Afternoon Session
1．An analyst writes a report and includes the forecasts of an econometric model developed by the firm’s rearch department. The analyst identifies the source of the forecast and includes all the relevant statistics concerning the model and his opinion of the model’s accuracy. With respect to Standard V(A), Diligence and Reasonable Basis, the analyst has:
A．violated the Standard by including quantitative details in a report.
B．violated the Standard by giving his opinion of the accuracy of a model developed by his rearch department.
C．complied with the Standard.
【答案】C
【解析】Including quantitative details in a report is not a violation of the Standard. The analyst has more of an obligation to give an opinion on the accuracy of the model than withhold such an opinion. Although the analyst should u reasonable care to verify information included in a report, retesting models developed by the rearch department of a firm is not explicitly required. 2．Charlie, a CFA ca
ndidate, got a copy of a computerized stock lection model designed by a former MBA classmate who is a Wall Street analyst. After spending some time reviewing the program and making a few minor adjustments Charlie showed her new model to her supervisor. Her supervisor said she did a great job and told Charlie to incorporate net new model in her next industry review, which she did. Charlie has:
A．violated Standard Ⅲ（E）Prervation of Confidentiality.
B．violated Standard Ⅰ（C）Misreprentation.
C．violated Standard Ⅱ（A）Material Nonpublic Information.
【答案】B
【解析】Standard Ⅰ（C）Misreprentation. By using material prepared by another without acknowledging and identifying the developer of the model, Charlie had committed plagiarism.
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3．A CFA Institute member puts the following statement on her resume:“I pas d each level of the CFA exam on the first try.” Is this a violation of Standard Ⅶ(B)? A．No, becau it is a statement of fact.
B．Yes, becau she incorrectly refers to the CFA exam.xe
C．Yes, becau saying she pasd exams on the first try is not appropriate.
【答案】A
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【解析】The statement is not a violation becau it is a fact. However, the member must not go on to claim superior performance.
4．A CFO who is a CFA Institute member is careful to make his press
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releas-some of them containing material and previously undisclod information——clear and understandable to his readers. While writing a new relea, he often has his current intern proofread rough drafts. He also nds electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard Ⅱ(A), Material Nonpublic Information, the CFO is:
A．not in violation of the Standard.
B．violating the standard by either showing the pre-relea version to his intern or nding it to his brother.
C．only in violation by showing the pre-relea version to the intern but not to a relative such as his brother.
【答案】B
【解析】Standard Ⅱ(A), Material Nonpublic Information, says that a member must be careful about handling material non-public information. As a member of CFA Institute, the CFO must limit the people who e important information
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before it is relead. It would not be appropriate to involve an intern or a relative in the process.
美式音标发音视频5．Insider trading can be defined as information that is:
armchairA．nonmaterial and nonpublic.
B．material and public.
C．material and nonpublic.
【答案】C
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意大利留学中介【解析】Information is material if it would be important to the investor in their investment making decision. Information is nonpublic if it is not yet available to the public.
6．Michel Marchant, CFA, recently became an independent money manager. After six months, he has only ten clients, who are family and friends. To supplement his income, Marchant accepted part-time employment as an advisor at Middleton Financial Advisors. According to CFA Institute Standards of Professional Conduct, which of the following statements about Marchant’s duty to his new employer is TRUE?
A．Marchant must inform Middleton about his existing clients but need not inform his existing clients about his new part-time employment with Middleton.
B．Marchant must inform Middleton to keep his existing clients and must inform his existing clients of his new part-time employment at Middleton.
C．Marchant need not inform Middleton about his existing clients but must inform his existing clients about his new part-time employment at Middleton. 【答案】B
【解析】Standard Ⅳ(A) and Ⅳ(B) requires that Marchant inform both Middleton and his existing clients.
7．A broker was sanctioned for unsuitable recommendations and excessive trading involving three accounts under his care. The clients were unsophisticated, inexperienced individual investors with limited means. According to CFA Institute Standard Ⅲ(C), Suitability, which of the following is least likelyto be considered a relevant factor in determining the appropriateness and suitability of investment recommendations or actions for each portfolio or client?
A．Best interests of the investment professional.
B．Basic characteristics of the total portfolio.
C．Basic characteristics of the investment involved.
【答案】A
【解析】Determining appropriateness and suitability focus on the portfolio or client, not on the investment professional. Investment professionals should take particular care to ensure that their goals in lling products or executing curity transactions do not conflict with the best interests of the client.
8．Brenden Morrow, CFA, is unclear regarding the criteria that must be met regarding prervation o
f confidential client information. Under which of the following circumstances would Morrow not be required to prerve confidential information received from a client?
A．CFA Institute has asked for information in reference to an investigation by the Professional Conduct Program.
B．The information would affect the company’s stock price.
C．A relationship of trust has been established.
【答案】A
【解析】Standard Ⅲ（E）—There is no such confidentiality requirement regarding the effect on the firm’s stock price per share-but it is possible that any matters affecting the stock price may also be confidential! Members will not be violating their duty under Standard Ⅲ（E）Prervation of Confidentiality, by forwarding confidential information to the CFA Institute PCP.
9．The investment-banking department of the XYZ Brokerage Hou often has information that would be of significant u to the firm’s brokerage clients. In order to conform to CFA Institute Standards of Professional Conduct, which of the following policies should XYZ adopt? According to
Standard:
A．Ⅱ(A), Material Nonpublic Information, XYZ should encourage their investment banking clients to publicly disminate this information.
B．Ⅲ(B), Fair Dealing, all clients should be informed of the information at the same time.
C．Ⅱ(A), Material Nonpublic Information, XYZ should establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and the brokerage operations.
【答案】C
【解析】The physical and information barrier erected between departments to prevent communication of material nonpublic information from one department to another is called a “Fire Wall.” Departments should be parated. For example, the investment banking and corporate finance departments of a brokerage firm should be gregated from the sales and rearch departments. Family member accounts who are also clients should be treated like any other client accounts and should not be given special treatment or disadvantaged.
10．Mark William son is“bearish” on ABC Manufacturing Company. Williamson is so convinced that ABC is overpriced, two weeks ago, he shorted 100000 shares. Today, Williamson is“surfing” veral popular investment bulletin boards on the internet and posting fal derogatory comments about company management. According to Standard Ⅱ(B), Market Manipulation, Williamson has engaged in:
A．transaction-bad manipulation, but not information-bad manipulation.private structure
B．both transaction-bad manipulation and information-bad manipulation.
C．information-bad manipulation, but not transaction-bad manipulation. 【答案】C
