CFA一級Misrepresentation考點例題！CFA道德例題解析！

曲解與盡職調(diào)查

CFA例題一： Wouter Duyck,CFA,is the sole proprietor of an investment advisory firm serving several hundred middle-class retail clients.Duyck claims to be different from his competitors because he conducts research himself.He discloses that to simplify the management of all these accounts,he has created a recommended list of stocks from which he selects investments for all of his clients based on their suitability.Duyck's recommended list of stocks is obtained from his primary broker,who has completed due diligence on each stock.Duyck's recommended list least likely violates which of the following CFA Institute Standards of Professional Conduct?
A.Fair Dealing
B.Diligence and Reasonable Basis
C.Misrepresentation
正確答案：A
解析：全文沒有描述在發(fā)送list的時候按照不同順序發(fā)送或者傷害了部分客戶利益，所以不涉及到A fair dealing。Duyeck說他自己做研究conduct research himself，但是后面說recommended list的盡調(diào)是來自于primary broker，所以是違反了misrepresentation。
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CFA例題二：Jamie Pyles,a portfolio management trainee for a money management firm,is trying to create a client base.He phones prospective clients,telling them that he is a portfolio manager.He informs prospective clients that based on the last five years of performance of his firm,he can guarantee the client at least a 75%return.He informs them that his firm can provide all of the services that they will ever need.What is the minimum number of misrepresentations Jamie has made to the prospective clients in violation of Standard I(C),Misrepresentation?
A.5
B.2
C.3
【Answer:C】
考點解析
Jame是一家資產(chǎn)管理公司的投資組合管培生，他打電話給那些潛在的客戶，告訴他們：
1.他是投資組合經(jīng)理；
2.根據(jù)過去5年的公司表現(xiàn)，他能保證回報率至少75%；
3.他的公司可以提供他們所需要的任何服務(wù)。
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問題是：Jamie至少做了幾個誤導(dǎo)性和錯誤性陳述。
本題的考點是Misrepresentation（誤導(dǎo)性和錯誤性陳述），這里至少有3個錯誤性或誤導(dǎo)性陳述：
1.他不是投資經(jīng)理；
2.保證75%的回報率；
3.可以提供任何服務(wù)。
1.Misrepresentation（誤導(dǎo)性和錯誤性陳述）指的是考生和會員不能在任何的投資分析、推薦、行動以及別的專業(yè)活動中做出鐠誤性和誤導(dǎo)性的陳述。錯誤性陳述就是不真實的聲明或者故意遺漏事實以及任何不正確的或誤導(dǎo)性的信息。
2.CFA考生和會員不能錯誤的陳述其雇主的資質(zhì)和服務(wù)內(nèi)容。
3.CFA考生和會員在使用第三方信息時需要迸行核實。
4.在做投資業(yè)績報告時，披露的業(yè)績要準確且完善，被清盤的賬戶的業(yè)績應(yīng)該要披露在歷史業(yè)績中；禁止對客戶做未來業(yè)績的承諾；需要選擇一個合適的業(yè)績比較基準。
5.不能夠有意的遺漏一些重要的信息；使用模型分析得到的研究結(jié)果不能當(dāng)做事實披露；不能夠隱藏或遺漏CFA會員和考生與具體公司機構(gòu)之間的真實關(guān)系
6.不能抄襲，引用需要注明出處。
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CFAMisrepresentation考點
Members and Candidates must not knowingly make any misrepresentations relating to investment analysis,recommendations,actions,or other professional activities.
曲解
會員和考生不得有意曲解投資分析、建議、行動或其他專業(yè)活動。
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