Reading 2-V: Standards of Professional Conduct & Guidan

答案和详解如下：

6、An analyst finds a stock with historical returns that are not correlated with interest rate changes. The analyst writes a report for his clients that have large allocations in fixed-income instruments and emphasizes the observed lack of correlation. The clients with allocations of fixed income instruments are the only clients to see the report. According to Standard V(B), Communication with Clients and Prospective Clients, the analyst has:

A)   violated the Standard concerning fair dealings with all clients.

B)   not violated the Standard.

C)   violated the Standard by emphasizing the information concerning the correlation.

D)   violated the article in the Standard concerning facts and opinions.

The correct answer was B)

Recommending a stock whose return is uncorrelated with interest rate changes is appropriate for the clients described in the problem. Emphasizing the lack of correlation is appropriate as long as the analyst makes no guarantees concerning the relationship in the future. Reporting historical correlation is a presentation of fact, and is not in violation. The analyst is free to show the report only to investors for whom the investment is appropriate.

7、An analyst belongs to a nationally recognized charitable organization, which requires dues for membership. The analyst has worked out a deal that he provides money management advice in lieu of paying dues. For this arrangement to comply with the standards, the analyst needs consent from:

A)   his supervisor in the organization only.

B)   both his supervisor in the organization and his regular place of work.

C)   his supervisor in his regular place of work only.

D)   no one since it is a volunteer organization.

The correct answer was B)    

An employee/employer relationship does not necessarily mean monetary compensation for services. If the analyst is performing services for the organization, then the analyst must treat the position as if he were an employee and obtain consent from both his supervisor in the organization and in his regular place of work.

8、Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:

A)   violated CFA Institute Standards of Professional Conduct because she is not allowed to meet with management privately.

B)   violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.

C)   violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.

D)   not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.

The correct answer was B)

Standard V(B), Communication with Clients and Prospective Clients. Members must distinguish between fact and opinion in the presentation of a research report or investment recommendation. Wise violated the standard because she misrepresented management’s enthusiasm by turning it into certainty.

9、Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?

A)   Halpert can make his report in person, by telephone, or by computer on the Internet.

B)   Halpert can transmit his report by computer on the Internet.

C)   Halpert can make his report by telephone.

D)   Halpert can make his report in person.

The correct answer was A)

A report can be made via any means of communication, including in-person recommendation, telephone conversation, media broadcast, and transmission by computer such as on the Internet.