專業(yè)提供cfa frm aqf課程介紹

2019LevelIMockExamThemorningsessionofthe2019LevelICharteredFinancialA2019LevelIMockExamThemorningsessionofthe2019LevelICharteredFinancialAatMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minutes(3hours)forthissessionoftheexam. EthicalandProfessionalStandardsFinancialReportingandAnalysisCorporateFinancePortfolioManagementAlternative Byaccessingthismockexam,youagreetothefollowingtermsofuse:ThismockexamisprovidedtocurrentlyregisteredCFAcandidates.Candidatesmayviewandprinttheexamforpersonalexamprepara-tiononly.Thefollowingactivitiesarestrictlyprohibitedandmayresultindisciplinaryand/orlegalaction:accessingorpermittingaccessbyanyoneotherthancurrently-registeredCFAcandidates;copying,postingtoanywebsite,emailing,distributingand/orreprintingthemockexamforanypurpose?2018CFAInstitute.Allrights專業(yè)提供CFA/FRM/AQF視頻課程資料微信22019LevelIMockExamWhomostlikelydetermineswhetheraviolationoftheCFAInstituteCodeand22019LevelIMockExamWhomostlikelydetermineswhetheraviolationoftheCFAInstituteCodeandStandardsortestingpolicieshasoccurredandwhatsanctionshouldbeimposed?The:1CProfessionalConductStaffandtheDisciplinaryReviewCommitteeProfessionalConductStaffDisciplinaryReview2HollyBaker,CFAisexplainingtheCFAInstituteCodeofEthicstoaclient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisci-plinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:finesforrevocationofBiscorrectastheCFAInstitutemayrevokemembershipforviolationsoftheInstituteCodeofEthics.AisincorrectbecauseCFAInstituteBylawsdonotincludefinesasaCisincorrectasCFAInstitutedoesnothavetheauthoritytobananindividualfromthebusinessanddoesnotalwaysapplysanctionstoeveryviolationofitsCode.CodeofEthicsandStandardsofProfessionalConductLOSaAiscorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationoftheCodeandStandardsortestingpolicieshasoccurredandifsowhatsanctionshouldbeimposed.Followingtheirinves-tigation,theProfessionalConductStaffmayconcludetheinquirywithnodisciplinarysanction,issueacautionaryletter,orcontinueproceedingstodisciplinethememberorcandidatewhichincludethechargesandaproposedsanction.Ifthatproposalisrejectedbythememberorcandidate,thematterisreferredtoapanelcomposedofDRCMembers.Thepanel’staskistodeterminewhetheraviolationoftheCodeandStandardsortestingpoliciesoccurredandifsowhatsanctionshouldbeimposed.Bisincorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationoftheCodeandStandardsortestingpolicieshasoccurredandifsowhatsanctionshouldbeimposed.Cisincorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationoftheCodeandStandardsortestingpolicieshasoccurredandifsowhatsanctionshouldbeimposed.CodeofEthicsandStandardsofProfessionalConductLOSa2019LEVELIMOCKEXAM2019LevelIMockExam33WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamental2019LevelIMockExam33WilliamWong,CFA,isanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis,Wongconcludesthatthestockofacompanyhefol-lows,NolvecInc.,issubstantiallyundervaluedandwillexperiencealargepriceincrease.Hedelaysrevisinghisrecommendationonthestockfrom“hold”to“buy”toallowhisbrothertobuysharesatthecurrentprice.WongisleastlikelytohaveviolatedtheCFAInstituteStandardsofProfessionalConductrelatedCdutytoclients.reasonablebasis.priorityof4HuiChen,CFA,developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsago.Thematerialsshowthe3-year,2-year,and1-yearreturnsforthefund.Heincludesafootnotethatstatesinsmallprint“Pastperformancedoesnotguaranteefuturereturns.”HedoesnotclaimcompliancewithGIPSinthedisclosuresorfootnotes.Healsoincludesaseparatesheetshowingthemostrecentsemi-annualandquarterlyreturns,whichnotesthattheyhavebeenneitherauditednorverified.HasChenmostlikelyviolatedanyCFAInstituteStandardsofProfessionalConduct?CYes,becauseheincludedun-auditedandunverifiedYes,becausehedidnotadheretotheGlobalInvestmentPerformanceAiscorrectbecausetheStandardsrequirememberstomakereasonableeffortstomakesureperformanceinformationisfair,accurate,andcomplete.TheStandardsdonotrequirecompliancewithGlobalInvestmentPerformanceStandards(GIPS),auditing,orverificationrequirements[StandardIII(D)].BisincorrectbecausetheStandardsdonotrequirethatresultsbeauditedorverifiedunlessclaimingcompliancewithGIPS.CisincorrectbecausetheStandardsdonotrequirecompliancewithGuidanceforStandardsI–VIILOSaBiscorrectbecausethereisnothingtosuggestthatWongdoesnothaveareasonablebasisforhisconclusionrelatedtoNolvec[StandardV(A)].Aisincorrectbecausebydelayingtherevisionofhisrecommendationsothathisbrothercanbuysharesatalowerprice,hehasviolatedtheCFAInstituteStandardsCisincorrectbecausebydelayingtherevisionofhisrecommendationsothathisbrothercanbuysharesatalowerprice,hehasviolatedtheCFAInstituteStandardsrelatingtopriorityoftransactions[StandardIII(A),StandardVI(B)].GuidanceforStandardsI–VIILOSaStandardIII)–LoylPrudence,andCare,StandardVI(B)–PriorityofTransactions,StandardV(A)–DiligenceandReasonableBasis42019LevelIMockExam542019LevelIMockExam5CharlieMancini,CFA,istheManagingDirectorforBusinessDevelopmentatSVFinancial(SVF),alargeUS-basedmutualfundorganization.Mancinihasbeenunderpressurerecentlytoincreaserevenues.InordertosecurebusinessfromalargehedgefundmanagerbasedinAsia,Mancinirecentlyapprovedflexibletermsforthefund’sclientagreement.Toallowfortimezonediffer-ences,theagreementpermitsthehedgefundtotradeinallofSVF’smutualfundssixhoursafterthecloseofUSmarkets,whichisprohibitedbyUSregula-tors.DidManciniviolateanyCFAInstituteStandardsofProfessionalConduct?CYes,withregardtoFairYes,withregardtoFairDealingandMaterialNonpublic6RicardoTorres,CFA,isawell-respectedtelecommunicationsanalystforPegasusAdvisers.Heisknownforhisthoroughanalysis,includinginterviewswithsuppliers,customers,andcompetitors.Torreshasastrongfollowing,andhisresearchreportscanoftenmateriallyaffectthemarket.Asaresult,PegasuslimitsthedistributionofhisreportstoPegasusclients.AfterlosingmarketsharetoPegasusforovertwoyears,MarcoRodrigo,aCFAcandidate,reportsTorrestothelocalsecuritiesregulatoronsuspicionofusinginsiderinformationtomakesharerecommendations.WhatCFAInstituteStandardofProfessionalConducthasRodrigomostlikelyviolated?MaterialNonpublicMarketAiscorrect.RodrigohaslikelyviolatedStandardI(D)–MisconductbybehavinginanunprofessionalmannerthatreflectsadverselyonhisprofessionalintegritybyreportingTorrestotheregulatorwhenthereisnoapparentevidenceTorresisusingmaterialnon-publicinformation.Torresisawell-respectedanalystknownforhisin-depth,thoroughanalysisusingamosaicprocess.ItappearsRodrigoonlyreportedTorrestoharmhisreputationinordertorecapturethemarketsharehehaslostoverthelasttwoyears.ThereisnoevidenceTorresmanipulatedthemarketthroughhisresearch.TheresearchisusedforthebenefitofthePegasusclients.AlthoughthepublicmayconsiderTorres’reportstobematerialbecauseofthefactthattheirreleasecanmovethemarket,itdoesnotmeanthereportmustbemadeavailabletothepublicpriortothereleaseofthereporttoPegasusclients.Ciscorrectbecauseclientsshouldbetreatedfairlyandimpartially[StandardIII(B)].Inaddition,theflexibletradingtermsallowthehedgefundmanagertoenrichthemselvesandisaviolationofStandardII(A),concerningtradingonmaterialnonpublicinformation.AisincorrectbecauseviolationsofseveralStandardshaveBisincorrectbecauseaviolationoftheFairDealingstandardhasGuidanceforStandardsI–VIILOSaStandardII(A)–MaterialNonpublicInformation,StandardIII(B)–FairDealing,StandardVI(A)–DisclosureofConflicts2019LevelIMockExam57Albert2019LevelIMockExam57AlbertNyakenda,CFA,wasdrivingtoaclient’sofficewherehewasexpectedtocloseamulti-million-dollardealwhenhewaspulledoverbyatrafficpolicemanalthoughhedidnotbelievehehadviolatedanytrafficlaws.WhenNyakendarealizedthepolicemanplannedtowronglytickethimforspeeding,heofferedtobuyhim“l(fā)unch”sothathecouldquicklygettohisclient’soffice.Thelunchwouldcostsignificantlymorethantheticket.Thealternativewastogotothepolicestationandfileacomplaintofbeingwronglyaccusedthatwouldalsoinvolvegoingtocourtthenextdaytopresenthiscase.DidNyakendamostlikelyviolatetheCFACodeofEthics?CNo,becausehewaswronglyNo,becausethecostoflunchismorethanthe8FrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedepartmentforNewAgeManagerswithRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenhesatfortheCFAexaminJune.AsRutabingwa’ssupervisor,NdendaisafraidthebehaviorofRutabingwawillbeseenasaviolationoftheCFACodeandStandards.DoesNdendamostlikelyhavecauseforconcern?No,becauseherresponsibilitiesdonotNo,notuntilRutabingwaisfoundguiltyofAiscorrectbecauseNyakendawaseffectivelytryingtobribethepolicemansothathewouldnotissueaspeedingticket.ThisactionviolatestheCodeofEthics.Despitefeelinghewaswronglyaccused,itisonlyhisopinion,andmaynotbebasedonfactorinacourtoflaw.NyakendahasaresponsibilitytoactwithintegrityandinanethicalasrequiredbytheCodeofEthics.BisincorrectbecauseNyakendadoesnothavetheauthoritytodeterminewhetherhewaswronglyaccused.Thatishisopinion,notbasedonfactorinacourtoflaw.Hemustobeythelawsofthecountrywithinwhichheresidesandworksandactwithintegrityandinanethicalmanner.Cisincorrectbecausehemustobeythelawsofthecountrywithinwhichheresidesandworksanddoesnothavethejurisdictionalpowertodeterminewhetherhis“pun-ishment”isjust.Nyakendamustactwithintegrityandinanethicalmanner.GuidanceforStandardsI–VIILOSa,bBisincorrectbecausethereisnoevidenceTorresmanipulatedthemarketthroughCisincorrectbecausewhilethepublicmayconsiderTorresreportstobematerialduetothefactthattheirreleasecanmovethemarket,itdoesnotmeanthereportmustbemadeavailabletothepublicpriortothereleaseofthereporttoPegasusclients.GuidanceforStandardsI–VIILOSaStandard()–cnucStandardII(A)–MaterialNonpublicInformation,StandardII(B)–Market62019LevelIMockExamOniErobo,CFA,theGeneralPartner62019LevelIMockExamOniErobo,CFA,theGeneralPartnerinarealestatedevelopmentproject,isresponsibleforcompletingtheprojectwithinan18-monthperiodandcomeswithinbudget.Concernedthatprojectcostscouldescalate,theLimitedPartnersrequireErobotocapexpensesat15%abovebudget.Costswerewithinexpectationupuntilthelastmonthofconstructionwhenimportedlightingfixturecosts(accountingforroughly5%oftotalcosts)escalatedbymorethan50%.Asaresult,theoverallreturndeclinedbelowthepartnersexpected35%ROI.ErobodidnotinformtheLimitedPartnersabouttheincreasedcosts.DidErobomostlikelyviolatetheCFACodeofEthicsandStandardsofProfessional9C 微信Yes,becausereturnsarelowerthanexpectedbytheYes,becausehedidnotdisclosetheincreasedcoststohisDanielleDeschutes,CFA,isaportfoliomanagerwhoispartofa10-personteamthatmanagesequityportfoliosforinstitutionalclients.Acompetingfirm,SouthWestManagers,asksDeschutestointerviewforapositionwithinitsfirmandtobringherperformancehistorytotheinterview.Deschutesreceiveswrittenpermissionfromhercurrentemployertobringtheperformancehistoryofthestockportfoliowithher.Attheinterview,shedisclosesthattheAiscorrectbecausenoviolationtookplace.ErobowasnotrequiredtoinformtheLimitedPartnersabouttheincreaseinlightingfixturecostastheincreasewouldnotcausetheoverallprojectcosttoescalatehigherthanthe15%budgetvariancecontingencyagreedwithinthepartnership.BisincorrectbecauseErobodidnotmakeanypromisesregardingthereturnoftheCisincorrectbecauseErobowasnotrequiredtoinformtheLimitedPartnersregardingtheincreaseinlightingfixturecostsincetheincreasewouldnotcausetheoverallprojectcosttoescalatehigherthanthe15%budgetvarianceagreedwithinthepartnershipallowingEroboa20%equitystake.GuidanceforStandardsI–VIIStandardI(C)–MisrepresentationLOSa,bBiscorrectbecauseasupervisor’sresponsibilitiesrelatetodetectingandpreventingviolationsbyanyonesubjecttotheirsupervisionorauthorityregardingactivitiestheysupervise.Ndendahadnowayofdetectingand/orpreventingRutabingwafromcheatingduringtheCFAexam,ifinfactthatiswhathedid,aneventshedidnotattend.AisincorrectbecauseNdendadoesnothavesupervisoryresponsibilityforRutabingwawhenhetakeshisCFAexam.Cisincorrectbecausesupervisorresponsibilityinthiscasedoesnotapply,asRutabingwawasnotunderthesupervisionofNdendawhenhetooktheCFAexam.GuidanceforStandardsI–VIILOSa,bStandardIV(C)–Responsibilitiesof2019LevelIMockExam7performance2019LevelIMockExam7performancenumbersrepresenttheworkofherteamanddescribestheroleofeachmember.Tobolsterhercredibility,Deschutesalsoprovidesthenamesofinstitutionalclientsandrelatedassetsconstitutingtheportfolio.DuringherinterviewDeschutesmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductwithregardsto:Cthestockportfolio’sperformancehistory.hercontributiontotheportfolio’vidingdetailsoftheinstitutionalSheilaSchleif,CFA,isanequityanalystataninvestmentbankingdivisionofMokaraFinancialGroup,afullservicefinancialgroup.Schleifusesamulti-factorcomputermodeltomakestockrecommendationsforallclientsofMokara.Schleifdiscoversthatthemodelcontainsanerror.Iftheerrorwerecorrected,hermostrecentbuyrecommendationcommunicatedtoallclientswouldchangetoasell.Schleifcorrectstheerror,changingthebuytoasellrecommendation,andthensimultaneouslydistributesviae-mailtherevisiontoallinvestmentbankingclientswhoreceivedtheinitialrecommendation.Aweeklater,Schleifsellsthesamesharessheheldinherpersonalportfolio.Concerningheractions,SchleifmostlikelyviolatedwhichofthefollowingCFAInstituteStandardsofProfessionalConduct?AFairPriorityofTransactionsDiligenceandReasonableBasisAiscorrectbecausetheanalystviolatedStandardIII(B)–FairDealingbyselectivelydistrib-utingtherecommendationonlytoinvestmentbankingclientsdespitebeingresponsibleformakinginvestmentrecommendationstoallgroupclients.Schleifshoulddistributethechangeinrecommendationtoallclientswhoreceivedtheinitialrecommendation,notjustthosewithintheinvestmentbankingdivisionofthegroup.CiscorrectbecauseDeschutesmostlikelyviolatedStandardIII(E)–PreservationofConfidentialitybyfailingtopreservetheconfidentialityofclientrecordswhenshedis-closedspecificdetailsaboutclientsintheequityportfolio.AisincorrectbecauseStandardIII(D)–PerformancePresentationdoesnotprohibitshowingpastperformanceoffundsmanagedatapriorfirmaspartofaperformancetrackrecordaslongasshowingthatrecordisaccompaniedbyappropriatedisclosuresaboutwheretheperformancetookplaceandtheperson’sspecificroleinachievingthatperformance,whichhasbeendoneinthiscase.BisincorrectbecausethespecificroletheportfoliomanagerplayedinachievingtheperformanceandtheportionofthereturnthatshewasdirectlyresponsibleforshouldbedisclosedasrequiredbyStandardIII(D)–PerformancePresentation.Deschutesexplainsthattheperformancewasateameffortandthereisnoindicationshetriedtoexagger-ateherroleinobtainingtheperformancenordidshespecificallystateareturnshewasdirectlyresponsibleforwhichwouldbedifficulttodetermineasamemberofateam.GuidanceforStandardsI–VIILOSb82019LevelIMockExamHeidiKatzisaCFAcandidate82019LevelIMockExamHeidiKatzisaCFAcandidateandananalystatapensionconsultingfirm.HerfatherisamajorshareholderandmanagingdirectoratSaturnPartners,alargehedgefund.Whenassistinginanalternativemanagersearchforapensionclient,KatzplanstorecommendSaturn’smarket-neutralstrategybecauseshefeelsitmeetsallofthepensionplan’scriteria.Giventhissituation,thebestcourseofactionforKatzisto:ABnotpresentthisstrategytotheclientandrecommendanotherdisclosethepotentialconflicttothepensionclientwhendiscussingthisdisclosethepotentialconflicttoheremployerandfollowtheirguidanceregardingdisclosureofherrelationshiptotheclient.CIleanaInkster,CFA,wasrecentlyofferedaseniormanagementpositionwithinthetrustdepartmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepart-ment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesthatrecentseminaradvertisementspreparedbythebank’smarketingdepartmentdonotmentionthatinvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescan“l(fā)earnhowtoimmediatelyadd$100,000totheirnetworth.”WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?DeclinetoacceptthenewAcceptthepositionandrevisethemarketingBiscorrectbecauseStandardVI(A)requiresdisclosureofconflictsbutdoesnotprohibitmembersfrommakingrecommendationsaslongasthepotentialconflictsareappro-priatelydisclosed.AisincorrectbecauseifKatzbelievestheSaturnstrategyisthebestavailablechoicefather’sfund.CisincorrectbecauseevenifheremployerguidesKatznottodiscloseapotentialconflict,shemuststilldiscloseanyreasonableinfluencesonherobjectivitywhenmakingarecommendationtoaclientorprospectiveclient.GuidanceforStandardsI–VIILOScStandardVI(A)–DisclosureofBisincorrectbecauseSchleifdidnotviolateStandardVI(B)–PriorityofTransactionsasshedidnotconducttransactionsinherpersonalaccountuntilaweekafterthechangedrecommendationwasdistributedtoclients.CisincorrectasnowthatthecodingerroriscorrectedtheanalysthasareasonablebasisforchangingherrecommendationasrequiredbyStandardV(A)–DiligenceandReasonableBasis.GuidanceforStandardsI–VIILOSb2019LevelIMockExam2019LevelIMockExam9CAcceptthepositionandinformseniormanagementofinadequatecompli-anceproceduresSuniKioshi,CFA,isananalystatPacificAssetManagement,whereshecoverssmallcapitalizationcompanies.Onherowntime,Kioshioftenspeculatesinlowpricethinlytradedstocksforherownaccount.Overthelastthreemonths,Kioshihaspurchased50,000sharesofBasicBiofuelsCompanygivinghera5%ownershipstake.Aweekafterthispurchase,Kioshiisaskedtowriteareportonstocksinthebiofuelsindustrywitharequesttocompletethereportwithintwodays.KioshiwantstorateBasicasa“buy”inthisreportbutisuncertainhowtoproceed.Concerningtheresearchreport,whatactionshouldKioshimostlikelytaketopreventviolatinganyoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?SellherDon’trecommendaDiscloseherstockCiscorrectbecausethemanager’sownershipstakeisapotentialconflictofinterest,thereisnorequirementtoselltheshares.Aslongastheanalysthascompletedawell-informedinvestmentrecommendationconsistentwithStandard(V)–DiligenceandReasonableBasisanddisclosedherownershipposition,shecouldincludethebuyrecommendationinherreport.Aisincorrectbecausethemanager’sownershipstakeisapotentialconflictofinterest,thereisnorequirementtoselltheshares.Aiscorrectbecausetheprospectivesupervisor’sfirststepshouldbetonottaketheposition.AcceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleaveInksteratriskofincurringaviolationoftheCodeandStandards—StandardIV(C)–ResponsibilitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.BisincorrectbecauseInkstershouldbringtheimpropermarketingmaterialtotheattentionofthefirm'sseniormanagersandrecommendcorrectiveactionbeforetakingthetheattentionofthebank'sseniormanagersandrecommendcorrectiveactionbetakenbeforeacceptingtheposition.GuidanceforStandardsI–VIILOScStandardIV(C)–Responsibilitiesof2019LevelIMockExamWangDazong,2019LevelIMockExamWangDazong,CFA,isasoleproprietorinvestmentadvisor.Dazongbelievesinputtinghismoneyatriskalongwithhisclientsandtradesthesamesecuritiesashisclients.Inordertoensurefairtreatmentofallaccounts,herotatestradeallocationssothateachaccounthasanequallikelihoodofreceivingafillontheirorders.ThisallocationprocedurealsoappliestoDazong'sownaccount.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theallocationprocedureusedbyDazong:complieswiththerequiresrevisiontoensureclienttradestakeprecedence.shouldbedisclosedandwrittenapprovalreceivedfromclients.ABenefitsofcompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS)leastlikelyinclude:strengtheningofinternalparticipationincompetitiveeliminationofin-depthduediligenceforCiscorrectbecausecompliancewiththeGIPSstandardsdoesnoteliminatetheneedforin-depthduediligenceonthepartoftheinvestor.BiscorrectbecauseStandardVI(B)–requiresclienttransactionstobegivenprecedenceovertransactionsmadeonbehalfofthemember’sorcandidate’sfirmorpersonaltransactions.Becausetheadvisortradesalongsidehisclientsandallocatestradesonarotatingbasis,therearetimeswhentheadvisor’stradeswillreceivepriorityoverhisclientsinviolationoftheCodeandStandards.Amemberorcandidatehavingthesameinvestmentpositionsorbeingco-investedwithclientsdoesnotalwayscreateaconflict.Someclientsincertaininvestmentsituationsrequiremembersorcandidatestohavealignedinterests.Personalinvestmentpositionsortransactionsofmembersorcandidatesortheirfirmsshouldnever,however,adverselyaffectclientinvestments.AisincorrectbecausethetradeallocationproceduredoesnotmeettherequirementsofStandardVI(B),whichrequiresclienttransactionstobegivenprecedenceovertrans-actionsmadeonbehalfofthemember'sorcandidate'sfirmorpersonaltransactions.Cisincorrectbecauseeventhoughtradeallocationproceduresshouldbedisclosedtoclients,inthiscasetheprocedurefailstomeettherequirementoftheCodeandGuidanceforStandardsStandardVI(B)–PriorityofTransactionsLOScBisincorrectbecauseaslongastheanalysthascompletedawell-informedinvestmentrecommendationconsistentwithStandard(V)–DiligenceandReasonableBasisanddis-closedherownershipposition,shecouldincludethebuyrecommendationinherreport.GuidanceforStandardsI–VIILOScStandardVI(A)–Disclosureof2019LevelIMockExamFirmsclaiming2019LevelIMockExamFirmsclaimingGIPScompliancemustmakeeveryreasonableefforttoprovideacompliantpresentationtowhichofthefollowing?CExistingclientsProspectiveclientsBothexistingandprospectiveAresearchanalystisfacingamoraldilemmaanddecidestouseanethicaldecision-makingframework.Afterlookingatthefactsathandandidentifyingthesituationalinfluences,hestillcannotmakeadecisiononthebestcourseofaction.Hisleastappropriatenextstepisto:determinewhatadditionalinformationisdecide,act,monitor,andasksomeoneelsetogiveBiscorrect.Theleastappropriateactionwouldbeforthedecisionmakertogoaheadandmakeadecisionbasedoninsufficientinformation.Bydoingso,thedecisionmakercouldcauseharmandmakethesituationworse.Theethicaldecision-makingframeworkisiterative,anduserscanmovebetweenphasesratherthanundertakingtheminanyoneorder.Ifadecisionmakerisnotyetreadytomakeadecision,themostappropriatecourseinformationisneededtoclarifythesituation.Aisincorrect.Ifadecisionmakerisnotyetreadytomakeadecisionthemostappro-priatecourseofactionwouldbetoasksomeoneelsetogiveguidanceanddeterminewhatadditionalinformationisneededtoclarifythesituation.BiscorrectbecauseGIPSstandards(0.A.9)state“firmsmustmakeeveryreasonableefforttoprovideacompliantpresentationtoallprospectiveclients.”Aslongasaprospectiveclienthasreceivedacompliantpresentationwithintheprevious12months,thefirmhasmetthisrequirement.ItisaGIPSrecommendation,notarequirement,thatallclientsreceiveacompliantpresentationonanannualbasis(0.B.4).Aisincorrectbecausefirmsarenotrequiredtoprovideacomplaintpresentationtoexistingclients,onlyprospectiveclients.However,itisarecommendationthatexistingclientsreceiveatleastannuallyacompliantpresentation.Cisincorrectbecausefirmsarenotrequiredtoprovideacomplaintpresentationtoexistingclients,onlyprospectiveclients.However,itisarecommendationthatexistingclientsreceiveatleastannuallyacompliantpresentation.GlobalInvestmentPerformanceStandards(GIPS)LOSaGIPSRequirementAisincorrectbecausecompliancewithGIPSstandardsmaystrengtheninternalBisincorrectbecausecompliancewithGIPSstandardsenablesafirmtoparticipate專業(yè)提供CFA/FRM/AQF視頻課程資料微信IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS)LOSaSection2019LevelIMockExamHowdoesethicalconduct2019LevelIMockExamHowdoesethicalconductmostlikelycomparewithwhatislegallyCEthicalconductgoesbeyondwhatislegallyTherearenodifferencesbetweenthetwo;theyaretheDoingwhatislegallyrequiredremovestheneedforethicalThegoalsoftheCFAInstituteCodeofEthicswouldleastlikelyCpubliclycommunicatingestablishedprinciples.addressingpastethicalfailings.fosteringpublicAnonparametrictestismostappropriatecomparingdifferencesbetweendataaregiveninBiscorrect.AddressingpastethicalfailingsisnotagoaloftheCFAInstituteCodeofEthics.FosteringpublicconfidenceandpubliclycommunicatingestablishedprinciplesarebothgoalsoftheCFAInstituteCodeofEthics.Aisincorrect.AgoaloftheCFAInstituteCodeofEthicswouldincludepubliclycom-municatingestablishedprinciples.Cisincorrect.AgoaloftheCFAInstituteCodeofEthicswouldincludefosteringpublicconfidence.EthicsandTrustintheInvestmentProfessionLOSbSectionAiscorrect.Ethicalconductgoesbeyondwhatislegallyrequiredandencompasseswhatmostsocieties,communities,andprofessionalorganizationsconsidertobeethi-callycorrectbehavior.Goodethicaljudgementrequiresconsideringtheinterestsofamultipleofstakeholderswhileminimizingtheirrisks.legallyrequiredmaybethesame,manyinstancesexistwheretheyaren