Reading 2-I: Standards of Professional Conduct & Guida

答案和详解如下：

11、Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:

A)   a violation of fiduciary duties owed to clients under the Standards.

B)   a violation of the Standard concerning the use of nonpublic information, since shares can be manipulated to obtain the desired return.

C)   a violation of the Standard concerning prohibition against misrepresentation.

D)   not in violation of the Code and Standards.

The correct answer was C)

Under Standard I(C), members are forbidden from guaranteeing a specific rate of return on volatile investments. Therefore, the statement is in violation of the Standard.

12、According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct? The prohibition against plagiarism applies to written materials:

A)   oral communications, and telecommunications.

B)   only.

C)   and oral communications only.

D)   and telecommunications only.

The correct answer was A)     

The prohibition against plagiarism applies to all three areas.

13、All of the following violate Standard I(C), Misrepresentation, EXCEPT:

A)   copying a proprietary computerized spreadsheet without seeking authorization from their creators.

B)   citing quotes attributable to "investment experts" without specific references.

C)   using excerpts from reports prepared by others with minor word changes without acknowledgment.

D)   presenting factual information published by recognized statistical reporting services without acknowledgment.

The correct answer was D)     

Standard I(C), Misrepresentation, permits using recognized sources of factual information such as Standard & Poor’s Corporation and Moody’s Investors Service without acknowledgment.

14、An analyst preparing a report does NOT need to cite the use of which of the following?

A)   Charts developed by a colleague in the same firm.

B)   A recent quote from Alan Greenspan.

C)   Estimates of betas provided by Standard & Poor's.

D)   The use of a new algorithm for computing betas developed by a group of university professors.

The correct answer was C)

Statistics provided by a recognized agency, such as Standard and Poor’s, do not need to be cited. Charts, quotes, and algorithms developed by individuals must be cited when they are used.

15、Paul Thomas, CFA, is designing a new layout for research reports his firm writes and issues on individual stocks. In his design, Thomas includes a stock chart on the first page of each report. He does not reference that the charts are copied from an unrecognizable Finance web site. Thomas has:

A)   not violated CFA Institute Standards of Professional Conduct because these charts are widely available over the Internet.

B)   violated CFA Institute Standards of Professional Conduct because he did not make sure that the information in these charts is accurate.

C)   not violated CFA Institute Standards of Professional Conduct because the charts are only a part of the reports which are written by the firm’s analysts.

D)   violated CFA Institute Standards of Professional Conduct because he did not state the source of the charts.

The correct answer was D)

Standard I(C) Misrepresentation. Members should not copy or use material prepared by others without acknowledging and identifying the source of such material. Using charts and graphs without stating their source is a violation of the Standard.