道德规范与职业行为准则及答案解析.doc

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1、道德规范与职业行为准则及答案解析(总分：80.00，做题时间：90 分钟)一、B单项选择题/B(总题数：80，分数：80.00)1.Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccios airfa

2、re, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he may: A. attend, but he must d

3、isclose the arrangement to his employer as a gift. B. simply attend. Since the conference is directly related to his professional responsibilities, no further notification or permission is required. C. attend, but he must disclose the arrangement as additional compensation to his employer in writing

4、.（分数：1.00）A.B.C.2.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 inves

5、tment 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 standards

6、may not exist for investment performance measurement and/or presentation.（分数：1.00）A.B.C.3.Which of the following statements about Standard (C), Responsibilities of Supervisors, is FALSE? CFA Institute members with supervisory authority: A. are expected to bring an inadequate compliance system to the

7、 attention of the firms senior managers and recommend corrective action. B. are expected to have in - depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities. C. may delegate supervisory duties, which relieves them of their supervisory

8、authority.（分数：1.00）A.B.C.4.In 1995, the CFA Institute sponsored and funded the Global Investment Performance Standards (GIPS) in response to : A. an increase in insider trading. B. new regulation passed by the SEC. C. a need to address issues, such as portability of investment results.（分数：1.00）A.B.C

9、.5.Assume that on January 1, 2005, a 15 - year old firm with no Global Investment Performance Standards (GIPS) compliant performance history wishes to claim compliance with the GIPS standards. Which of the following accurately reflects the appropriate action for the firm to take? A. Comply with GIPS

10、 for the year beginning January 1,2004, and report nine additional years of performance history (ten total) and disclose why the earlier years are not GIPS compliant. B. Comply with the GIPS standards for the 5 - year period January 1, 2000, through December 31, 2004, and report five additional year

11、s of non - GIPS - compliant performance and disclosure of why the performance in the earlier years is not GIPS compliant. C. Comply with GIPS for the year beginning January 1,2004, and report four additional years of performance history (five total) and disclose why the earlier years are not GIPS co

12、mpliant.（分数：1.00）A.B.C.6.Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the marke

13、t index. Babcock should : A. turn down the offer because it represents a clear conflict between this client and Babcocks other clients. B. make written disclosure to all parties involved before she accepts this offer. C. make written disclosure to her other clients before she accepts this offer.（分数：

14、1.00）A.B.C.7.Which one of the following constitutes the illegal use of material nonpublic information? A. Trading based on your analytical review of the firms future prospects. B. Trading immediately after attending the firms annual shareholders meeting. C. Trading on information your sister, the fi

15、rms attorney, told you over dinner.（分数：1.00）A.B.C.8.According to the Global Investment Performance Standards (GIPS) , where existing laws or regulations already impose performance presentation standards, firms: A. are strongly encouraged to comply with the GIPS standards in addition to those local r

16、equirements. B. that comply with local requirements will be in compliance with GIPS as long as the scope and nature of the conflict is fully disclosed. C. may choose to comply with local requirements rather than GIPS, but only with prior approval from the Investment Performance Council (IPC).（分数：1.0

17、0）A.B.C.9.A covered person who rejects a stipulation agreement: A. will typically not be subject to further disciplinary procedure unless a new investigation is initiated. B. may request an appeal to a hearing panel. C. may request an appeal to a summary suspension review panel.（分数：1.00）A.B.C.10.An

18、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 analyst by a client, which varies with the per

19、formance 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.11.A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manage

20、r warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of: A. Standard (C) , Suitability. B. Standard (B) , Communication with Clients and Prospective Clients. C. none of the Standards listed here.（分数：1.0

21、0）A.B.C.12.Advisors, Inc. , is in the process of adopting the Global Investment Performance Standards (GIPS). The managers of the firm are combining the results of fee - paying discretionary portfolios into composites for reporting purposes. For purpose of comparison, each fee - paying discretionary

22、 portfolio must be included in at least:（分数：1.00）A.A. two composites. B.B. one composite. C.C. three composites.13.As countries adopt the Global Investment Performance Standards ( GIPS), which of the following is least likely to occur? A. The trend toward cross country investments will decline. B. C

23、ompetition in the global investment industry will be enhanced. C. Existing and potential clients will be able to make fair and unambiguous comparisons among investment firms.（分数：1.00）A.B.C.14.The provisions for each section of the Global Investment Performance Standards (GIPS) are divided between :

24、A. fee - paying and non fee - paying portfolios. B. minimum standards and recommendations. C. requirements and recommendations.（分数：1.00）A.B.C.15.An analyst likes to trade options in her own account. She does not deem any of her client accounts suitable for option trading. When she finds a favorable

25、options position, in accordance to Standard (B) , Priority of Transactions, she should : A. first tell her clients about it before acting herself. B. act on it immediately on behalf of her clients then act on her behalf. C. act on it on her own behalf as she sees fit.（分数：1.00）A.B.C.16.Which of the f

26、ollowing is NOT part of the CFA Institute Code of Ethics. Members of CFA Institute will : A. use reasonable care and exercise independent professional judgment. B. strive to maintain and improve their competence and the competence of others in the profession. C. recommend investments that maximize r

27、eturns for a given level of risk.（分数：1.00）A.B.C.17.Standard (C) , Referral Fees, is applicable to : A. only cash consideration received for the recommendation of products or services. B. only cash consideration paid for the recommendation of products or services. C. all consideration received or pai

28、d for the recommendation of products or services.（分数：1.00）A.B.C.18.Which of the following does NOT violate Standard ( D), Misconduct? Roland Lawson, a CFA charterholder and a financial analyst: A. is arrested for participating in a nonviolent protest. B. committed perjury in connection with a lawsui

29、t against his firm. C. drinks excessively during business meetings with clients and returns to work under the influence of alcohol.（分数：1.00）A.B.C.19.All of the following are components of the Code of Ethics EXCEPT: A. striving to maintain and improve their competence and the competence of others in

30、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.C.20.A money manager, who is a member of CFA Institute, suggests during phone ca

31、lls to his clients that, “I hope you will relay to your friends the great returns I earned for you this past year. “ The manager had generated above average returns in the past year. Is this a violation of Standard (D) , Performance Presentation? A. Yes, because the Standard forbids members asking t

32、heir clients to say anything about how well the member has done. B. No, because the request was made orally and not in writing. C. Yes, because the intended message fails the test of completeness as required under the standard.（分数：1.00）A.B.C.21.In order to comply with the CFA Institute Standards, an

33、 analyst should: A. use only his own research in making investment recommendations, because anything else would violate Standard (B), Independence and Objectivity. B. use only his companys research when making investment recommendations and use outside research for reports and analysis on stocks. C.

34、 use outside research only after verifying its accuracy.（分数：1.00）A.B.C.22.Karen Wilson, CFA, supervises eight junior analysts at Spartan Financial Services. Karen suspects that one of the analysts is violating Spartans personal investing policy. According to the Standards of Practice Handbook, Karen

35、s most appropriate initial action is to: A. initiate an investigation. B. notify her supervisor of the analysts suspected misconduct. C. require the analyst to liquidate and close all personal accounts.（分数：1.00）A.B.C.23.Michael Malone, CFA, is an investment analyst for a large brokerage firm in New

36、York who covers the airlines industry. Alter hours in his personal time, Malone maintains an online blog on which he expresses his personal opinions about various investment opportunities, including, but not limited to, the airlines industry. On his blog, he posts a very negative investment opinion

37、about WestAir stock. Malone knows that WestAirs stock will be downgraded to a “sell“ by his firm next week. Malone has: A. violated Standard (B) Priority of Transactions by releasing material information to the public before releasing to the firms clients. B. violated Standard (A) Material Nonpublic

38、 Information by releasing material that could negatively impact the price of the security. C. violated Standard (A) Loyalty by divulging confidential information that is the intellectual property of his employer.（分数：1.00）A.B.C.24.Jason Blackwell, CFA, works as an investment manager for Mega Capital,

39、 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 than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in t

40、he 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 his immediate supervisor at Mega to undertake this independent activity for a one - month trial b

41、asis. 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 Sta

42、ndard (A).（分数：1.00）A.B.C.25.CFA Institute does not impose fines. All of the other choices are possible sanctions. CFA Institute may suspend a candidate from further participation in the CFA program. With respect to filing complaints concerning the professional conduct of a CFA Institute member, whic

43、h of the following is TRUE? A. Anyone can write the Standards and Policy Committee staff with a complaint concerning the conduct of any member. B. Anyone can write the Professional Conduct Program staff with a complaint concerning the conduct of any member. C. Only other members can write the Profes

44、sional Conduct Program staff with a complaint concerning the conduct of another member.（分数：1.00）A.B.C.26.An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the clients analyst, he can have free use of a limousine several ti

45、mes a year. The analyst needs to: A. inform his supervisor in writing of the offer if the analyst intends to accept the offer. B. explicitly refuse such an offer. C. do nothing since the offer is not linked to the performance of the clients portfolio.（分数：1.00）A.B.C.27.When an analyst makes an invest

46、ment recommendation, which of the following statements must be disclosed to clients? A. The firm is a market maker in the stock of the recommended company. B. An employee of the firm holds a directorship with the recommended company. C. All of these statements must be disclosed to clients.（分数：1.00）A

47、.B.C.28.Samuel Goldstein, CFA, is an analyst for Tamarack Securities. Goldsteins father, Reuben, has a client account at Tamarack. In ordering trades, Goldstein should place orders in: A. his clients accounts first, his fathers account second, and his account last. B. his clients and his fathers acc

48、ounts in the first group and his personal accounts in the second group. C. his clients accounts in the first group and his fathers and his own personal account in the second group.（分数：1.00）A.B.C.29.Which of the following statements regarding GIPS is least accurate? A. A GIPS objective is to promote

49、global “self- regulation“. B. GIPS allows clients to have more confidence in reported performance. C. To stay GIPS compliant, a firm must abide by GIPS guidelines even when conflicting with local or country -specific regulations.（分数：1.00）A.B.C.30.Which of the following is a component of the Code of Ethics? CFA Institute members shall: A. use particular care in determining applicable fiduciary duty. B. not knowingly participate or assist in any violation of laws, rules, or regulations. C. use reasonable care and exercise indepen