocktransactions.AnderbhasbeenusingJonelli,abroker,almostexclusivelyforbrokeragetransactionsfortheportfolioaccount.ForsecuritiesinwhichJonelli’sfirmmakesamarket,JonellihasbeengivingAnderblowerpricesforpersonalpurchasesandhigherpricesforpersonalsalesthanJonelligivestoAnderb’sportfolioaccountsandotherinvestors.AnderbhasbeenfilingmonthlyreportswithBatesonlyforthosemonthsinwhichshehasnopersonaltransactions,whichisabouteveryfourthmonth.WhichofthefollowingismostlikelytobeaviolationoftheCodeandStandards?A.Anderbfailedtodisclosetoheremployerherpersonaltransactions.B.Anderbownedthesamesecuritiesasthoseofherclients.C.BatesallowedAnderbtouseJonelliasherbrokerforpersonaltrades.正確答案：A參考解析：Anderb是XYZ投資管理公司的投資組合經(jīng)理。是一家注冊投資機(jī)構(gòu)，為投資公司和私人賬戶提供咨詢服務(wù)。Bates是Anderb的主管，負(fù)責(zé)審核投資組合賬戶交易以及Anderb每月提交的個(gè)人股票交易報(bào)告。Anderb一直委托Jonelli為其投資組合賬戶處理經(jīng)紀(jì)業(yè)務(wù)。Jonelli給Anderb的個(gè)人成交價(jià)格一直低于Jonelli給到Anderb的客戶賬戶成交的價(jià)格。而且Anderb只有在沒有個(gè)人交易的月份才會向Bates提交月度報(bào)告，幾乎是每四個(gè)月上交一次。下列哪一項(xiàng)最有可能違反ethics？本題選擇A選項(xiàng)——Anderb沒有向客戶和雇主披露自己個(gè)人交易事項(xiàng)。題中當(dāng)事人Anderb私下為自己的賬戶安排交易，并且自己享受到了一個(gè)更優(yōu)惠的價(jià)格。他違反了準(zhǔn)則的要求、損害了客戶的利益。選項(xiàng)B不選——擁有和客戶一樣的資產(chǎn)，這么做并不會違規(guī)。C選項(xiàng)不選——Anderb可以和客戶委托相同的經(jīng)紀(jì)商執(zhí)行交易。[單選題]16.Anethicaldecision-makingframeworkwillmostlikely:A.includeapre-determined,uniformsequence.B.focusexclusivelyonconfirmablefactsandrelationships.C.helpavoidadecisionthathasunanticipatedethicalconsequences.正確答案：C參考解析：本題問，道德決策框架最有可能怎么樣？A選項(xiàng)：包含事先決定好的決策順序；B選項(xiàng)：只關(guān)注可證實(shí)的事實(shí)和關(guān)系；C選項(xiàng)：幫助避免做出會帶來意料之外的道德后果的決定。本題選擇C的表述是正確的。A不對，因?yàn)镃FA協(xié)會制定的道德決策框架通常是迭代的，并且決策者可能在框架的不同階段之間移動；B不對，因?yàn)橐粋€(gè)決策者應(yīng)該考慮的不僅僅是可證實(shí)的事實(shí)和關(guān)系，也應(yīng)該考慮情景影響和個(gè)人偏見等其他因素。[單選題]17.Longhasbeenaskedtobethekeynotespeakeratanupcominginvestmentconference.Theeventisbeinghostedbyoneofthethird-partyinvestmentmanagerscurrentlyusedbyhispensionfund.ThemanagerofferstocoverallconferenceandtravelcostsforLongandmaketheconferenceregistrationsfreeforthreeadditionalmembersofhisinvestmentmanagementteam.Toensurethattheconferenceobtainsthebestspeakers,thehostfirmhasarrangedforanexclusivegolfoutingforthedayfollowingtheconferenceonalocalchampionship-calibercourse.WhichofthefollowingisleastlikelytoviolateStandardI(B)?A.Longmayacceptonlytheoffertohavehisconference-relatedexpensespaidbythehostfirm.B.Longmayaccepttheoffertohavehisconference-relatedexpensespaidandmayattendtheexclusivegolfoutingattheexpenseofthehostingfirm.C.Longmayaccepttheentirepackageofincentivesofferedtospeakatthisconference.正確答案：A參考解析：Long被要求在投資方面的研討會上發(fā)表演講，會議由第三方的基金經(jīng)理進(jìn)行主持，該基金經(jīng)理在管理Long的養(yǎng)老基金。該基金經(jīng)理為Long承擔(dān)會議和差旅費(fèi)用，并為Long的三名同事免除了加入資產(chǎn)管理團(tuán)隊(duì)的注冊費(fèi)。承辦研討會上的基金公司還在會后額外安排了高爾夫活動，以及與高爾夫球有關(guān)的研討會。哪個(gè)選項(xiàng)的做法最不會違反準(zhǔn)則的要求？A意思是說只參與投資方面的研討會有關(guān)的招待。B意思是說高爾夫球活動也可以參與。C是說全套服務(wù)都可以接受。所以本題正確的是選擇A——為了保持自己的獨(dú)立客觀性，不接受與工作無關(guān)的招待。[單選題]18.IlesKitty,CFA,wasrecentlyofferedaseniormanagementpositionwiththetrustdepartmentofaregionalbank.Althoughthedepartmentisnew,thebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Ileshasbeentoldthatsheneedstoaidthatgrowthandhasbeenaskedtohaveherdepartmentconducteducationalseminarsandthenpursuenewbusinessbyfollow-upcontactswiththeattendees.Ilesnoticesthatadvertisementsforupcomingseminars,preparedbythemarketingdepartment,donotmentionanyinvestmentproducts.Theadsindicateattendeescan"learnhowtoimmediatelyearn$100,000totheirnetworth."WhatisthefirstactionIlesmostlikelyshouldtaketoavoidviolatinganyCFAInstituteStandardofProfessionalConduct?A.Declinetoacceptthenewposition.B.Acceptthepositionandrevisethemarketingmaterial.C.Acceptthepositionbutbringthelackofprocedurestotheattentionofseniormanagement.正確答案：A參考解析：Theprospectivesupervisor'sfirststepshouldbetobringtheinadequatecompliancesystemtotheattentionofthefirm'sseniormanagersandrecommendcorrectiveactionbeforetakingtheposition.Thismaybeaccomplishedbythesupervisortakingonaninterimconsultingrolewiththebankinordertoimplementadequateproceduresbeforetakingonthesupervisoryrole.[單選題]19.WhichofthefollowingcategoriescompletelyrepresentsanethicalprincipleofCFAInstituteasoutlinedintheStandardsofPracticeHandbook?A.IndividualprofessionalismB.ResponsibilitiestoclientsandemployersC.Ethicsinvolvedininvestmentanalysisandrecommendations正確答案：A參考解析：本題問，下列哪項(xiàng)能夠完全代表CFA協(xié)會職業(yè)倫理準(zhǔn)則當(dāng)中所概述的道德原則?這題其實(shí)在問哪一個(gè)選項(xiàng)體現(xiàn)了條款的完整名字。只有A符合，和七大條準(zhǔn)則名字能對應(yīng)得上。B選項(xiàng)表述缺少“capitalmarkets”；C選項(xiàng)缺少“actions”。[單選題]20.WhichofthefollowingstatementsbestdescribesanaspectoftheProfessionalConductProgramprocess?A.Inquiriesarenotinitiatedinresponsetoinformationprovidedbythemedia.B.InvestigationsresultinDisciplinaryReviewCommitteepanelsforeachcase.C.Investigationsmayincluderequestingawrittenexplanationfromthememberorcandidate.正確答案：C參考解析：本題問哪一個(gè)選項(xiàng)關(guān)于專業(yè)行為計(jì)劃的流程上的表述是正確的。本題C是正確的。當(dāng)調(diào)查開始時(shí)，調(diào)查人員可能會要求成員或候選人作出書面解釋。A不正確，因?yàn)槁殬I(yè)行為調(diào)查可以根據(jù)媒體提供的信息而展開。CFA協(xié)會的工作人員可能通過媒體、監(jiān)管方或其他公開渠道了解某位會員或候選人的可疑行為。B不正確，因?yàn)橹挥性谝粋€(gè)成員或候選人不接受處罰結(jié)果的時(shí)候，由DRC成員形成的聽證會才會介入。[單選題]21.OneofthediscretionaryaccountsmanagedbyFarnsworthistheJonesCorporationemployeeprofit-sharingplan.Jones,thecompanypresident,recentlyaskedFarnsworthtovotethesharesintheprofit-sharingplaninfavoroftheslateofdirectorsnominatedbyJonesCorporationandagainstthedirectorssponsoredbyadissidentstockholdergroup.Farnsworthdoesnotwanttolosethisaccountbecausehedirectsalltheaccount’stradestoabrokeragefirmthatprovidesFarnsworthwithusefulinformationabouttax-freeinvestments.AlthoughthisinformationisnotofvalueinmanagingtheJonesCorporationaccount,itdoeshelpinmanagingseveralotheraccounts.Thebrokeragefirmprovidingthisinformationalsooffersthelowestcommissionsfortradesandprovidesbestexecution.Farnsworthinvestigatesthedirectorissue,concludesthatthemanagement-nominatedslateisbetterforthelong-runperformanceofthecompanythanthedissidentgroup’sslate,andvotesaccordingly.Farnsworth:A.ViolatedtheStandardsinvotingthesharesinthemannerrequestedbyJonesbutnotindirectingtradestothebrokeragefirm.B.DidnotviolatetheStandardsinvotingthesharesinthemannerrequestedbyJonesorindirectingtradestothebrokeragefirm.C.ViolatedtheStandardsindirectingtradestothebrokeragefirmbutnotinvotingthesharesasrequestedbyJones.正確答案：B參考解析：Farnsworth管理著J公司的員工分紅計(jì)劃。J公司的總裁John要求Farnsworth投票支持由J公司提名的董事名單，反對其他不同的意見。Farnsworth不想失去J這個(gè)客戶，因?yàn)樗袹公司賬戶指派給一家經(jīng)紀(jì)商，該經(jīng)紀(jì)商為Farnsworth提供避稅上的信息，這些信息雖然對J公司沒有用處，但是有利于其他賬戶的管理。而且該經(jīng)紀(jì)商提供最低的交易傭金和最好的執(zhí)行。Farnsworth調(diào)查后發(fā)現(xiàn)，J公司管理層提名的候選人確實(shí)更有利于J公司的長期發(fā)展，于是Farnsworth相應(yīng)地進(jìn)行了投票。本題選擇B選項(xiàng)。Farnsworthdirectstradetothebrokeragefirm不違反準(zhǔn)則要求，因?yàn)镕arnsworth盡到了自己的義務(wù)：給客戶提供了最優(yōu)執(zhí)行價(jià)格，給客戶提供了最低交易費(fèi)用。他所作所為沒有損害客戶利益。而且Farnsworth并沒有為經(jīng)紀(jì)商提供的研究信息支付額外費(fèi)用。[單選題]22.Bronsonprovidesinvestmentadvicetotheboardoftrusteesofaprivateuniversityendowmentfund.ThetrusteeshaveprovidedBronsonwiththefund’sfinancialinformation,includingplannedexpenditures.BronsonreceivesaphonecallonFridayafternoonfromMurdock,aprominentalumnus,requestingthatBronsonfaxhimcomprehensivefinancialinformationaboutthefund.AccordingtoMurdock,hehasapotentialcontributorbutneedstheinformationthatdaytoclosethedealandcannotcontactanyofthetrustees.BasedontheCFAInstituteStandards,Bronsonshould:A.SendMurdocktheinformationbecausedisclosurewouldbenefittheclient.B.NotsendMurdocktheinformationtopreserveconfidentiality.C.SendMurdocktheinformation,providedBronsonpromptlynotifiesthetrustees.正確答案：B參考解析：Bronson為一個(gè)私立大學(xué)基金會的董事會提供投資建議?；饡芡腥讼駼ronson提供了基金的財(cái)務(wù)資料。Bronson在周五下午接到了著名校友Murdock的電話，要求他把有關(guān)該基金的詳細(xì)財(cái)務(wù)信息傳真給他。Murdock說，他有一個(gè)潛在的出資人但是需要相關(guān)信息來完成交易，并且不能聯(lián)系基金的受托人。根據(jù)CFA協(xié)會的標(biāo)準(zhǔn)，Bronson應(yīng)該怎么做？本題正確的是B選項(xiàng)，Bronson需要對自己的客戶，即基金會的受托人（trusteesofaprivateuniversityendowmentfund）的信息做好保密工作。除非Bronson事先向基金會受托人披露并獲取同意，Bronson不可以向Murdock泄露客戶的信息。A的表述錯(cuò)誤；而C選項(xiàng)不選是因?yàn)閮H僅通知（notify）是不夠的，還需要獲得允許。[單選題]23.Whichoneofthefollowingactionswillhelptoensurethefairtreatmentofbrokeragefirmclientswhenanewinvestmentrecommendationismade?A.Informingallpeopleinthefirminadvancethatarecommendationistobedisseminated.B.Distributingrecommendationstoinstitutionalclientspriortoindividualaccounts.C.Minimizingthetimebetweenthedecisionandthedisseminationofarecommendation.正確答案：C參考解析：在作出新的投資建議時(shí)，下列哪項(xiàng)措施有助保障經(jīng)紀(jì)公司公平對待客戶？本題正確的是C選項(xiàng)，C中列出的步驟將有助于確保公平對待客戶。A不正確，因?yàn)榭赡軙蛻舻墓酱霎a(chǎn)生負(fù)面影響。知道即將發(fā)生更改的人越多，就越有可能在信息發(fā)布之前通知到部分客戶。公司應(yīng)該制定政策，限制提前知道投資建議的人數(shù)。B不正確，因?yàn)樵趯⒔ㄗh分配給個(gè)人賬戶之前，先將建議分配給了機(jī)構(gòu)客戶，這其實(shí)是根據(jù)資產(chǎn)規(guī)模和類別對客戶進(jìn)行區(qū)別對待，違反了條款I(lǐng)II(B)。[單選題]24.Jurgenisaportfoliomanager.Oneofherfirm’sclientshastoldJurgenthathewillcompensateherbeyondthecompensationprovidedbyherfirmonthebasisofthecapitalappreciationofhisportfolioeachyear.Jurgenshould:A.Turndowntheadditionalcompensationbecauseitwillresultinconflictswiththeinterestsofotherclients’accounts.B.Turndowntheadditionalcompensationbecauseitwillcreateunduepressureonhertoachievestrongshort-termperformance.C.Obtainpermissionfromheremployerpriortoacceptingthecompensationarrangement.正確答案：C參考解析：Jurgen是一位投資組合經(jīng)理。她的一位客戶告訴Jurgen，將根據(jù)她的投資組合每年的增值情況，在公司提供的報(bào)酬之外給予她額外的補(bǔ)償。Jurgen應(yīng)該：本題選擇C。倘若Jurgen向雇主書面披露額外報(bào)償并且獲得允許，那么協(xié)會是允許收取additionalcompensation的。所以C選項(xiàng)的表述是正確的。A和B并非恰當(dāng)?shù)倪x項(xiàng)——雖然額外報(bào)酬安排可能會與其他客戶的利益發(fā)生沖突，并帶來短期的工作壓力，但CFA協(xié)會成員及候選人只要向雇主披露有關(guān)安排，并獲得雇主的批準(zhǔn)，便可收取額外報(bào)酬。[單選題]25.AccordingtotheCodeofEthics,membersofCFAInstituteandcandidatesfortheCFAdesignationmust:A.maintaintheirprofessionalcompetencetoexerciseindependentprofessionaljudgment.B.placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.C.practiceinaprofessionalandethicalmannerwiththepublic,clients,andothersintheglobalcapitalmarkets.正確答案：B參考解析：本題問，協(xié)會會員和候選人必須怎么樣？本題選擇B，CFA協(xié)會的會員和候選人必須將投資行業(yè)的誠信和客戶的利益置于個(gè)人利益之上。A不對，因?yàn)镃FA協(xié)會的會員和候選人不僅需要保持和提高自身的專業(yè)能力，而且應(yīng)當(dāng)努力保持和提高其他投資專業(yè)人士的能力。保持自身專業(yè)能力的目的不是進(jìn)行獨(dú)立的判斷。C表述不恰當(dāng)在于協(xié)會成員和候選人不僅要以專業(yè)和道德的方式進(jìn)行實(shí)踐，而且要鼓勵(lì)他人以此方式進(jìn)行實(shí)踐。C選項(xiàng)缺少關(guān)鍵詞“encourage”。[單選題]26.Aninvestmentbankingdepartmentofabrokeragefirmoftenreceivesmaterialnonpublicinformationthatcouldhaveconsiderablevalueifusedinadvisingthefirm’sbrokerageclients.InordertoconformtotheCodeandStandards,whichoneofthefollowingisthebestpolicyforthebrokeragefirm?A.Permanentlyprohibitboth“buy”and“sell”recommendationsofthestocksofclientsoftheinvestmentbankingdepartment.B.Establishphysicalandinformationalbarrierswithinthefirmtopreventtheexchangeofinformationbetweentheinvestmentbankingandbrokerageoperations.C.Monitortheexchangeofinformationbetweentheinvestmentbankingdepartmentandthebrokerageoperation.正確答案：B參考解析：經(jīng)紀(jì)公司的投行部門常會收到重大非公開信息，如果將之用于為經(jīng)紀(jì)公司的客戶提供咨詢，會具有很大的參考意義。根據(jù)ethics要求，以下哪項(xiàng)是經(jīng)紀(jì)公司可以采取的最佳策略？正確答案是B——防止違反標(biāo)準(zhǔn)II(A)重大內(nèi)幕消息的最佳政策是在公司建立防火墻以防止內(nèi)部信息的交換。投資銀行部門和經(jīng)紀(jì)業(yè)務(wù)之間的防火墻在可以使投資銀行部門無法向經(jīng)紀(jì)業(yè)務(wù)方面的分析師提供信息，而這些分析師寫的報(bào)告可能會涉及到投行部門業(yè)務(wù)中服務(wù)的公司。本題不選擇A因?yàn)檎f得過于絕對，A聲明永久禁止推薦投資銀行部門客戶的公司股票。本題不選擇C因?yàn)橥顿Y銀行部門和經(jīng)紀(jì)業(yè)務(wù)之間不應(yīng)該發(fā)生信息交換，所以對這種交換的監(jiān)控并不是防止使用重大非公開信息的有效合規(guī)程序。[單選題]27.JamisonisajuniorresearchanalystwithHoward&Howard,abrokerageandinvestmentbankingfirm.Howard&Howard’smergersandacquisitionsdepartmenthasrepresentedtheBritlandCompanyinallofitsacquisitionsforthepast20years.TwoofHoward&Howard’sseniorofficersaredirectorsofvariousBritlandsubsidiaries.JamisonhasbeenaskedtowritearesearchreportonBritland.Whatisthebestcourseofactionforhertofollow?A.Jamisonmaywritethereportbutmustrefrainfromexpressinganyopinionsbecauseofthespecialrelationshipsbetweenthetwocompanies.B.JamisonshouldnotwritethereportbecausethetwoHoward&HowardofficersserveasdirectorsforsubsidiariesofBritland.C.Jamisonmaywritethereportifshedisclosesthespecialrelationshipswiththecompanyinthereport.正確答案：C參考解析：Jamison是Howard&Howard公司的初級研究分析師。在過去的20年里，Howard&Howard的并購部門代表Britland公司進(jìn)行收購事宜。Howard&Howard的兩名高級管理人員是Britland子公司的董事。Jamison被要求寫一份關(guān)于Britland的研究報(bào)告。對Jamison來說，最應(yīng)當(dāng)如何做?正確答案是C。本題涉及條款VI(A)——沖突的披露。題干中分析師Jamison被要求寫一份關(guān)于Britland公司的研究報(bào)告，而這家公司是他的雇主的客戶，此外，該公司的兩名董事是Jamison雇主的高級管理人員，因此本題存在利益沖突。Jamison必須在他的研究報(bào)告中披露利益沖突。選項(xiàng)B是不正確的，因?yàn)槔鏇_突得到了披露后，分析師還是可以撰寫報(bào)告的。選項(xiàng)A是不正確的，因?yàn)镴amison在報(bào)告中是否表達(dá)任何意見與他披露利益沖突的職責(zé)無關(guān)。即使不發(fā)表意見，也需要將利益沖突進(jìn)行披露。[單選題]28.AccordingtotheDutiestoClientsstandard,suitabilityrequiresmembersandcandidatesinanadvisoryrelationshipwithaclientto:A.placetheirclients’interestsbeforetheirowninterests.B.considerinvestmentsinthecontextoftheclient’stotalportfolio.C.notknowinglymakemisrepresentationsrelatingtorecommendations.正確答案：B參考解析：合適性（suitability）這個(gè)條款要求與客戶有顧問關(guān)系的成員和候選人怎么做？本題選擇B：當(dāng)成員和候選人與客戶有顧問關(guān)系時(shí)，他們必須根據(jù)客戶的總體投資組合情況做投資推薦。A屬于忠誠，謹(jǐn)慎，仔細(xì)（Loyalty,Prudence,andCare），C屬于不當(dāng)陳述（Misrepresentation）。[單選題]29.WhichofthefollowingstatementsclearlyconflictswiththerecommendedproceduresforcompliancepresentedintheCFAInstituteStandardsofPracticeHandbook?A.Firmsshoulddisclosetoclientsthepersonalinvestingpoliciesandproceduresestablishedfortheiremployees.B.Priorapprovalmustbeobtainedforthepersonalinvestmenttransactionsofallemployees.C.Forconfidentialityreasons,personaltransactionsandholdingsshouldnotbereportedtoemployersunlessmandatedbyregulatoryorganizations.正確答案：C參考解析：這題題干問的是：哪一個(gè)選項(xiàng)于職業(yè)倫理守則的要求是沖突的。A選項(xiàng)：公司應(yīng)當(dāng)向客戶披露員工個(gè)人持股事項(xiàng)，以及相關(guān)的政策；B選項(xiàng)：員工在為自己交易之前，應(yīng)當(dāng)獲得批準(zhǔn)。C選項(xiàng)：出于保密原則，員工個(gè)人持股事項(xiàng)不應(yīng)當(dāng)向雇主報(bào)告，除非受到監(jiān)管方要求。本題選擇C選項(xiàng)，它的表述與ethics要求沖突——即使沒有監(jiān)管的要求，雇主也需要定期知曉員工的持股事項(xiàng)，并將之與客戶的交易進(jìn)行比較。這題A和B表述都是正確的。資產(chǎn)管理公司應(yīng)當(dāng)向客戶披露員工個(gè)人持股事宜并建立相關(guān)政策；員工也應(yīng)當(dāng)向雇主披露自己的交易事項(xiàng)。目的是為了讓客戶能夠更客觀判斷，基金經(jīng)理/分析師的投資推薦是否公正。[單選題]30.WhichofthefollowingstatementsisastatedpurposeofdisclosureinStandardVI(C)–ReferralFees?A.Disclosurewillallowtheclienttorequestdiscountedservicefees.B.Disclosurewillhelptheclientevaluateanypossiblepartialityshownintherecommendationofservices.C.Disclosuremeansadvisingaprospectiveclientabouttherefer