道德规范与职业行为准则(一)及答案解析.doc

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1、道德规范与职业行为准则(一)及答案解析(总分：40.00，做题时间：90 分钟)一、B单项选择题/B(总题数：40，分数：40.00)1.An analyst receives a research report from a colleague. The colleagues report has an elaborate table with performance data on publicly traded stocks. The colleague says the data in the table consists of measures provided by Standar

2、d others may not invest in a stock unless it pays dividends. Lee is researching a biotech firm specializing in the analysis of “mad cow“ disease. While touring company facilities and meeting with management, she learns that they believe they may have found a way to reverse the disease. Moreover, one

3、 manager conjectured, “Suppose that we reversed the disease in someone who didnt even have it? We might then be able to boost that individuals IQ into the stratosphere ! “ Lee returns to her office and buys shares for all accounts under her supervision. This action is: A. a violation of the Standard

4、 concerning appropriateness and suitability of investment actions. B. appropriate given the obvious potential of the therapy. C. only permissible if the account holders are contacted first before the shares are purchased.（分数：1.00）A.B.C.D.32.All of the following are components of the Code of Ethics E

5、XCEPT: A. striving to maintain and improve their competence and the competence of others in the profession. B. demonstrating diligence, independence, and thoroughness when preparing investment reports. C. acting with integrity, competence, respect, and in an ethical manner when dealing with others.（

6、分数：1.00）A.B.C.D.33.According to the Code of Ethics, which of the following statements is FALSE? CFA Institute members are required to: A. comply with the CFA Institute Performance Presentation Standards. B. use reasonable care and exercise independent professional judgment. C. practice and encourage

7、 others to practice in a professional and ethical manner.（分数：1.00）A.B.C.D.34.An analyst finds a stock with historical returns that are not correlated with interest rate changes. The analyst writes a report for his clients that have large allocations in fixed - income instruments and emphasizes the o

8、bserved lack of correlation. The clients with allocations of fixed income instruments are the only clients to see the report. According to Standard (B) , Communication with Clients and Prospective Clients, the analyst has: A. violated the Standard concerning fair dealings with all clients. B. not vi

9、olated the Standard. C. violated the Standard by emphasizing the information concerning the correlation.（分数：1.00）A.B.C.D.35.An analyst needs to inform his supervisor in writing of which of the following? A. A client and the analyst alternate paying for lunch at a local sandwich shop. B. Both the lun

10、ch and the bonus mentioned in the other answers. C. An annual bonus, sent to the analyst by a client, which varies with the performance of the clients portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.（分数：1.00）A.B.C.D.36.Which of the

11、following statements is a key characteristic of Global Investment Performance Standards (GIPS) ? A. GIPS require managers to include all actual fee - paying and non - fee - paying discretionary portfolios in composites defined according to similar strategy and/or investment objective. B. GIPS requir

12、e firms to show GIPS - compliant history for a minimum of ten years, or since inception of the firm or composite if in existence less than ten years. C. GIPS exist as a minimum worldwide standard where local or country - specific law, regulation, or industry standards may not exist for investment pe

13、rformance measurement and/or presentation.（分数：1.00）A.B.C.D.37.According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT: A. distribute a detailed, written research r

14、eport to clients with each recommendation. B. analyze the clients investment needs. C. maintain files to support investment recommendations.（分数：1.00）A.B.C.D.38.The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act in a certain manner with respect to w

15、hich of the following groups? A. The public. B. The members employer. C. The SE.（分数：1.00）A.B.C.D.39.Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients behalf with a single brokerage firm

16、for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is : A. congru

17、ent with Standard (C), Suitability. B. a violation of Standard (C), Suitability. C. a violation of Standard B. , Fair Dealing.（分数：1.00）A.B.C.D.40.Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law

18、is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates v

19、erbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets consent from his immediate supervisor at Mega to undertake this independent activity for a one - month trial basis. Which of the following statements about Blackwells actions involving Standard

20、, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell:A. did not violate either Standard or Standard A B. violated both Standard and Standard (A). C. violated Standard but did not violate Standard (A).（分数：1.00）A.B.C.D.道德规范与职业行为准则(一)答案解析(总分：40.00，做题时间：90 分钟)一、B单项选择题/B(总题数：40，分数：4

21、0.00)1.An analyst receives a research report from a colleague. The colleagues report has an elaborate table with performance data on publicly traded stocks. The colleague says the data in the table consists of measures provided by Standard others may not invest in a stock unless it pays dividends. L

22、ee is researching a biotech firm specializing in the analysis of “mad cow“ disease. While touring company facilities and meeting with management, she learns that they believe they may have found a way to reverse the disease. Moreover, one manager conjectured, “Suppose that we reversed the disease in

23、 someone who didnt even have it? We might then be able to boost that individuals IQ into the stratosphere ! “ Lee returns to her office and buys shares for all accounts under her supervision. This action is: A. a violation of the Standard concerning appropriateness and suitability of investment acti

24、ons. B. appropriate given the obvious potential of the therapy. C. only permissible if the account holders are contacted first before the shares are purchased.（分数：1.00）A. B.C.D.解析：Given the variety of accounts under her supervision, it is not likely the shares of a speculative biotech firm would be

25、suitable for all accounts. Placing such shares in all accounts indicates that she has failed to consider the appropriateness and suitability of the investment for each account, and this places her in violation of Standard (C).32.All of the following are components of the Code of Ethics EXCEPT: A. st

26、riving to maintain and improve their competence and the competence of others in the profession. B. demonstrating diligence, independence, and thoroughness when preparing investment reports. C. acting with integrity, competence, respect, and in an ethical manner when dealing with others.（分数：1.00）A.B.

27、 C.D.解析：Demonstrating diligence, independence, and thoroughness when preparing investment reports is found in the Standards of Professional Conduct.33.According to the Code of Ethics, which of the following statements is FALSE? CFA Institute members are required to: A. comply with the CFA Institute

28、Performance Presentation Standards. B. use reasonable care and exercise independent professional judgment. C. practice and encourage others to practice in a professional and ethical manner.（分数：1.00）A. B.C.D.解析：The CFA Institute - PPS are voluntary standards for the industry. Firms are not required t

29、o comply with these standards when presenting performance. The other statements are each components of the CFA Institute Code of Ethics.34.An analyst finds a stock with historical returns that are not correlated with interest rate changes. The analyst writes a report for his clients that have large

30、allocations in fixed - income instruments and emphasizes the observed lack of correlation. The clients with allocations of fixed income instruments are the only clients to see the report. According to Standard (B) , Communication with Clients and Prospective Clients, the analyst has: A. violated the

31、 Standard concerning fair dealings with all clients. B. not violated the Standard. C. violated the Standard by emphasizing the information concerning the correlation.（分数：1.00）A.B. C.D.解析：Recommending a stock whose return is uncorrelated with interest rate changes is appropriate for the clients descr

32、ibed in the problem. Emphasizing the lack of correlation is appropriate as long as the analyst makes no guarantees concerning the relationship in the future. Reporting historical correlation is a presentation of fact, and is not in violation. The analyst is free to show the report only to investors

33、for whom the investment is appropriate.35.An analyst needs to inform his supervisor in writing of which of the following? A. A client and the analyst alternate paying for lunch at a local sandwich shop. B. Both the lunch and the bonus mentioned in the other answers. C. An annual bonus, sent to the a

34、nalyst by a client, which varies with the performance of the clients portfolio that the analyst manages as an employee even though no verbal or written agreement exists about the bonus.（分数：1.00）A.B.C. D.解析：Standard (B) requires that members disclose to their employer in writing all benefits that the

35、y receive in addition to their regular compensation for services they perform on behalf of their employer. Since the bonus varies with the performance of the clients portfolio, there is a clear link to the services of the analyst. The analyst is not required to report the lunch since it is not linke

36、d to performance.36.Which of the following statements is a key characteristic of Global Investment Performance Standards (GIPS) ? A. GIPS require managers to include all actual fee - paying and non - fee - paying discretionary portfolios in composites defined according to similar strategy and/or inv

37、estment objective. B. GIPS require firms to show GIPS - compliant history for a minimum of ten years, or since inception of the firm or composite if in existence less than ten years. C. GIPS exist as a minimum worldwide standard where local or country - specific law, regulation, or industry standard

38、s may not exist for investment performance measurement and/or presentation.（分数：1.00）A.B.C. D.解析：The GIPS standards : (1) do not require managers to include non - fee - paying accounts in composites, (2) require five years of GIPS compliant history, and (3) require compliance with local laws when the

39、y conflict with GIPS and disclosure of the conflict.37.According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT: A. distribute a detailed, written research report t

40、o clients with each recommendation. B. analyze the clients investment needs. C. maintain files to support investment recommendations.（分数：1.00）A. B.C.D.解析：Standard (C) , Record Retention, requires that members maintain appropriate records to support the reasonableness of such recommendations or actio

41、ns, but they are not required to distribute a research report with each recommendation.38.The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act in a certain manner with respect to which of the following groups? A. The public. B. The members employer.

42、C. The SE.（分数：1.00）A.B.C. D.解析：The SEC is not mentioned in the Code of Ethics. Component one mentions duties to the public, clients, prospects, employers, employees, colleagues, and other participants in the global capital markets.39.Bob Hatfield, CFA, has his own money management firm with two clie

43、nts. The accounts of the two clients are equal in value. Hatfield has been trading on the clients behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his cli

44、ents. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is : A. congruent with Standard (C), Suitability. B. a violation of Standard (C), Suitability. C. a violation of Standard B. , Fair Dealing.（分数：1.00）A.B. C.D.解析：According to Standa

45、rd (C), the analyst must consider the appropriateness and suitability of an investment recommendation for each portfolio or client. Having a fixed policy of adding investments to portfolios without evaluating their suitability is a violation of Standard (C). The action does not violate either of the

46、 other standards listed.40.Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict

47、 than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets consent from

48、his immediate supervisor at Mega to undertake this independent activity for a one - month trial basis. Which of the following statements about Blackwells actions involving Standard , Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell:A. did not violate either Standard or Standard A B. violated both Standard and Standard (A). C. violated Standard but did not violate Standard (A).（分数：1.00）A.B.C. D.解析：Blackwell violated Standard , Professionalism. Because the applicable laws were stricter than the Code and Standards, he must adhere to the more strict applicable law.