您必须关注的CFA一级知识点大剖析-Ethics
1. Roberto Vargas, CFA, manages the Student Scholarship Trust, who is deputy treasurer for Spartan College, Vargas issued a Request for Proposals (RFP) for domestic portfolio managers. Pamela Peters, CFA, a good friend of Vargas, introduces him to representatives from Capital Investments, who submitted a proposal. Vargas selected Capital as a manager based on the firm's excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Have Vargas and Peters, respectively, violated any CFA Institute Standards of Professional Conduct?
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Vargas |
Peters |
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A |
No |
Yes |
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B |
No |
No |
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C |
Yes |
No |
Correct answer = B
Members should use reasonable care and judgment to maintain independence and objectivity. There is no indication of inappropriate behavior in selection of the equity manager or in the acceptance of employment with that manager; both decisions were based on the excellent performance records of the manager and the member, respectively.
这道题目是判断两个人对于投资经理的选择是否违反独立客观性。先看Vargas是没有违反的，因为他选择Capital Investments是因为公司的excellent performance record，并不是因为他的朋友Peters。再看Peters，并不是因为他将Capital Investments介绍给Vargas而得到的lucrative job，而是因为他的outstanding performance as an equity manager with another firm
2. Evan Schulman, CFA, and Nancy Bishop, CFA, began a joint research report on Star Corporation. Prior to the completion of the report, Bishop was reassigned to another project. Bishop spent several days visiting Star 's corporate headquarters and meeting with all company officers. Schulman utilized his and Bishop's research to write the report. According to the CFA Institute Standards of Practice Handbook, did Schulman violate any CFA Institute Standards of Professional Conduct?
A.Yes, with respect to misrepresentation.
B. No.
C. Yes, with respect to independence and objectivity.
Correct answer = B
Members are in compliance with CFA Institute's Standards if they rely on the research of another party who exercised diligence and thoroughness.
提问：A为什么不对？EVAN没有抄袭NANCY的文件吗??? 没有，请关注本题的第一句话Evan Schulman, CFA, and Nancy Bishop, CFA, began a joint research report on Star Corporation，中的 joint research ，他可以使用自己和他人的研究报告作为研究的基础。如果引用别人的报告，他只要说明这是来自他人的就可以了，更何况这是Joint research；另外，他到实地去研究Star，并未提到他使用了Material Nonpublic Information。 如果题目中提到，他没有说明这是Joint research，他违反了misreprentation.
3. Jane Norse, CFA, is the manager of the Beckman Company’s pension fund, which substantially outperformed its benchmark this year. John Beckman is extremely pleased with the fund’s performance and offered Norse and five of her friends an all-expenses-paid trip to Hawaii with accommodations at a nearby five-star resort. Prior to her trip, Norse described the details of the entire trip to her supervisor in writing. She subsequently completed the trip. According to the Standards of Practice Handbook, has Norse violated any CFA Institute Standards of Professional Conduct?
A. Yes, because she cannot accept gifts valued at over US$100 from clients.
B. Yes, because accepting the gift will compromise her independence and objectivity.
C. No
Correct answer = C
Additional compensation arrangement can be received only after the written consent from all parties.
对于Additional compensation arrangements，需要披露且得到雇主的书面同意，题目中说，他披露了，但是他未提及是否得到书面同意。我们说，顾客的礼物是可以接受的，A和D（可以接受，但是要揭露且得到书面同意）的表述是不对的；另外，既然披露了，他就没有违反conflict of interest。 此题，可以选择答案为：Yes, because she accept client’s gift without employer’s written consent，就可以选这个了。从本题的描述中，A,B都不是确切的选项。
4. 如果是client brokerage，购买的goods and services 并没有让客户获益，这是可以的，但是需要披露potential conflict；问题：为什么没有让客户受益也还是可以呢？
Solution：对于client brokerage, 只要服务是好的，且客户没有支付更高的价格，可以让经理收益，只要披露就可以了，此时，客户并没有损失，在Handbook中有一个例子可以充分说明这个问题，一个Broker帮A介绍了客户，且Broker的服务较好且价格没有偏高，此时A将自己的客户介绍给Broker是可以的， 只要披露；但是，如果Broker的价格较高，不可以让自身收益，只能让顾客受益。但是，如果有fiduciary duty存在的前提下，这两种情况都是不可以的。
5. Giving all client accounts participating in a block trade the same execution price and charging the same commission. 问题：针对大客户，不可以给予费率优惠吗？？？
Solution：如果charge一样的commission就应该是一样的价格。如果给予大客户优惠，就应该不同的客户不同的对待，这是违反了Fair dealing。
6. The records created by Blank supporting theresearch model he developed at GPIM are the records of GPIM. He can’t take therecord without the permission of GPIM. Blank must re-create the recordssupporting his model at the new firm.
提问：这个case 还包含得其它违反得standard 是reasonable basis 和loyalty；问题：为什么违反了reasonable basis？
Solution：这段文字想表达的意思是如果要是从GPIM带走了model，那么就违反了loyalty to employer。但是如果要是没有带走model，之后自己重新根据记忆构造了一个model，如果没有supporting materials，那么就违反了reasonable basis。
7. 如果analyst 在发布分析报告之前进行交易，一共违反3 条standard（priority of transaction, material nonpublic information 和responsibility of supervisor. 问题：为什么违反了responsibility of supervisor？？
Solution：这条responsibility of supervisor指的是这个analyst违反priority of transaction, material nonpublic information的时候，他的supervisor也同时违反了responsibility of supervisor.
8. Marry Houston works for a brokerage firm in country A and is responsible for the underwriting of securities. A company official gives Houston some information indicating that the financial statements Houston filed with the regulator illegally overstate the issuer’s earnings. How does Houston should act under following different statement?
Statement 1: The law in country A states that the broker should keep secret even the client breach the law. Should she report to the government?
Statement 2: If there is no such law regulation. Should she report to the regulator?
| Statement 1 | Statement 2 | |
| A | yes | no |
| B | no | yes |
| C | no | no |
Correct answer = C
如果当地法律规定保密，哪怕顾客有违法行为都要保密。如果没有规定，那么standard中说明是否想当地法律机关report视自己而定，没有明确要求。所以这题选择D。都不要求report。
A. He violated the standard VII (A) Conduct as Members and Candidates in the CFA program by destroying the reputation of CFA institute.
B. He violated the standard I (C) Misrepresentation
C. He did not violate the Code and Standards.
Correct answer = C
This standard does not cover the candidates and members’ expressing opinions regarding the CFA program or CFA institute. Members and candidates are free to disagree and express their disagreement with CFA institute on its policies, procedures, or any advocacy positions take by the organization.
10. Theodore Lilley, CFA, is a portfolio manager for three growth funds. Lilley also manages his brother’s account on a discretionary, fee-paying basis and he is not the Abeneficial owner of this account. When participating in initial public offerings (IPOs), Lilley always allocates shares to all three funds and to his brother’s account according to account size. Does Lilley violate any CFA Institute Standards of Professional Conduct?
A.No
B.Yes, he has violated Standard III (B) Fair Dealing
C.Yes, he has violated Standard VI (B) Priority of Transaction
Correct answer = B
He can not allocate shares to all three funds and to his brother’s account according to account size, however, he should allocate shares pro rata based on order size. Members and candidates should distribute the issues to all customers for whom the investment are appropriate in a manner consist with the block-allocation（大宗交易）policies of the firm.
11. Regarding an individual's investment policy statement, which of the following is least appropriate as the investment objective? The portfolio seeks:
A. current income in the form of dividends and interest.
B. 12% annual returns with above-average market risk.
C. long-term capital appreciation with market risk comparable to the MSCI EAFE Index.
Correct answer = A
the investment objective of individual’s investment policy statement includes: return and risk, A does not include risk objectives, so A is not appropriate for IPS.
12. All of the employees of one company are CFA charter holders. The company prints underscored CFA logo on all the business cards and the letterhead of each employee. Does it violate the Code and Standards?
| The business card of the company | The letterhead of each employee | |
| A | No | No |
| B | No | Yes |
| C | Yes | No |
Correct answer = B
13. Rene Whatcom, CFA, is an independent contractor who writes research reports for several investment publications. Whatcom refuses to sign contracts with exclusivity clauses. Whatcom sometimes revises work he submits to one publication and sends slightly altered versions of the report to additional publications. Does Whatcom violate any CFA Institute Standards?
A. No.
B.Yes, with respect to loyalty.
C. Yes, with respect to disclosure of conflicts.
Correct answer = A
没有签exclusivity clause, 不受排他性条款限制
14. After work each day, Shinichi Takada, CFA, runs a popular Internet blog where he comments on micro-cap stocks. The blog includes a bio of Takada with his education and employment history. He receives no compensation for the blog. On the blog, Takada recommends purchases and sales of stocks based upon astrology. When blogging, Takada least likely violates CFA Institute Standard relating to:
A. Fair Dealing.
B. Duty to Employer.
C. Loyalty, Prudence, and Care.
Correct answer = A
Takada is least likely to violate the standard relating to Fair Dealing because the blog is a method of mass communication that makes Takada’s investment recommendations available to all readers simultaneously.
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15. Anna, CFA, is a manager for NCC Investment Inc, which plans to issue a new fund in 2007. Anna formed a model of composite based on the performance from 1999 to 2001, and reported the performance of 2001 to 2006, calculated by this model. In the historical performance presentation, only the performance of 2001 to 2006 based on the model has been distributed without claim the calculation method. Did Anna violate the Code and Standards with respect to:
Correct answer = C Because the in the 2007 performance representation, he didn’t claim the calculation method, he violate composite performance representation. Meanwhile, the model used to calculate the performance of 2001 to 2006 is based on the performance from 1999 to 2001 and not disclosed, so he violates misrepresentation.
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16. Bradley is a CFA charter holder. He complains that he was very unsatisfied with the CFA regulation. Which of the following statements is right?
A. He violated the standard VII (A) Conduct as Members and Candidates in the CFA program by destroying the reputation of CFA institute.
B. He violated the standard I (C) Misrepresentation
C. He did not violate the Code and Standards.
Correct answer = C
This standard does not cover expressing opinions regarding the CFA program or CFA institute. Members and candidates are free to disagree and express their disagreement with CFA institute on its policies, procedures, or any advocacy positions take by the organization.
17. After extensive research, retired portfolio manager David Sandridge, CFA, purchased 30,000 shares of a small public company. He then posted messages on several Internet bulletin boards. The messages read, "This stock is going up once the pending patents are released. You would be crazy to sell anything below $5 in a few months from now. The stock is a buy at anything below $5. I just bought 30 K shares for my personal account. I have done some close research on these guys." According to the Standards of Practice Handbook, Sandridge most likely violated the Standard or Standards associated with:
A. Conflicts of Interest and Integrity of Capital Markets.
B. Integrity of Capital Markets, but not Conflicts of Interest.
C. Neither Conflicts of Interest nor Integrity of Capital Markets.
Correct answer = B
题目当中买了30K，首先他没有违反conflicts of interest，因为他向客户披露了自己账户上所持有的数额。但是，他是违反市场操纵的，因为他在互联网上发布信息，就会人为地扩大交易量。
如果改成15K，就违反了misconduct。他披露的持股量与实际的持股量是不对的，违反了Misconduct，但没有违反Conflict of interest。注意：You would be crazy to sell anything below $5 in a few months from now.一般我们看到这个人在网络上说“crazy to…”表明此人在散播不实言论（谣言）
18. Which situation is the least likely to allow the analyst to disclosure the clients’ information?
A. The client’s activities are illegal
B. PCP inquire the material of the client
C. The client is dead
Correct answer = C
Members and candidates must keep information about client confidential unless: the information concerns illegal activities, disclosure is required by law or client permits disclosure of the information.
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