Reading 2-III: Standards of Professional Conduct & Gui

答案和详解如下：

1、While servicing his clients’ accounts, an analyst determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?

A)   Contact the appropriate governmental authorities about the determination.

B)   Contact CFA Institute about the determination.

C)   There are no exceptions in this list.

D)   Both contact CFA Institute and governmental authorities.

The correct answer was C)    

Standard III(E) allows an analyst to reveal information about a client to CFA Institute since CFA Institute will keep the information confidential. If the analyst is reasonably certain a law has been violated, an analyst may have an obligation to report the activities to the appropriate authorities. Therefore, none of the listed actions are exceptions from the analyst’s options.

2、Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:

A)   only if Stiles is a relative of the client.

B)   only if Stiles has a special confidentiality agreement with the client.

C)   for none of the reasons listed.

D)   if Stiles either has special confidentiality agreement with the client or the client is a relative.

The correct answer was C)

According to Standard III(E), Preservation of Confidentiality, Stiles may not withhold information under any of the listed reasons. The reason is that CFA Institute will keep the information confidential.

3、Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?

A)   The mere act of sending a birthday card each year.

B)   Hiring a company outside the firm to perform the task.

C)   Sending a gift along with the card.

D)   All of these.

The correct answer was B)    

According to Standard III(E), an analyst should limit the number of persons who have access to clients’ personal information. Allowing a company outside the firm to send birthday cards could be a violation. Sending a birthday card is not a violation, nor is sending a gift of reasonable value.

4、Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:

A)   is appropriate since Stiles only tells a licensed salesman.

B)   violates the Standard unless the client asks Stiles to tell the licensed salesman.

C)   is appropriate since Stiles waited until after the liquidation of the securities.

D)   is appropriate since Stiles keeps the information in the firm.

The correct answer was B)    

According to Standard III(E), Preservation of Confidentiality, Stiles must keep client information confidential and limit the information to those people directly related to servicing the client. Merely working in the same firm does not qualify a person for learning about the client of a fellow analyst.

5、Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:

A)   without further research, immediately issue a new report reversing his previous recommendation.

B)   not do anything because to do so would violate his obligation to preserve confidentiality.

C)   immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.

D)   not do anything to avoid a violation of fair dealing.

The correct answer was

Under Standard III(E), members are bound to preserve the confidentiality of information that they receive in the scope of their employment. There is nothing in the information to suggest that any illegal act had occurred. He is, therefore, obligated not to disclose the information to others until it becomes public.