Reading 2-I: Standards of Professional Conduct & Guida

答案和详解如下：

LOS C.: Misrepresentation

1、At the time of its initial public offering (IPO), a mutual fund is invested primarily in junk bonds. As part of its strategy, it is also invested in some zero-coupon U.S. Treasury bonds. The amount of the investment in the Treasury bonds is such that their maturity value equals 90 percent of the current value of the fund. Which of the following may a CFA Institute member say to her clients concerning the fund at issuance?

A)   A CFA Institute member may not make any of these statements.

B)   Since the fund is backed by the U.S. government, you know you will get your money back.

C)   Since the speculative investments in the fund are certain to retain at least 10 percent of their value, we know that combined with the value of Treasury bonds, the value will be greater than your initial investment.

D)   The fund is virtually default risk free.

The correct answer was A)

Standard I(C), Prohibition against Misrepresentation, prohibits making statements that mention a guarantee of returns or misrepresent the true nature of the investment.

2、All of the following is expressly prohibited by Standard I(C), Misrepresentation, EXCEPT:

A)   misrepresenting the services a member is capable of performing.

B)   misrepresenting a member’s qualifications or the qualifications of their firm.

C)   providing information on guaranteed investment products.

D)   misrepresenting a member’s academic or professional credentials.

The correct answer was C)

Misrepresentation of qualifications, academic and professional credentials and services that can be performed by the firm are all expressly prohibited by Standard I(C).

3、According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?

A)   Using charts and graphs without stating their sources.

B)   Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.

C)   Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.

D)   Presenting statistical estimates of forecasts prepared by others with the source identified, but without qualifying statements or caveats that may have been used.

The correct answer was B)

Standard I(C) provides that "factual information published by recognized financial and statistical reporting services or similar sources" may be used without an acknowledgment.

4、A copyrighted technique for measuring the downside risk of an investment has just been revealed to the public. If an analyst adopts the technique, he must cite the use of the technique in all research reports in which the technique is used EXCEPT:

A)   none of these answers provide grounds for an exception.

B)   if the analyst uses reasonable care and verifies that the technique provides superior results.

C)   if the analyst modifies the technique slightly.

D)   if the analyst does not modify the technique at all.

The correct answer was A)     

None of the answers in this question provide adequate grounds for not citing the source of the methodology. Although “verifying” the technique is a good idea and congruent with the Code and Standards, the analyst still needs to cite the use of the copyrighted technique even after modifying it slightly to avoid violation of Standard I(C), Misrepresentation.

5、A money manger works for a full-service brokerage firm. After meeting with a new client and gathering all relevant information, the money manager says that she thinks her firm can perform all the financial services the new client needs. With respect to Standard I(C), Misrepresentation, this:

A)   may not be a violation if the representation was made orally.

B)   is a violation because she should have gathered the relevant information before the prospect became a client.

C)   is a violation because she cannot make statements like this under any circumstances.

D)   may not be a violation if the manager's opinion is based upon the factual information gathered.

The correct answer was D)     

There is no violation if the opinion is based upon the factual information gathered and the firm’s actual capabilities. This is true whether or not the representation was written, oral, or electronic. None of the other choices are correct.