CFA一級考試自編測試題——道德科目

①Which of the following is most likely part of the CFA Institute Standards of Professional Conduct,Standard I–Professionalism?Members and candidates:

　　A.must understand and comply with all applicable laws.

　　B.must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

C.must deal fairly and objectively with all clients when providing investment analysis,making investment recommendations,taking investment action,or engaging in other professional activities.

　　Answer:A

　　A選項為正確選項，會員及候選人知道及遵守適用法律來自職業(yè)準則第一大準則專業(yè)性的第一條細則：知曉并且遵守法律。

　　B選項為錯誤選項，會員及候選人不能歪曲價格或人為操縱交易量來誤導市場參與者屬于職業(yè)準則中第二大準則的第二條細則：市場操縱。

　　C選項為錯誤選項，會員及候選人在向客戶提供投資分析、投資建議、做出投資行動、及其它時應該保持公平及客觀屬于職業(yè)準則中第三大原則的第二條細則：公平對待。

難度：中

②Yuan,CFA,is chief investment officer of Golden Securities.Recently,Yuan found that their company's promotional materials for marketing activities had a mistake.The value of their management asset list on the material was higher than their current actual market value.Yuan realized the reason might be recent market volatility.Which of the following actions is most accurate to comply with the CFA Institute Code and Standard.

　　A.Do nothing,because the day material made,the value was correct.

　　B.Correct the asset value and add a footnote indicating the day that the value calculated.

C.Report the mistake to government regulators.

　　Answer:B

　　解析：

　　B是正確答案。發(fā)現(xiàn)錯誤需要及時更正，根據(jù)I(A)Knowledge of the Law不作為會被視為參與。

　　A錯。因為題干的做法會對客戶產生一個誤導，讓客戶誤以為他們公司管理的資產規(guī)模就有他們所宣傳的那么大，但是實際上沒有。

　　C錯。根據(jù)I(A)Knowledge of the Law協(xié)會并不要求我們出現(xiàn)問題就一定要向政府報告。

難度：易

③Yuan,CFA,is a bond research analyst in XYZ securities.XYZ securities hold a large position in the bond of Carly Group.In last week,many securities company change the stock recommendation of Carly Group,since the disappointing financial report just released.It also led to the collapse of Carly bond prices.Yuan’s supervisor asked Yuan to call their clients and convinced them to continue holding the bonds of Carly Group.However,Yuan had a different thought.He believed the Carly bond price was overvalued.Which of the following action is the most appropriate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct,Yuan should:

　　A.make these calls with prominent disclose.

　　B.follow his supervisor’s request,because of the chain of command.

C.deny his supervisor’s request.

　　Answer:C

　　解析：

　　C是正確答案。根據(jù)I(B)Independence and Objectivity，Yuan不應該受到公司內部的壓力去影響他的獨立客觀的判斷，他認為債券價格是被高估了，所以他不應該去向他的客戶去推銷該債券。

　　A錯。因為Yuan不應該被他的主管威逼利誘去打推銷電話，如果他打了就是說明他的獨立客觀性被影響了，即使披露也不行。

　　B錯。因為不能收到內部的壓力影響分析師的獨立客觀性。

難度：易
 

④To minimize the impact material nonpublic information inside the investment firm,which of the following actions are appropriate except:

　　A.Banning personal trading.

　　B.Building firewalls.

C.Cutting compliance department to increase efficiency.

　　Answer:C

　　解析：

　　C是正確答案。裁撤合規(guī)部門并不能減小重大非公開信息在公司內部的流通。注意題目問的是“except”

　　A是錯誤的。因為禁止員工的個人交易可以有效減小重大非公開信息的影響。

　　B是錯誤的。因為建立防火墻可以有效減小重大非公開信息的影響。

難度：中

⑤Yuan,CFA,is a famous research analyst works on Golden Securities.Sam Group appreciates Yuan’s research report quality and invites him to write an issuer-paid research report.According to the CFA Institute Code of Ethics and Standards of Professional Conduct,Yuan should:

　　A.accept this assignment with a flat fee and disclose this relationship in the report.

　　B.accept this assignment with a fee linked the Sam Group stock price and disclose the fee in the report.

C.reject this assignment because it will compromise his independence and objectivity.

　　Answer:A

　　解析：

　　A是正確答案。根據(jù)I(B)Independence and Objectivity要求，分析師寫issuer-paid research必須要披露和目標公司之間的雇傭關系，并且只能收取固定費用，不能和結果掛鉤。

　　B是錯誤答案。issuer-paid research費用不能和結果掛鉤。

　　C是錯誤答案。協(xié)會并沒有禁止你寫issuer-paid research。

難度：易

⑥Jack Bauer,CFA,works on Golden Finance as a portfolio manager.His father Linker Bauer is a senior manager of KPMG.During a family party,Linker mentioned that he was busy working on an audit of a car maker company recently.Linker also mentioned that the car maker company might encounter financial distress.Jack just listened and did not think too much.A few days later,Jack solicited a new client and found the client heavily holding the car maker company.Jack did some digging into the car maker company and found nothing about the financial problem.Which of the following actions is the most appropriate to comply with the CFA Institute Standards of Professional Conduct?

　　A.Do more research then sell the stock.

　　B.Sell the stock directly because he has soundness reason to do that so.

C.Do nothing.

　　Answer:C

　　解析：

　　C是正確答案。這個消息是關于財務危機的，是Jack的父親說的，他父親和目標公司有業(yè)務往來，可以認為這個消息是可靠的。因此這個消息就是典型的重大非公開信息。所以Jack是不能用的。

　　A錯。因為賣股票沒有合理的理由去支持，而重大非公開信息又是不能用。

　　B錯。Jack沒有充足的理由。

難度：中

⑦According to the Mosaic Theory,what kind of the following information can most likely be used in the investment recommendation by the practitioner?

　　A Public information.

　　B Non-material nonpublic information.

C Both A and B.

　　Answer:C

　　解析：

　　C選項是正確答案，根據(jù)II(A)Material Nonpublic Information馬賽克理論的定義，會員和考生可以根據(jù)公開信息以及非重大非公開的信息去得出結論，不違反準則。

　　選項A錯誤，缺少非重大非公開信息。

　　選項B錯誤，缺少重大的公開信息。

難度：易

⑧Yuan,CFA,is a fund manager works on an independent investment institution.He manages a trust fund.This trust fund was established by a millionaire,and the beneficiary was his minor son Jack.The IPS stipulate that the fund is to provide Jack with living expenses and tuition fees,and continues until he is 40 years old,so the fund required to invest low-risk and stable income only.However,Jack found Yuan and asked him to invest in a private equity fund.Jack believes that this private equity fund can provide a very good return,although there is a three-year lockup period.During the lockup period,there is zero yield and cannot redemption.Yuan accepted Jack's request and invested in this private equity fund.Did Yuan most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yes,because the decision against IPS

　　B.No,because the beneficiary is Jack.

C.No,because the private equity has a good return.

Answer:A

　　解析：

　　A是正確答案。該信托基金的客戶是委托人，不是受益人，根據(jù)Standard III(C)–Suitability，一切投資行為應該以和信托者事先簽訂好的IPS為準，而不是去聽從受益人的要求。

　　B是錯誤答案。受益人不是客戶，一切以IPS為準。

　　C是錯誤答案。即使私募股權基金的收益很好也不行，因為不符合IPS要求的低風險穩(wěn)定收益的條件。

難度：中

⑨Yuan,CFA,is a fund manager.When Yuan is soliciting new clients,he claims that his investment return has exceeded 50%in the past three years.Based on that fact,he can guarantee such return to his new client in next year.Which of the following statements is the most accurate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yuan can guarantee that return to his client based on his excellent investment history.

　　B.Yuan does not need to mention his role in the history of investment action.

C.Yuan failed to distinguish the fact and opinion,he can’t use his historical investment return to imply the future performance.

　　Answer:C

　　解析：

　　C是正確答案。Yuan不能用過去的業(yè)績去保證未來也可以獲得同樣的收益，這種做法違反了I(C)-Misrepresentation和III(D)-Performance Presentation。

　　A錯。因為Yuan不能用過去的業(yè)績保證未來的收益。

　　B錯。因為Yuan需要說明他在過去出色的投資業(yè)績中所扮演的角色。

難度：中

⑩Yuan,CFA,is a portfolio manager works for Golden Finance.Alex Muller is one of Yuan’s clients.They have not been in contact for more than three years.Recently,Alex suddenly called Yuan and said that he made a lot of money and wanted to invest in some high-risk and high-yield investment products.Yuan immediately recommended and invested in some private equity funds.As usual,Yuan also prepared the list of these funds,the details of the proceeds,and sent them to Alex monthly.Did Yuan most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yes,he violated for investing private equity funds.

　　B.Yes,he violated for the details of proceeds.

C.No.

　　Answer:A

　　解析：

　　A是正確答案。原題描述Yuan已經超過3年沒有聯(lián)系客戶了，說明客戶的資料沒有進行定期的更新。而且沒有詳細評估客戶目前的情況就直接給客戶推薦購買私募股權基金，這直接違反了Standard III(A)–Loyalty,Prudence,and Care和Standard III(C)–Suitability。

　　B錯。每月提供投資詳情沒有違反準則

　　C錯。Yuan違反了準則。

難度：中