CFA特许金融分析师-CFA一级-10-EthicalandProfessionalStandards

CFA特许金融分析师-CFA一级-10-EthicalandProfessionalStandards[单选题]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.正确答案：B参考解析：银行行长P聘请V寻找合并伙伴。V已经与几家公司讨论过合并的方法，但是对方决定等到下个季度的财务数据出来之后再看。潜在买家认为，之后的财务数据将比前几个时期的结果更糟，从而使他们能够以更低的价格收购银行。选项提供的三种做法，哪一个最可能会违规：A.由localbank发布新闻稿，宣布他们已经聘请了V来寻求合并伙伴。B.P给V2000股公司股票（四倍于周交易量）C.P和公司财务官确认公司目前财务状况，召开发布会，公开公司的盈利情况。本题选择B，B错误，因为这样会使得市场投资者误以为Localbank公司很好，散户就会纷纷购买这家公司股票，推动公司股价上升。这是在操纵市场；A和C都是正确的行为。并没有影响金融市场，而且公开公布了Localbank信息。[单选题]2.Greyrecommendsthepurchaseofamutualfundthatinvestssolelyinlong-termUSTreasurybonds.Hemakesthefollowingstatementstohisclients:I.“ThepaymentofthebondsisguaranteedbytheUSgovernment;therefore,thedefaultriskofthebondsisvirtuallyzero.”II.“Ifyouinvestinthemutualfund,youwillearna10%rateofreturneachyearforthenextseveralyearsbasedonhistoricalperformanceofthemarket.”DidGrey’sstatementsviolatetheCFAInstituteCodeandStandards?A.NeitherstatementviolatedtheCodeandStandards.B.OnlystatementIviolatedtheCodeandStandards.C.OnlystatementIIviolatedtheCodeandStandards.正确答案：C参考解析：Grey建议购买某投资于长期美国国债的共同基金。他对客户说:“债券的支付由美国政府担保，所以这些债券的违约风险几乎为零。”“如果你投资于共同基金，根据市场的历史表现，你将在未来几年每年获得10%的回报率。”，本题问Grey的表述是否违规？本题选择C选项，Grey第一个表述是可以的，美国金融市场比较完备，国债违约概率很低。而第二个表述违规：不可以根据历史业绩保证基金未来的收益。未来的收益率难以确定。[单选题]3.WhichofthefollowingstatementsregardingGIPScomplianceiscorrect?A.PlansponsorsandconsultantsthatmanageassetscanclaimcompliancewithGIPS.B.SoftwarethatcalculatesperformanceinamannerconsistentwiththeGIPSstandardscanclaimcompliancewithGIPS.C.InvestmentmanagementfirmscancomplywithGIPSrequirementsbylimitingtheircomplianceclaimstothestandardstheyhavechosentofollow.正确答案：A参考解析：本题问以下哪个表述是正确的。这题其实是问什么样的主体可以宣称自己遵循了GIPS。本题选择A选项，投资计划发起人和投资顾问可以宣称遵守GIPS如果确实管理了资产。B不对因为GIPS并不适用与软件服务商；C不对因为不可以部分遵守GIPS，要么不宣称遵守要么遵守全部要求。[单选题]4.AspartoftheDutiestoClientsstandard,membersandcandidatesmust:A.documentclientfinancialconstraintsafteraninitialinvestmentaction.B.maintainanequalbalanceofinterestsowedtotheirclientsandemployers.C.dealfairlyandobjectivelywithallclientswhenengaginginprofessionalactivities.正确答案：C参考解析：根据条款-对客户的职责（DutiestoClients），以下哪个说法是正确的？本题正确的是C选项：会员和候选人在提供投资建议、采取投资行动时，必须公平、客观地对待所有客户。A不正确，因为应当在采取投资行动之前(而不是之后)对客户的财务状况进行合理评估；B不正确，因为会员和候选人必须以客户的利益为出发点，把客户的利益放在雇主或自己的利益之前，而不是保持平等。[单选题]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.正确答案：C参考解析：Michelieu告诉一个潜在的客户，“虽然我还没有一个长期的记录，但是我相信你会对我的推荐和服务满意。在我从商的三年中，我的股票型客户平均每年的总回报率超过26%”。虽然这是事实，但Michelieu只有几个客户，而且他的一个客户在一只与Michelieu建议相违背的股票上持有大量头寸，并获得了巨大的收益，以至于Michelieu所有客户的平均年回报率超过了26%。如果没有这一项投资，年平均收益只有8%。Michelieu是否违反了标准？本题选择C，Michelieu违规了。M关于客户账户平均收益的表述具有误导性，毕竟收益主要来自于一名反对M投资推荐的客户。M并没有完整、准确地介绍自己的业绩。[单选题]6.WardisscheduledtovisitthecorporateheadquartersofEvansIndustries.WardexpectstousetheinformationheobtainstheretocompletehisresearchreportonEvansstock.WardlearnsthatEvansplanstopayallofWard’sexpensesforthetrip,includingcostsofmeals,hotelroom,andairtransportation.WhichofthefollowingactionswouldbethebestcourseforWardtotakeundertheCodeandStandards?A.Accepttheexpense-paidtripandwriteanobjectivereport.B.Payforalltravelexpenses,includingcostsofmealsandincidentalitems.C.Accepttheexpense-paidtripbutdisclosethevalueoftheservicesacceptedinthereport.正确答案：B参考解析：Ward打算参观Evans公司的总部。Ward希望利用在Evans公司获得的信息来完成他关于Evans股票的研究报告。Ward得知Evans计划支付此行的所有费用，包括餐费、住宿费和机票。下列哪项是Ward的最佳选择？本题选择B选项——在独立客观的标准I(B)下，最好的做法是尽可能避免利益冲突。Ward最好的做法是自己支付差旅费用、餐费等其他费用。选项C说披露费用，但该选项不如避免利益冲突，即B选项。选项A说接受安排并提供客观的报告，这也不是最好的办法，因为并不会消除利益冲突的现象。[单选题]7.SmithisafinancialanalystwithXYZBrokerageFirm.SheispreparingapurchaserecommendationonJNICorporation.WhichofthefollowingsituationsismostlikelytorepresentaconflictofinterestforSmiththatwouldhavetobedisclosed?A.SmithfrequentlypurchasesitemsproducedbyJNI.B.XYZholdsforitsownaccountasubstantialcommonstockpositioninJNI.C.Smith’sbrother-in-lawisasuppliertoJNI.正确答案：B参考解析：Smith是XYZ经纪公司的金融分析师，她打算推荐购买JNI公司的股票。以下哪一个选项最可能代表Smith必须披露的利益冲突？本题选择B选项——当Smith自己持有大量JNI公司股票的时候，应当进行披露。A说Smith经常使用JNI的产品，并非必须披露；C说Smith的姐夫是JNI的供货商，这层关系不至于必须披露。[单选题]8.Fiduciarydutyisastandardmostlikelytobeupheldbymembersofa(n):A.employer.B.profession.C.not-for-profitbody.正确答案：B参考解析：第10题题意是说谁最可能承担受托责任。本题选择B：业内专业人士。指的是帮助客户打理资产、做投资配置的专业人员。既然收了客户的钱，就要对客户负责。A选项employer比较宽泛；C选项指的是非盈利机构，不符合题意。[单选题]9.StewarthasbeenhiredbyGoodnerIndustries,Inc.,tomanageitspensionfund.Stewart’sdutyofloyalty,prudence,andcareisowedto:A.ThemanagementofGoodner.B.TheparticipantsandbeneficiariesofGoodner’spensionplan.C.TheshareholdersofGoodner.正确答案：B参考解析：Stewart受聘于Goodner公司管理养老基金，Stewart应对哪个主体尽忠诚、谨慎的职责？本题选择B，管理公司养老金基金时应对养老金的最终受益人负责，而非公司管理层或股东。[单选题]10.AninvestmentmanagementfirmhasbeenhiredbyETVCorporationtoworkonanadditionalpublicofferingforthecompany.Thefirm’sbrokerageunitnowhasa“sell”recommendationonETV,buttheheadoftheinvestmentbankingdepartmenthasaskedtheheadofthebrokerageunittochangetherecommendationfrom“sell”to“buy.”AccordingtotheStandards,theheadofthebrokerageunitwouldbepermittedto:A.Increasetherecommendationbynomorethanoneincrement(inthiscase,toa“hold”recommendation).B.Placethecompanyonarestrictedlistandgiveonlyfactualinformationaboutthecompany.C.Assignanewanalysttodecideifthestockdeservesahigherrating.正确答案：B参考解析：ETV公司聘请了一家投资管理公司为该公司进行公开募股。该公司的经纪部门现在做出“卖出”的建议，但投资银行部门的负责人要求经纪部门的负责人将“卖出”的建议改为“买入”。经纪部门的主管可以怎么做？本题选择B。该题涉及条款I(B)——独立客观性。当被要求改变投资推荐时，经纪部门的负责人应当拒绝以保持自己的独立性和客观性。他不能屈服于公司投行业务部门的压力。而且为了避免利益冲突的出现，应当将ETV放入限制清单，避免对它发表投资建议，只发布事实性的陈述。A不正确因为改变投资推荐则违反独立客观性。C不正确的因为指派新的分析师来决定股票是否值得更高的评级并不能解决利益冲突。[单选题]11.WillieristheresearchanalystresponsibleforfollowingCompanyX.Alltheinformationhehasaccumulatedanddocumentedsuggeststhattheoutlookforthecompany’snewproductsispoor,sothestockshouldberatedaweak“hold.”Duringlunch,however,WillieroverhearsafinancialanalystfromanotherfirmwhomherespectsofferopinionsthatconflictwithWillier’sforecastsandexpectations.Uponreturningtohisoffice,Willierreleasesastrong“buy”recommendationtothepublic.Willier:A.ViolatedtheStandardsbyfailingtodistinguishbetweenfactsandopinionsinhisrecommendation.B.ViolatedtheStandardsbecausehedidnothaveareasonableandadequatebasisforhisrecommendation.C.WasinfullcompliancewiththeStandards.正确答案：B参考解析：Willier是负责跟踪X公司的研究分析师，他收集的所有信息和记录都表明，该公司新产品的前景不佳，因此不应该过多持有该股票。然而，在午餐期间，Willier无意中听到来自另一家公司的金融分析师的观点与Willier的预测和期望相冲突。回到办公室后，Willier向公众发布了一个强烈的“买入”建议。Willier是否违规？本题选择B，Willier违规了，因为他听到了别人的观点后未经过验证就修改了自己的观点。如果Willier无意中听到的观点促使他进行了进一步的研究和调查，从而证明改变观点是合理的，那么改变建议是合适的。[单选题]12.ABCInvestmentManagementacquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirm’scurrentpolicyistoaddnewaccountsforthepurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirm’sperformancereturns.Beforetheendoftheinitialmonth,Cuppnoticesthatoneofthesignificantholdingsofthenewaccountsisacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidestoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonth’sportfolioreturn.A.CuppdidnotviolatetheCodeandStandardsbecausetheGIPSstandardsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountproducesaninaccuratecalculationofthemonthlyresultsaccordingtothefirm’sstatedpolicies.正确答案：C参考解析：ABC公司计算业绩的政策是：当新的账户管理期限超过一个月（afterthefirstfullmonth），才把它纳入绩效计算之中。Cupp这个人发现一个新账户在月末前（beforetheendoftheinitialmonth）价值翻倍，所以Cupp把新账户纳入业绩计算中使得ABC公司绩效更好看。哪一个选项是正确的？本题选择C，Cupp违反了条款III(D)-业绩报告，他为了获得收益偏离了公司的既定政策。A不对，一方面当事人违规了；另一方面，对GIPs表述也不对。B不对，因为公司没有声明它正在更新组合组策略。如果发生这种变化，则必须审查该月的所有现金流动，以确保新政策得到一贯的实施。[单选题]13.AlbertandTye,whorecentlystartedtheirowninvestmentadvisorybusiness,haveregisteredtotaketheLevelIIICFAexamination.Albert’sbusinesscardreads,“JudyAlbert,CFALevelII.”TyehasnotputanythingabouttheCFAdesignationonhisbusinesscard,butpromotionalmaterialthathedesignedforthebusinessdescribestheCFArequirementsandindicatesthatTyeparticipatesintheCFAProgramandhascompletedLevelsIandII.AccordingtotheStandards:A.AlberthasviolatedtheStandards,butTyehasnot.B.TyehasviolatedtheStandards,butAlberthasnot.C.BothAlbertandTyehaveviolatedtheStandards.正确答案：A参考解析：Albert和Tye最近开始了他们自己的投资咨询业务，他们已经注册了三级CFA考试。Albert的名片上写着:“JudyAlbert,CFAlevelII”。Tye并没有在他的名片上写任何有关CFA认证的内容，但他为该公司设计的宣传材料中描述了CFA的要求，并表明Tye参加了CFA课程，而且已经完成了一级和二级考试。以下哪个选项说法是正确的？本题选择A选项。Albert违规了因为在名片上印上“CFAlevelII”会让人以为这是一个职称，然而这并非职称。Tye没有违规，因为他陈述的都是客观事实。[单选题]14.Cannanhasbeenworkingfromhomeonweekendsandoccasionallysavescorrespondencewithclientsandcompletedworkonherhomecomputer.Becauseofworseningmarketconditions,Cannanisoneofseveralemployeesreleasedbyherfirm.WhileCannanislookingforanewjob,sheusesthefilesshesavedathometorequestlettersofrecommendationfromformerclients.Shealsoprovidestoprospectiveclientssomeofthereportsasexamplesofherabilities.A.CannanviolatedtheCodeandStandardsbecauseshedidnotreceivepermissionfromherformeremployertokeeporusethefilesafterheremploymentended.B.CannandidnotviolatetheCodeandStandardsbecausethefileswerecreatedandsavedonherowntimeandcomputer.C.CannanviolatedtheCodeandStandardsbecausesheisprohibitedfromsavingfilesonherhomecomputer.正确答案：A参考解析：Canan周末在家工作，偶尔会保存与客户的信件，并在家里的电脑上完成工作。由于市场环境恶化，Cannan被公司解雇。当Cannan在找新工作的时候，她利用在家中保存的信息联系之前的客户为她写推荐信。她还向潜在客户提供了之前的报告以证明她的能力。以下哪个选项表述正确？A是正确的。根据条款V(C)-记录保留，Cannan在工作之余需要她前雇主的允许才能在家里保存这些文件，否则她应该删除在家工作留档的文件。B不对因为所有在职期间创建的文件都是公司的财产，即使是那些在正常工作时间之外创建的文件。C不对因为ethics并不禁止使用个人电脑为雇主完成工作。[单选题]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.正确答案：A参考解析：Anderb是XYZ投资管理公司的投资组合经理。是一家注册投资机构，为投资公司和私人账户提供咨询服务。Bates是Anderb的主管，负责审核投资组合账户交易以及Anderb每月提交的个人股票交易报告。Anderb一直委托Jonelli为其投资组合账户处理经纪业务。Jonelli给Anderb的个人成交价格一直低于Jonelli给到Anderb的客户账户成交的价格。而且Anderb只有在没有个人交易的月份才会向Bates提交月度报告，几乎是每四个月上交一次。下列哪一项最有可能违反ethics？本题选择A选项——Anderb没有向客户和雇主披露自己个人交易事项。题中当事人Anderb私下为自己的账户安排交易，并且自己享受到了一个更优惠的价格。他违反了准则的要求、损害了客户的利益。选项B不选——拥有和客户一样的资产，这么做并不会违规。C选项不选——Anderb可以和客户委托相同的经纪商执行交易。[单选题]16.Anethicaldecision-makingframeworkwillmostlikely:A.includeapre-determined,uniformsequence.B.focusexclusivelyonconfirmablefactsandrelationships.C.helpavoidadecisionthathasunanticipatedethicalconsequences.正确答案：C参考解析：本题问，道德决策框架最有可能怎么样？A选项：包含事先决定好的决策顺序；B选项：只关注可证实的事实和关系；C选项：帮助避免做出会带来意料之外的道德后果的决定。本题选择C的表述是正确的。A不对，因为CFA协会制定的道德决策框架通常是迭代的，并且决策者可能在框架的不同阶段之间移动；B不对，因为一个决策者应该考虑的不仅仅是可证实的事实和关系，也应该考虑情景影响和个人偏见等其他因素。[单选题]17.Longhasbeenaskedtobethekeynotespeakeratanupcominginvestmentconference.Theeventisbeinghostedbyoneofthethird-partyinvestmentmanagerscurrentlyusedbyhispensionfund.ThemanagerofferstocoverallconferenceandtravelcostsforLongandmaketheconferenceregistrationsfreeforthreeadditionalmembersofhisinvestmentmanagementteam.Toensurethattheconferenceobtainsthebestspeakers,thehostfirmhasarrangedforanexclusivegolfoutingforthedayfollowingtheconferenceonalocalchampionship-calibercourse.WhichofthefollowingisleastlikelytoviolateStandardI(B)?A.Longmayacceptonlytheoffertohavehisconference-relatedexpensespaidbythehostfirm.B.Longmayaccepttheoffertohavehisconference-relatedexpensespaidandmayattendtheexclusivegolfoutingattheexpenseofthehostingfirm.C.Longmayaccepttheentirepackageofincentivesofferedtospeakatthisconference.正确答案：A参考解析：Long被要求在投资方面的研讨会上发表演讲，会议由第三方的基金经理进行主持，该基金经理在管理Long的养老基金。该基金经理为Long承担会议和差旅费用，并为Long的三名同事免除了加入资产管理团队的注册费。承办研讨会上的基金公司还在会后额外安排了高尔夫活动，以及与高尔夫球有关的研讨会。哪个选项的做法最不会违反准则的要求？A意思是说只参与投资方面的研讨会有关的招待。B意思是说高尔夫球活动也可以参与。C是说全套服务都可以接受。所以本题正确的是选择A——为了保持自己的独立客观性，不接受与工作无关的招待。[单选题]18.IlesKitty,CFA,wasrecentlyofferedaseniormanagementpositionwiththetrustdepartmentofaregionalbank.Althoughthedepartmentisnew,thebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Ileshasbeentoldthatsheneedstoaidthatgrowthandhasbeenaskedtohaveherdepartmentconducteducationalseminarsandthenpursuenewbusinessbyfollow-upcontactswiththeattendees.Ilesnoticesthatadvertisementsforupcomingseminars,preparedbythemarketingdepartment,donotmentionanyinvestmentproducts.Theadsindicateattendeescan"learnhowtoimmediatelyearn$100,000totheirnetworth."WhatisthefirstactionIlesmostlikelyshouldtaketoavoidviolatinganyCFAInstituteStandardofProfessionalConduct?A.Declinetoacceptthenewposition.B.Acceptthepositionandrevisethemarketingmaterial.C.Acceptthepositionbutbringthelackofprocedurestotheattentionofseniormanagement.正确答案：A参考解析：Theprospectivesupervisor'sfirststepshouldbetobringtheinadequatecompliancesystemtotheattentionofthefirm'sseniormanagersandrecommendcorrectiveactionbeforetakingtheposition.Thismaybeaccomplishedbythesupervisortakingonaninterimconsultingrolewiththebankinordertoimplementadequateproceduresbeforetakingonthesupervisoryrole.[单选题]19.WhichofthefollowingcategoriescompletelyrepresentsanethicalprincipleofCFAInstituteasoutlinedintheStandardsofPracticeHandbook?A.IndividualprofessionalismB.ResponsibilitiestoclientsandemployersC.Ethicsinvolvedininvestmentanalysisandrecommendations正确答案：A参考解析：本题问，下列哪项能够完全代表CFA协会职业伦理准则当中所概述的道德原则?这题其实在问哪一个选项体现了条款的完整名字。只有A符合，和七大条准则名字能对应得上。B选项表述缺少“capitalmarkets”；C选项缺少“actions”。[单选题]20.WhichofthefollowingstatementsbestdescribesanaspectoftheProfessionalConductProgramprocess?A.Inquiriesarenotinitiatedinresponsetoinformationprovidedbythemedia.B.InvestigationsresultinDisciplinaryReviewCommitteepanelsforeachcase.C.Investigationsmayincluderequestingawrittenexplanationfromthememberorcandidate.正确答案：C参考解析：本题问哪一个选项关于专业行为计划的流程上的表述是正确的。本题C是正确的。当调查开始时，调查人员可能会要求成员或候选人作出书面解释。A不正确，因为职业行为调查可以根据媒体提供的信息而展开。CFA协会的工作人员可能通过媒体、监管方或其他公开渠道了解某位会员或候选人的可疑行为。B不正确，因为只有在一个成员或候选人不接受处罚结果的时候，由DRC成员形成的听证会才会介入。[单选题]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.正确答案：B参考解析：Farnsworth管理着J公司的员工分红计划。J公司的总裁John要求Farnsworth投票支持由J公司提名的董事名单，反对其他不同的意见。Farnsworth不想失去J这个客户，因为他把J公司账户指派给一家经纪商，该经纪商为Farnsworth提供避税上的信息，这些信息虽然对J公司没有用处，但是有利于其他账户的管理。而且该经纪商提供最低的交易佣金和最好的执行。Farnsworth调查后发现，J公司管理层提名的候选人确实更有利于J公司的长期发展，于是Farnsworth相应地进行了投票。本题选择B选项。Farnsworthdirectstradetothebrokeragefirm不违反准则要求，因为Farnsworth尽到了自己的义务：给客户提供了最优执行价格，给客户提供了最低交易费用。他所作所为没有损害客户利益。而且Farnsworth并没有为经纪商提供的研究信息支付额外费用。[单选题]22.Bronsonprovidesinvestmentadvicetotheboardoftrusteesofaprivateuniversityendowmentfund.ThetrusteeshaveprovidedBronsonwiththefund’sfinancialinformation,includingplannedexpenditures.BronsonreceivesaphonecallonFridayafternoonfromMurdock,aprominentalumnus,requestingthatBronsonfaxhimcomprehensivefinancialinformationaboutthefund.AccordingtoMurdock,hehasapotentialcontributorbutneedstheinformationthatdaytoclosethedealandcannotcontactanyofthetrustees.BasedontheCFAInstituteStandards,Bronsonshould:A.SendMurdocktheinformationbecausedisclosurewouldbenefittheclient.B.NotsendMurdocktheinformationtopreserveconfidentiality.C.SendMurdocktheinformation,providedBronsonpromptlynotifiesthetrustees.正确答案：B参考解析：Bronson为一个私立大学基金会的董事会提供投资建议。基金会受托人向Bronson提供了基金的财务资料。Bronson在周五下午接到了著名校友Murdock的电话，要求他把有关该基金的详细财务信息传真给他。Murdock说，他有一个潜在的出资人但是需要相关信息来完成交易，并且不能联系基金的受托人。根据CFA协会的标准，Bronson应该怎么做？本题正确的是B选项，Bronson需要对自己的客户，即基金会的受托人（trusteesofaprivateuniversityendowmentfund）的信息做好保密工作。除非Bronson事先向基金会受托人披露并获取同意，Bronson不可以向Murdock泄露客户的信息。A的表述错误；而C选项不选是因为仅仅通知（notify）是不够的，还需要获得允许。[单选题]23.Whichoneofthefollowingactionswillhelptoensurethefairtreatmentofbrokeragefirmclientswhenanewinvestmentrecommendationismade?A.Informingallpeopleinthefirminadvancethatarecommendationistobedisseminated.B.Distributingrecommendationstoinstitutionalclientspriortoindividualaccounts.C.Minimizingthetimebetweenthedecisionandthedisseminationofarecommendation.正确答案：C参考解析：在作出新的投资建议时，下列哪项措施有助保障经纪公司公平对待客户？本题正确的是C选项，C中列出的步骤将有助于确保公平对待客户。A不正确，因为可能会对客户的公平待遇产生负面影响。知道即将发生更改的人越多，就越有可能在信息发布之前通知到部分客户。公司应该制定政策，限制提前知道投资建议的人数。B不正确，因为在将建议分配给个人账户之前，先将建议分配给了机构客户，这其实是根据资产规模和类别对客户进行区别对待，违反了条款III(B)。[单选题]24.Jurgenisaportfoliomanager.Oneofherfirm’sclientshastoldJurgenthathewillcompensateherbeyondthecompensationprovidedbyherfirmonthebasisofthecapitalappreciationofhisportfolioeachyear.Jurgenshould:A.Turndowntheadditionalcompensationbecauseitwillresultinconflictswiththeinterestsofotherclients’accounts.B.Turndowntheadditionalcompensationbecauseitwillcreateunduepressureonhertoachievestrongshort-termperformance.C.Obtainpermissionfromheremployerpriortoacceptingthecompensationarrangement.正确答案：C参考解析：Jurgen是一位投资组合经理。她的一位客户告诉Jurgen，将根据她的投资组合每年的增值情况，在公司提供的报酬之外给予她额外的补偿。Jurgen应该：本题选择C。倘若Jurgen向雇主书面披露额外报偿并且获得允许，那么协会是允许收取additionalcompensation的。所以C选项的表述是正确的。A和B并非恰当的选项——虽然额外报酬安排可能会与其他客户的利益发生冲突，并带来短期的工作压力，但CFA协会成员及候选人只要向雇主披露有关安排，并获得雇主的批准，便可收取额外报酬。[单选题]25.AccordingtotheCodeofEthics,membersofCFAInstituteandcandidatesfortheCFAdesignationmust:A.maintaintheirprofessionalcompetencetoexerciseindependentprofessionaljudgment.B.placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.C.practiceinaprofessionalandethicalmannerwiththepublic,clients,andothersintheglobalcapitalmarkets.正确答案：B参考解析：本题问，协会会员和候选人必须怎么样？本题选择B，CFA协会的会员和候选人必须将投资行业的诚信和客户的利益置于个人利益之上。A不对，因为CFA协会的会员和候选人不仅需要保持和提高自身的专业能力，而且应当努力保持和提高其他投资专业人士的能力。保持自身专业能力的目的不是进行独立的判断。C表述不恰当在于协会成员和候选人不仅要以专业和道德的方式进行实践，而且要鼓励他人以此方式进行实践。C选项缺少关键词“encourage”。[单选题]26.Aninvestmentbankingdepartmentofabrokeragefirmoftenreceivesmaterialnonpublicinformationthatcouldhaveconsiderablevalueifusedinadvisingthefirm’sbrokerageclients.InordertoconformtotheCodeandStandards,whichoneofthefollowingisthebestpolicyforthebrokeragefirm?A.Permanentlyprohibitboth“buy”and“sell”recommendationsofthestocksofclientsoftheinvestmentbankingdepartment.B.Establishphysicalandinformationalbarrierswithinthefirmtopreventtheexchangeofinformationbetweentheinvestmentbankingandbrokerageoperations.C.Monitortheexchangeofinformationbetweentheinvestmentbankingdepartmentandthebrokerageoperation.正确答案：B参考解析：经纪公司的投行部门常会收到重大非公开信息，如果将之用于为经纪公司的客户提供咨询，会具有很大的参考意义。根据ethics要求，以下哪项是经纪公司可以采取的最佳策略？正确答案是B——防止违反标准II(A)重大内幕消息的最佳政策是在公司建立防火墙以防止内部信息的交换。投资银行部门和经纪业务之间的防火墙在可以使投资银行部门无法向经纪业务方面的分析师提供信息，而这些分析师写的报告可能会涉及到投行部门业务中服务的公司。本题不选择A因为说得过于绝对，A声明永久禁止推荐投资银行部门客户的公司股票。本题不选择C因为投资银行部门和经纪业务之间不应该发生信息交换，所以对这种交换的监控并不是防止使用重大非公开信息的有效合规程序。[单选题]27.JamisonisajuniorresearchanalystwithHoward&Howard,abrokerageandinvestmentbankingfirm.Howard&Howard’smergersandacquisitionsdepartmenthasrepresentedtheBritlandCompanyinallofitsacquisitionsforthepast20years.TwoofHoward&Howard’sseniorofficersaredirectorsofvariousBritlandsubsidiaries.JamisonhasbeenaskedtowritearesearchreportonBritland.Whatisthebestcourseofactionforhertofollow?A.Jamisonmaywritethereportbutmustrefrainfromexpressinganyopinionsbecauseofthespecialrelationshipsbetweenthetwocompanies.B.JamisonshouldnotwritethereportbecausethetwoHoward&HowardofficersserveasdirectorsforsubsidiariesofBritland.C.Jamisonmaywritethereportifshedisclosesthespecialrelationshipswiththecompanyinthereport.正确答案：C参考解析：Jamison是Howard&Howard公司的初级研究分析师。在过去的20年里，Howard&Howard的并购部门代表Britland公司进行收购事宜。Howard&Howard的两名高级管理人员是Britland子公司的董事。Jamison被要求写一份关于Britland的研究报告。对Jamison来说，最应当如何做?正确答案是C。本题涉及条款VI(A)——冲突的披露。题干中分析师Jamison被要求写一份关于Britland公司的研究报告，而这家公司是他的雇主的客户，此外，该公司的两名董事是Jamison雇主的高级管理人员，因此本题存在利益冲突。Jamison必须在他的研究报告中披露利益冲突。选项B是不正确的，因为利益冲突得到了披露后，分析师还是可以撰写报告的。选项A是不正确的，因为Jamison在报告中是否表达任何意见与他披露利益冲突的职责无关。即使不发表意见，也需要将利益冲突进行披露。[单选题]28.AccordingtotheDutiestoClientsstandard,suitabilityrequiresmembersandcandidatesinanadvisoryrelationshipwithaclientto:A.placetheirclients’interestsbeforetheirowninterests.B.considerinvestmentsinthecontextoftheclient’stotalportfolio.C.notknowinglymakemisrepresentationsrelatingtorecommendations.正确答案：B参考解析：合适性（suitability）这个条款要求与客户有顾问关系的成员和候选人怎么做？本题选择B：当成员和候选人与客户有顾问关系时，他们必须根据客户的总体投资组合情况做投资推荐。A属于忠诚，谨慎，仔细（Loyalty,Prudence,andCare），C属于不当陈述（Misrepresentation）。[单选题]29.WhichofthefollowingstatementsclearlyconflictswiththerecommendedproceduresforcompliancepresentedintheCFAInstituteStandardsofPracticeHandbook?A.Firmsshoulddisclosetoclientsthepersonalinvestingpoliciesandproceduresestablishedfortheiremployees.B.Priorapprovalmustbeobtainedforthepersonalinvestmenttransactionsofallemployees.C.Forconfidentialityreasons,personaltransactionsandholdingsshouldnotbereportedtoemployersunlessmandatedbyregulatoryorganizations.正确答案：C参考解析：这题题干问的是：哪一个选项于职业伦理守则的要求是冲突的。A选项：公司应当向客户披露员工个人持股事项，以及相关的政策；B选项：员工在为自己交易之前，应当获得批准。C选项：出于保密原则，员工个人持股事项不应当向雇主报告，除非受到监管方要求。本题选择C选项，它的表述与ethics要求冲突——即使没有监管的要求，雇主也需要定期知晓员工的持股事项，并将之与客户的交易进行比较。这题A和B表述都是正确的。资产管理公司应当向客户披露员工个人持股事宜并建立相关政策；员工也应当向雇主披露自己的交易事项。目的是为了让客户能够更客观判断，基金经理/分析师的投资推荐是否公正。[单选题]30.WhichofthefollowingstatementsisastatedpurposeofdisclosureinStandardVI(C)–ReferralFees?A.Disclosurewillallowtheclienttorequestdiscountedservicefees.B.Disclosurewillhelptheclientevaluateanypossiblepartialityshownintherecommendationofservices.C.Disclosuremeansadvisingaprospectiveclientabouttherefer