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CFA一级 Ethics 经典习题

编辑:finance365/时间:2017-02-09/浏览:595 views

【题1】Christina Ng, a Level I CFA candidate, defaulted on a bank loan she obtained to pay for her Master’s degree tuition when her wedding cost more than expected. A micro finance loan company lent her money to pay off the tuition loan in full, including penalties and interest. The micro finance loan company even extended further credit to pay for her parents’ outstanding medical bills. Unfortunately, her parents’ health problems escalated to the point where Ng had to take extensive time away from work to deal with the issues. She was subsequently fired and consequently defaulted on the second loan. Because she was no longer employed, Ng decided to file for personal bankruptcy. Do the loan defaults leading up to Ng’s bankruptcy most likely violate Standard I (D) Misconduct?
A. No
B. Yes, with regard to the first loan default
C. Yes, with regard to the second loan default

【题2】Zanuatu, an island nation, does not have any regulations precluding the use of nonpublic information. Alfredo Romero has a friend and fellow CFA charterholder there, Donna Gordon, with whom he has shared nonpublic information regarding firms outside his industry. The information concerns several firms’ internal earnings and cash flow projections. Gordon may:
A. trade on the information under the laws of Zanuatu, which govern her behavior.
B. not trade on the information under CFA Institute Standards, which govern her behavior.
C. trade on the information under CFA Institute Standards since the firms concerned are outside Romero’s industry.

【题3】Will Hunter, CFA, is a portfolio manager at NV Asset Managers. An investment banker asks Hunter to purchase shares in a new IPO to support the price long enough for insiders to liquidate their holdings. Hunter realizes that the price of the shares will almost certainly fall dramatically after his buying support ceases. NV management “strongly suggests” that Hunter honor the investment banker’s request since NV has had a longstanding relationship with the investment bank. If Hunter agrees to make the purchases, he will:
A. not violate the Code and Standards.
B. violate the Standard concerning market manipulation.
C. violate the Standard concerning priority of transactions.

【题4】Henrietta Huerta, CFA, writes a weekly investment newsletter to market her services and obtain new asset management clients. A third party distributes the free newsletter on her behalf to those individuals on its mailing list. As a result, it is widely read by thousands of individual investors. The newsletter recommendations reflect most of Huerta’s investment actions. After completing further research on East-West Coffee Roasters, Huerta decides to change her initial buy recommendation to a sell. To avoid violating the CFA Institute Standards of Professional Conduct it would be most appropriate for Huerta to distribute the new investment recommendation to:
A. newsletter recipients first.
B. asset management clients first.
C. newsletter recipients and asset management clients simultaneously.

【题5】When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two years ago, he was told he could allocate his work hours as he saw fit. At that time, Younis served on the board of three non-public golf equipment companies and managed a pooled investment fund for several members of his immediate family. Younis was not compensated for his board service or for managing the pooled fund. Younis’ investment returns attract interest from friends and co-workers who persuade him to include their assets in his investment pool. Younis recently retired from all board responsibilities and now spends more than 80% of his time managing the investment pool for which he charges non-family members a management fee. Younis has never told his employer about any of these activities. To comply with the CFA Institute Standards of Professional Conduct with regards to his business activities over the past two years, Younis would least likely be required to disclose which of the following to his employer?
A. Board activities
B. Family investment pool management
C. Non-family member management fees

【题6】Jamison is a junior research analyst with Howard &Howard, a brokerage and investment banking firm. Howard & Howard’s mergers and acquisitions department has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard & Howard’s senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on Britland. What is the best course of action for her to follow?
A. Jamison may write the report but must refrain from expressing any opinions because of the special relationships between the two companies.
B. Jamison should not write the report because the two Howard &Howard officers serve as directors for subsidiaries of Britland.
C. Jamison may write the report if she discloses the special relationships with the company in the report.

【题7】Johannes Meir, CFA, is a compliance officer for Family Estate Planning, LLC, a private wealth consulting firm. Many of his colleagues have family members who have started their own retail businesses. Some of Meir’s colleagues have been asked by relatives to serve as non-executive directors or advisers to their companies. Meir should most likely recommend which of the following policies to ensure compliance with the CFA Institute Standards of Professional Conduct?
A. Require employees to declare all income sources annually
B. Require employees to declare all outside business interests
C. Prohibit employees from becoming directors or advisers

【题8】Solomon Sulzberg, CFA, is a research analyst at Blue Water Management. Sulzberg’s recommendations typically go through a number of internal reviews before they are published. In developing his recommendations, Sulzberg uses a model developed by a quantitative analyst within the firm. Sulzberg made some minor changes to the model but retained the primary framework. In his reports, Sulzberg attributes the model to both the quantitative analyst and himself. Before the internal reviews of his reports are completed, Sulzberg buys shares in one of the companies. After the internal review is complete, he fails to recommend the purchase of the stock to his clients and erases all of his research related to this company. Sulzberg least likely violated the CFA Institute Standards of Professional Conduct related to:
A. Priority of Transactions
B. Record Retention.

【题9】Samantha Donovan, CFA, is an exam proctor for the Level II CFA exam. The day before the exam is to be administered, Donovan faxes a copy of one of the questions to two friends, James Smythe and Lynn Yeats, who are Level II candidates in the CFA program. Donovan, Smythe, and Yeats had planned the distribution of an exam question months in advance. Smythe used the fax to prepare for the exam. Yeats, however, had second thoughts and threw the fax away without looking at its contents. Which of the following statements is most likely correct?
A. Smythe violated the Code and Standards, but Yeats did not.
B. Donovan violated the Code and Standards, but Smythe did not.
C. Donovan and Yeats both violated the Code and Standards.

【题10】G&F Advisors claims compliance with the Global Investment Performance Standards (GIPS) in its marketing materials. The compliant presentation includes a footnote which indicates that the firm has been verified by an independent third party. An additional note states that G&F is in compliance with the GIPS standards except for its private equity investments. It is likely that G&F violated the GIPS standards?
A. No, because the footnotes meet the requirements of the Standards.
B. No, because the provisions do not apply to the private equity investments.
C. Yes, because they cannot claim compliance unless all requirements of the Standard are met.

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