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1、1.VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemploy
2、erdidnotaskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteStandardsofProfessionalConductdidChandaranaleastlikelyviolate?A.LoyaltytoEmployersB.ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramC.MisconductAnswer=BThereisnoevidenceChandaranaviolatedStandardVII(B)-ReferencetoCFAInstit
3、ute,theCFADesignation,andtheCFAProgramwithregardtohisbeingaCFAcandidate.Specifically,ChandaranadoesnotoverstatehiscompetencyorimplyhewillachievesuperiorperformanceasaresultofhisCFAdesignation.Itdoesappearthowever,Chandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemplo
4、yersreputation,thusviolatingStandardI(D)-MisconductandStandardIV（八）-LoyaIty.CFALevelIuGuidanceforStandardsI-Vll,StandardVII(B)-ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram,StandardI(D)-ProfessionaIism,StandardIV（八）-DutytoEmployers2.DavidDonniganenrolledtotaketheLevelIlCFAexaminationint
5、hecurrentyear,buthedidnottaketheexam.DonniganadvisedhisemployerthathepassedLevelII.Subsequently,heregisteredtotaketheLevelIlexamthenextyear.WhichCFAInstituteStandardsofProfessionalConductdidDonniganleastlikelyviolate?Thestandardrelatedto:A.referencingcandidacyintheCFAProgram.B.dutytoemployer.C.profe
6、ssionalmisconduct.Answer=ABecauseheregisteredtotaketheexaminthenextyear,DonniganstillqualifiestostateheisacandidateintheCFAProgram.Hewouldnot,however,beauthorizedtoreferencethatheisaLevelIIIcandidateand,ifasked,wouldneedtospecifiythatheisaLevelIlcandidate.CFALevelIuGuidanceforStandardsI-Vll,CFAInsti
7、tuteStandardI(D)1StandardIV（八）3.IanOSullivan,CFA1istheownerandsoleemployeeoftwocompanies,apublicrelationsfirmandafinancialresearchfirm.ThepublicrelationsfirmenteredintoacontractwithMalloryEnterprisestoprovidepublicrelationsservices,withOrSuIIivanreceiving40,000sharesofMallorystockinpaymentforhisserv
8、ices.Overthenext10days,thepublicrelationsfirmissuedseveralpressreleasesthatdiscussedMallory,sexcellentgrowthprospects.O,Sullivan,throughhisfinancialresearchfirm,alsopublishedaresearchreportrecommendingMallorystockasabuy.AccordingtotheCFAInstituteStandardsofProfessionalConduct,OSullivanismostlikelyre
9、quiredtodisclosehisownershipofMallorystockin:A.thepressreleasesonly.B.theresearchreportoniy.C.boththepressreleaseandtheresearchreport.Answer=CMembersshoulddiscloseallmattersthatreasonablycouldbeexpectedtoimpairthemembersobjectivityasoutlinedinStandardI(B)1andStandardVI（八）.CFALevelIuGuidanceforStanda
10、rdsI-Vll,CFAInstituteStandardI(B),StandardVI（八）4.JamesWoods,CFA,isaportfoliomanageratABCSecurities.Woodshasreasonablegroundstobelievehiscolleague,SandraClarke,aCFALevelIlcandidate,isengagedinunethicaltradingactivitiesthatmayalsobeinviolationoflocalsecuritieslaws.WoodsisnotClarkessupen/isor,andheract
11、ivitiesdonotimpactWoodsoranyoftheportfoliosforwhichheisresponsible.BasedontheCodeandStandards,therecommendedcourseofactionisforWoodsto:A.reportSandraClarketoABCstradingsupervisororcompliancedepartment.B.nottakeanyactionbecauseheisnotdirectlyinvolved.C.reportSandraClarketotheappropriategovernmentalor
12、regulatoryorganization.Answer=AUnderStandard1（八）insituationswhereamemberorcandidateisawareofemployerengagementinunethicalorillegalactivity,itisrecommendedthattheyattempttostopthebehaviorbybringingittotheattentionofasupervisororthefirmscompliancedepartment.CFALevelIGuidanceforStandardsI-Vll,CFAInstit
13、uteStandardI（八）5.AfterafirmpresentsaminimumrequirednumberofyearsofGIPS-compliantperformance,thefirmmustpresentanadditionalyearOfperformanceeachyear,buildinguptoaminimumof:A.10yearsofGIPS-CompIiantperformance.B.15yearsofGIPS-CompIiantperformance.C.5yearsofGIPS-CompIiantperformance.Answer=AAfterafirmp
14、resentsaminimumoffiveyearsofGIPS-CompIiantperformance,thefirmmustpresentanadditionalyearofperformanceeachyear,buildingptoaminimumof10yearsofGIPS-compliantperformance.CFALevelI,TheGIPSStandards；*CFAInstituteSection:HistoricalPerformanceRecordMadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanag
15、er.Inhernewposition,Smithisrequiredtosupervisethreeportloliomanagers.SmithasksforacopyofherfirmswrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStandardsofPracticeHandbook,Smithsmostappropriatecourseofacti
16、onwouldbeto:A.declinetoacceptsupervisoryresponsibilityuntilherfirmadoptsprocedurestoallowhertoadequatelyexercisesuchresponsibility.B.requiretheemployeesshesupervisestoadopttheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.C.requireherfirmtoadopttheCFAInstituteCodeofEthicsandStandardsofPro
17、fessionalConduct.Answer=AAccordingtoguidanceforStandard(IV(C),ifamembercannotfulfillsupervisoryresponsibilitiesbecauseoftheabsenceofacompliancesystemorbecauseofaninadequatecompliancesystem,themembershoulddeclineinwritingtoacceptsupervisoryresponsibilityuntilthefirmadoptsreasonableprocedurestoallowth
18、emembertoadequatelyexercisesuchresponsibility.CFALevelIuGuidanceforStandardsI-Vll,mCFAInstituteStandardIV(C)NicholasBennett,CFA,isatraderatastockexchange.AnothertraderapproachedBennettontheflooroftheexchangeandverballyharassedhimaboutapoorlyexecutedtrade.Inresponse,Bennettpushedthetraderandknockedhi
19、mtotheground.Afterinvestigatingtheincident,theexchangeclearedBennettfromanywrongdoing.WhichofthefollowingbestdescribesBennettsconductinrelationtotheCFAInstituteCodeofEthicsorStandardsofProfessionalConduct?Bennett:A.violatedthestandardrelatingtoprofessionalism.B.didnotviolateanyoftheCodeofEthicsorSta
20、ndardsofProfessionalConduct.C.violatedboththestandardrelatingtoprofessionalismandintegrityofcapitalmarkets.Answer=ATheCFAInstituteCodeofEthicsrequiresmemberstoactwithintegrity,competence,diligence,respect,andinanethicalandprofessionalmanner.TheStandardsofProfessionalConductrelatingtoprofessionalmisc
21、onductstatemembersandcandidatesmustnotcommitanyactreflectingadverselyontheirprofessionalreputation,integrity,orcompetence.Bennett,sactionsviolatedtheCodeOfEthicsandStandardl(D)-ProfessionaIism,butnotStandardI!-IntegrityofCapitalMarkets.CFALevelIuGuidanceforStandardsI-Vll,mCFAInstituteStandardI(D),St
22、andardIl8.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,tradingonmaterialnonpublicinformationisleastlikelytobepreventedbyestablishing:A.personaltradinglimitations.B.selectivedisclosure.C.firewalls.Answer=BSelectivedisclosureoccurswhencompaniesdiscriminateinmakingmaterialnon
23、publicinformationpublic.Corporationsthatdiscloseinformationonalimitedbasiscreatethepotentialforinsider-tradingviolations.SeeStandardII（八）.CFALevelIGuidanceforStandardsI-Vll,CFAInstituteStandardII（八）9.Duringanon-sitecompanyvisit,MarshaWard,CFA,accidentallyoverheardthechiefexecutiveofficerofStargazer,
24、Inc.discussingthecompanystenderoffertopurchaseDynamicaEnterprises,aretailerofStargazerproducts.AccordingtotheCFAInstituteStandardsofProfessionalConduct,Wardmostlikelycannotusetheinformationbecause:A.itwasoverheardandmightbeconsideredunreliable.B.shedoesnothaveareasonableandadequatebasisfortakinginve
25、stmentaction.C.itrelatestoatenderoffer.Answer=CTradingontheinformationisrestrictedgiventhatitrelatestoatenderoffer;itisclearlymaterial,nonpublicinformationasstatedinStandardII（八）.CFALevelIuGuidanceforStandardsI-Vll,CFAInstituteStandardII（八）10.AccordingtotheGlobalInvestmentPerformanceStandards(GIPS),
26、firmsmustdoallofthefollowingexcept.A.adheretocertaincalculationmethodologiesandmakespecificdisclosuresalongwiththeirperformance.B.provideinvestorswithacomprehensiveviewoftheirperformanceonlyintermsofreturns.C.complywithallrequirementsoftheGIPSstandards,suchasupdates,guidancestatements,andclarificati
27、ons.Answer=BFirmsmustprovideinvestorswithacomprehensiveviewoftheirperformanceintermsofriskandreturns,notjustreturns.CFALevelITheGIPSStandards；CFAInstituteSection:Overview11.AdiraBadawi,CFA,whoownsaresearchandconsultingcompany,isanindependentboardmemberofaleadingcementmanufacturerinasmalllocalmarket.
28、BecauseofBadawisexpertiseinthecementindustry,aforeigncementmanufacturerlookingtoenterthelocalmarkethashiredhimtoundertakeafeasibilitystudy.UnderwhatcircumstancescanBadawimostlikelyundertaketheassignmentwithoutviolatingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?A.Hemakesfulldisclosu
29、retobothcompanies.B.Hesignsconfidentialityagreementswithbothcompanies.C.Hereceiveswrittenpermissionfromthelocalcompany.Answer=AMakingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpairone,sindependenceandobjectivityorinterferewithrespectivedutiestoonesclientsisrequiredbyStandardVl
30、（八）-DiscIosureofConflicts.CFALevelIGuidanceforStandardsI-Vl,StandardVl（八）-DiscIosureofConflicts12.WhichofthefollowingisnotacomponentoftheCFAInstituteCodeofEthics?A.Promotefinancialintegrityandseektopreventandpunishabusesinthefinancialmarkets.B.Practiceandencourageotherstopracticeinaprofessionalandet
31、hicalmannerthatwillreflectcreditonthemselvesandtheprofession.C.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsaboveyourownpersonalinterests.Answer=APunishingabuseinthefinancialmarketsisnotoneofthesixcomponentsoftheCodeofEthics.CFALevelI“CodeofEthics,CFAInstituteSection:TheCodeofEt
32、hics13.AccordingtotheGlobalInvestmentPerformanceStandards(GIPS),whichofthefollowingisnotapartoftheverificationprocess?Testingwhetherthe:A.firmhascompliedwithallthecompositeconstructionrequirements.B.verificationisundertakenbythecompliancedepartmentintheabsenceofathirdparty.C.firm,sprocessesandproced
33、uresaredesignedtocalculateresultsincompliancewithGIPSstandards.Answer=BCFALevelInIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS),CFAInstitute,201114.JiroSato,CFA,deputytreasurerforMayCollege,managestheStudentScholarshipTrust.Satoissuedarequestforproposal(RFP)fordomesticequitymanagers.Pam
34、elaPeters,CFA,agoodfriendofSato,introduceshimtorepresentativesfromCapitalInvestments,whichsubmittedaproposal.SatoselectedCapitalasamanagerbasedonthefirmsexcellentperformancerecord.Shortlyaftertheselection,Peters1whohadoutstandingperformanceasanequitymanagerwithanotherfirm,acceptedalucrativejobwithCa
35、pital.WhichoftheCFAcharterholdersviolatedtheCFAInstituteStandardsofProfessionalConduct?A.BothB.NeitherC.PetersAnswer=BMembersshouldusereasonablecareandjudgmenttomaintainindependenceandobjectivity,asstatedinStandardI(B).Thereisnoindicationofinappropriatebehaviorintheselectionoftheequitymanagerorinthe
36、acceptanceofemploymentwiththatmanager;bothdecisionswerebasedontheexcellentperformancerecordsofthemanagerandthemember,respectively.CFALevelIuGuidanceforStandardsI-Vll,CFAInstituteStandardI(B)15.ClaireJones,CFA,isananalystfollowingnaturalgascompaniesintheUnitedStates.Atanindustryenergyconference,thech
37、ieffinancialofficerofAlpineEnergystatesthatthecompanyisinterestedinmakingstrategicacquisitions.Ataseparateevent,AIpinerSheadofexplorationcommentedthatheisbullishonnaturalgasproductionprospectswithinnortheasternPennsylvania.JonesisawarethatAlpinecurrentlyhasverylittleexposuretothisregion.Shealsoknows
38、anothercompanyinheruniverse,PureEnergy,Inc.isbasedinnortheasternPennsylvaniaandcontrolssignificantassetsinthearea.PureEnergyishighlyleveraged,andJonesbelievesitwillneedtoraiseadditionalcapitalorpartnerwithanotherfirmtomovetotheproductionphasewiththeirassets.JonesattemptstocontactAlpine,schiefexecuti
39、veofficerwithanunrelatedquestionandistoldheisunavailablebecauseheisonabusinesstriptonortheasternPennsylvania.JonesupdatesherresearchonPureEnergyandthenrecommendsthestocktoLisaWong,CFA,aportfoliomanager,whopurchasessignificantpositionsinclientaccounts.Thefollowingweek,PureEnergyannouncesithasenteredi
40、ntoanagreementtobepurchasedbyAlpineforasignificantpremium.HaseitherJonesorWongmostlikelyviolatedstandardswithregardtotheintegrityofcapitalmarkets?A.Yes,JonesrecommendationisbasedoninsiderinformationB.NoC.Yes,bothJonesandWonghaveactedoninsiderinformationAnswer=BJoneshasusedthemosaictheorytocombinenon
41、material,nonpublicinformationwithmaterialpublicinformation.CFALevelIuGuidanceforStandardsI-VII,hCFAInstituteStandardII（八）MaterialNonpublicInformation16.RonDunder,CFA1istheCIOforBlingTrust(BT),aninvestmentadviser.Dunderrecentlyassignedoneofhisportfoliomanagers,DougChetch,tomanageseveralaccountsthatpr
42、imarilyinvestinthinlytradedmicro-capstocks.DundersoonnoticesthatChetchplacesmanystocktradesfortheseaccountsonthelastdayofthemonth,towardthemarketclose.DunderfindsthistradingactivityunusualandspeakstoChetch,whoexplainsthatthetradingactivitywascompletedattheclientsrequest.Dunderdoesnotinvestigatefurth
43、er.Sixmonthslater,regulatoryauthoritiessanctionBTformanipulatingmicro-capstockpricesatmonthendinordertoboostaccountvalues.DidDunderviolateanyCFAInstituteStandardsofProfessionalConduct?A.Yes,becausehefailedtoreasonablysuperviseChetch.B.Yes,becausehedidnotreporthisfindingstoregulatoryauthorities.C.No.
44、Answer=ATheCFAInstituteCodeandStandardonResponsibilitiesofSupervisors,StandardIV(C),requiresmembers/candidatestotakestepstodetectandpreventviolationsoflaws,rulesandregulations.DunderfailedinhissupervisoryrolewhenheacceptedChetch,sexplanationoftheunusualtradingactivity.Dundershouldhavereviewedtheclie
45、ntsgoalsandobjectives,aswellasrecords,toseewhethertheclientinfactrequestedmonth-endtrading.RegardlessoftheexplanationprovidedbyChetch,Dundershouldhaveinvestigatedfurther.CFALevelIuGuidanceforStandardsI-VII,mCFAInstituteStandardIV(C)17.TheGlobalInvestmentPerformanceStandardsleastlikelyrequire:A.nondi
46、scretionaryportfoliostobeincludedincomposites.B.non-fee-payingporttoliostobeexcludedinthereturnsofappropriatecomposites.C.compositestobedefinedaccordingtosimilarinvestmentobjectivesand/orstrategies.Answer=AComposites(StandardIV-Composites)mustbedefinedaccordingtosimilarinvestmentobjectivesand/orstra
47、tegies.Terminatedportfoliosmustbeincludedinthehistoricalreturnsofappropriatecomposites,andonlyfee-payingportloliosaretobeincludedincomposites.Non-Ciiscrectionaryportfoliosmustnotbeincludedinafirmscomposites.CFALevelIIntroductiontotheGlobalInvestmentPerformanceStandards(GIPS),CFAInstitute18.Jefferson
48、Piedmont,CFA1aportfoliomanagerforParkInvestments,planstomanagetheportfoliosofseveralfamilymembersinexchangeforapercentageofeachportfoliosprofits.Becausehisfamilymembershaveextensiveportfoliosrequiringsubstantialattention,theyhaverequestedthatPiedmontprovidetheservicesoutsideofhisemploymentwithPark.Piedmontnotifieshisemployerinwritingofhisprospectiveoutsideemployment.Twoweekslater,Piedmontbeginsmanagingthefamilymembers1portfolios.Bymanagingtheseportfolios,whichofthefollowingCFAInstituteStandardsofProfessionalConducthasPiedmontviolated?A.Conflictsof
