Reading 2-I: Standards of Professional Conduct & Guida

答案和详解如下：

26、Mega Securities, a multinational investment advisor based in the United States, employs the following analysts who practice in multiple jurisdictions.

§     Melissa Black, CFA, resides in Country N, which has no securities laws or regulations, but does business in Country L, which has securities laws and regulations that are less strict than the Code and Standards.

§     Tom White, a CFA Institute member, resides in Country L, but does business in Country S, which has securities laws and regulations that are stricter than the Code and Standards.

According to the CFA Institute Code and Standards, which of the following statements about Black and White is TRUE?

A)     Code and Standards    law of Country S

B)     law of Country N                    law of Country L

C)     law of Country L                    law of Country S

D)     law of Country L        Code and Standards

The correct answer was A)

Because the applicable law in Country L is less strict than the Code and Standards, Black must adhere to the Code and Standards. Because the applicable law is stricter than the Code and Standards, White must adhere to the more strict applicable law of Country S.

27、If a CFA Institute member knows that a fellow employee has violated a law, according to Standard I(A) the member must NOT do which of the following?

A)   Report the employee violating the law to the appropriate supervisor in the firm.

B)   Report the employee violating the law to the SEC.

C)   Disassociate from the employee violating the law.

D)   Seek legal advice.

The correct answer was B)     

Standard I(A) does not require a CFA Institute member to report violations to governmental or regulatory agencies. All of the other answers are appropriate actions.

28、Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:

A)   disassociate herself from the activity.

B)   seek legal advice to determine what actions should be taken.

C)   All of these choices are correct.

D)   report the activity to the appropriate supervisory person at her firm.

The correct answer was C)

Standard I(A), Knowledge of the Law. Prohibition against knowingly practicing or assisting in violation of laws, rules, and regulations. If White knows that someone has engaged in a possible illegal activity, she should: (1) report the finding to the appropriate supervisory person at her firm, (2) if the situation is not remedied, disassociate herself from the situation, and (3) seek legal advice to see what other actions, such as notifying the proper regulatory agency, should be taken.

29、Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250. Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been receiving gifts from vendors in excess of US $250.

Valdes is obligated to:

A)   disassociate herself from the activity.

B)   disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute of the violation.

C)   disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute and regulatory authorities of the violation.

D)   disassociate herself from the activity, and urge Venture to persuade Martinez to cease the activity.

The correct answer was D)

Standard I(A), Knowledge of the Law requires members who have knowledge of colleagues engaging in illegal activities to disassociate from the activity and urge their firms to persuade the individual to cease such activity. Reporting to regulatory authorities may be prudent in certain circumstances, but is not required. Reporting to CFA Institute is not required.

30、Ernesto Vivaldo is a CFA candidate. He is working in the branch office of an American-based investment company in Belgium. Vivaldo is a citizen of Venezuela. In his country, a portfolio manager is not required to disclose referral fees. Belgian law does not allow referral fees for portfolio managers. Vivaldo has been offered a deal that involves a referral fee. Vivaldo should:

A)   follow the requirements of Belgium.

B)   follow the requirements of CFA Institute.

C)   follow the requirements of Venezuela.

D)   accept the offer.

The correct answer was A)     

According to Standard I(A) Knowledge of the Law, CFA candidates and current CFA Institute members must follow whichever law is stricter. In this case, the strictest laws are those of Belgium.