Reading 2-VII: Standards of Professional Conduct & Guid

答案和详解如下：

11、When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients, he states that this ensures that Advisors can provide better service than their competitors. With respect to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, this is:

A)   a violation because he mentions the CFA designation in the letter.

B)   a violation for both mentioning the CFA designation and saying the firm can guarantee better service.

C)   not a violation.

D)   a violation because he cannot guarantee better service.

The correct answer was D)

According to Standard VII(B), the analyst cannot guarantee better service. Smith can mention the fact that all analysts have the designation, but he is limited in what he can say with respect to this fact. He could say, for example, that this means the analysts all had to take and pass three rigorous exams.

12、Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003.  During the past several years, Willis has been out of work because of a serious illness.  He also failed to pay his annual CFA Institute dues during the current year.  Willis has now recovered and accepted a position with an investment advisory firm.  His new business card says, “Ted Willis, CFA.”  As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients.  He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients.

Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard I(C), Misrepresentation, is most accurate? Willis:

A)   violated both Standard VII(B) and Standard I(C).

B)   did not violate either Standard VII(B) or Standard I(C).

C)   violated Standard I(C) but he did not violate Standard VII(B).

D)   violated Standard VII(B) but he did not violate Standard I(C).

The correct answer was A)  

Willis violated Standard VII(B) because his right to use the CFA designation was suspended when he stopped paying CFA Institute dues. Thus, he can no longer use the CFA designation on his business card. Willis also violated Standard I(C) because he was guilty of plagiarism. He inappropriately used copyrighted material, which provided the impression that such material was his own.

13、A CFA Institute member puts the following statement on her resume: “I passed each level of the CFA exam on the first try.” Is this a violation of Standard VII(B)?

A)   No, because it is a statement of fact.

B)   Yes, because she incorrectly refers to the CFA exam.

C)   Yes, because saying she passed exams on the first try is not appropriate.

D)   Yes, because the statement shows a lack of disrespect for fellow members.

The correct answer was A)

The statement is not a violation because it is a fact. However, the member must not go on to claim superior performance.

14、John Johnson, portfolio manager at Sunshine Investments, has passed all three levels of the CFA® Program and has completed his work experience requirements. He expects to receive his charter in the near future. He includes the following statement in his firm’s brochure: “Johnson has passed all three levels of the exam and has completed the required work experience for the CFA Charter. He is eligible for the CFA Charter and expects to receive the charter in the near future. Over the years, he has demonstrated a superior performance and his CFA Charter will be rightfully awarded.” Johnson has:

A)   violated CFA Institute Standards of Professional Conduct because he implied partial designation.

B)   violated CFA Institute Standards of Professional Conduct because he implied superior performance that would be linked to the CFA Charter.

C)   violated CFA Institute Standards of Professional Conduct because he advertised the CFA Charter before actually obtaining it.

D)   not violated CFA Institute Standards of Professional Conduct because he met all disclosure requirements.

The correct answer was B)

According to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, Johnson may indicate that he has completed the requirements and is eligible for the CFA charter along with an accurate explanation of the requirements. However, he may not imply that the designation would mean superior performance capabilities.

15、Judy Albert and Bob Tye, who recently started their own investment advisory business, plan to take the Level III CFA examination next year. Albert's business card reads, "Judy Albert, CFA Candidate." Tye has not put anything about the CFA on his business card. However, the firm's promotional materials describe the CFA requirements and indicate that Tye participates in the CFA program and has completed Levels I and II. According to CFA Institute Standards of Professional Conduct:

A)   Tye has violated the Standards, but Albert has not.

B)   Albert has violated the Standards but Tye has not.

C)   Both Albert and Tye have violated the Standards.

D)   Neither Albert nor Tye has violated the Standards.

The correct answer was B)  

On letterheads and business cards and in directory listings, only the mark CFA or the words Chartered Financial Analyst should appear after the charterholder's name.