Reading 2-V: Standards of Professional Conduct & Guidan

答案和详解如下：

16、Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:

A)   violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.

B)   is in full compliance with CFA Institute Standards of Professional Conduct.

C)   has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.

D)   has violated CFA Institute Standards of Professional of Conduct because she did not have a reasonable and adequate basis for making this recommendation.

The correct answer was D)

Analysts are required to have a reasonable and adequate basis, supported by appropriate research and investigation, for their recommendations.

17、Susan Plumb is the supervisor of her firm’s research department. Her firm has been seeking the mandate to underwrite Wings Industries’ proposed secondary stock offering. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report. After reasonable effort, Dawson produces a favorable report on Wings stock. Plumb then adds a footnote describing the underwriting relationship with Wings and disseminates the report to the firm’s clients. According to CFA Institute Standards of Professional Conduct, these actions are:

A)   not a violation of any Standard.

B)   a violation of Standard V(A), Diligence and Reasonable Basis.

C)   a violation of Standard VI(A), Disclosure of Conflicts.

D)   a violation of Standard IV(A), Loyalty to Employer.

The correct answer was A)

The fact that the firm is seeking the mandate does not preclude the research department from performing analytical work on the security. As long as the final recommendation is based upon reasonable facts, not the desire to obtain the mandate, there is no violation.

18、An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of:

A)   Standard V(A), Diligence and Reasonable Basis, and Standard V(B), Communication with Clients and Prospective Clients.

B)   none of the Standards listed here.

C)   Standard V(B), Communication with Clients and Prospective Clients, only.

D)   Standard V(A), Diligence and Reasonable Basis, only.

The correct answer was A)    

The analyst should verify that the research department has interpreted the chairman’s speech correctly. The analyst must make it clear that the statement concerning inflation is only an opinion. No one knows if that is true or not at any point in time. Based upon the given information, we cannot say that the analyst is violating only one standard. The analyst may also be violating plagiarism in accordance with Standard I(C), Misrepresentation. Hence, the answer citing the two standards and not limiting violations to just those two standards is the best answer.

19、In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must:

A)   have a reasonable and adequate basis for the recommendation.

B)   support a recommendation with appropriate research and investigation.

C)   exercise independence and thoroughness.

D)   do all of these.

The correct answer was D)

All of these are explicitly required by Standard V(A).