Reading 2- LOS A、B、C- Q16－20

答案和详解如下：

16、Using as his universe all companies in the steel industry, Reynold Anderson analyses the performance of stock prices for the industry. He succeeds in developing a regression model with excellent statistical control measures. The extrapolation from the model shows low risk variance of the securities in this industry. Without the inclusion of non-steel stocks in the portfolio, Anderson concludes that, based on these results, every portfolio can use the steel industry securities to diversify and lower its risk. He persuades his clients to change their current portfolios. Anderson states that, as the model’s results show, some particular industries, such as car manufacturers, have underpriced stocks, and investors should take advantage of it. Anderson has violated the Standards because he:

A)   does not honor his fiduciary duties.

B)   does not consider the suitability of the investment.

C)   does not distinguish the opinion, based on his model, from the fact.

D)   is not clear enough about the model results.

The correct answer was C)  

While any of the answers can be shown to violate CFA Institute Standards, this cannot be determined conclusively from the information given. However, the scenario clearly indicates that Anderson does not distinguish between opinion and fact in communicating to his clients. Therefore, he violates the Standards on this basis.

17、While copying some of her research materials at work, Mary Jones comes across a few incomplete research notes written by one of her colleagues. As a result of reading the notes, and without further review, Jones immediately changes one of her stock recommendations from sell to buy. Which of the following CFA Institute Standards has Jones violated?

A)   Standard V(A), Diligence and Reasonable Basis.

B)   Standard I(B), Independence and Objectivity.

C)   Standard III(A), Loyalty, Prudence, and Care.

D)   Standard III(B), Fair Dealing.

The correct answer was A)

Jones has violated Standard V(A) by failing to exercise diligence and thoroughness.

18、Marc Feldman, CFA, is manager of corporate investor relations for a high-tech startup, zippy.com, in Boise, Idaho. Feldman is well-known in the high tech community in Boise, and Dragon.com has asked if he will help them organize their investor relations function on a consulting basis. They offer him an all-expenses-paid two-week holiday for two on Australia's Gold Coast in payment. Regarding this offer as a CFA Institute member Feldman is:

A)   allowed to accept the offer only with written approval from zippy.

B)   allowed to accept the offer only with written approval from zippy and from Dragon.

C)   not allowed to accept such an offer since it effectively places him in competition with his employer.

D)   not allowed to accept such an offer since the compensation is non-cash and, therefore, is hard to quantify for the purpose of adhering to the Code and Standards.

The correct answer was B)  

Under Standard IV(A) Loyalty to Employer, and Standard V(B) Additional Compensation Arrangements, Feldman is allowed to accept the offer, but only with written permission from both zippy and Dragon.

19、The Securities and Exchange Commission (SEC) sanctioned Stephen Rangen, a former broker, for unsuitable recommendations and excessive trading in several accounts.  His clients were unsophisticated, inexperienced individual investors with limited means.  As such, they relied heavily on Rangen’s advice and expected him to initiate any transactions in their respective accounts.  The SEC found that Rangen’s trading methods were contrary to his clients’ goals.  For example, he used margin accounts and concentrated their equity holdings in particular securities.  Rangen claimed that his actions were justified because his clients were aware of the risks. 

Which of the following statements best describes why Rangen’s argument, that his clients were aware of the risks, did NOT meet the requirements of the Code and Standards? Rangen failed to:

A)   deal fairly and objectively with his clients when taking investment action.

B)   consider the effect of excessive trading on the returns of his clients' portfolios.

C)   make recommendations that were consistent with his clients' financial needs.

D)   disclose to his clients all matters that reasonably could be expected to impair his ability to make unbiased and objective recommendations.

The correct answer was C)  

Rangen did not fulfill the obligation he assumed when he agreed to counsel these clients. That is, he did not make recommendations that were consistent with their financial needs. According to Standard III(C), Suitability, Rangen must “consider the appropriateness and suitability of investment recommendations or actions for each portfolio or client.” This is true even if his clients wanted to speculate and were aware of the risks.

20、Rangen bought U.S. Treasury strips and over-the-counter stocks that did not produce income as sought by his clients.  Rangen claimed that his actions were justified because his firm’s research department recommended the purchase of the Treasury strips. Also, he claimed the stocks that he bought were all in the top-rated categories of his firm’s research division.  Which of the following statements best describes why Rangen’s arguments, in which he attempted to shift the blame to his employer, did NOT meet the requirements of the Code and Standards? 

A)   Rangen's duty was to make only recommendations that were in the best interests of his clients.

B)   Rangen misrepresented the basic characteristics of the investments that he bought for his clients' accounts.

C)   Rangen did not use reasonable care and judgment to achieve and maintain independence and objectivity in taking investment actions.

D)   Rangen used material nonpublic information from his firm's research department as the basis for selecting the securities that he bought for his clients' accounts.

The correct answer was A)  

Rangen cannot shift the blame to his employer. He had an obligation to consider not only his firm's recommendations, but also his clients' investment objectives and financial situations. He failed to consider relevant factors relating to his clients. Rangen violated Standard III(C) because he initiated investment actions without properly considering whether these actions were suitable to his clients' financial situations and investment objectives.