答案和详解如下： 61、The following information pertains to the Galaxy Trust, a trust established by Stephen P. House and managed by Gamma Investment LLC: § At the time the trust was established House provided $5 million in cash to fund the trust, but Gamma was aware that 93 percent of his personal assets were in the form of Oracle stock. § Gamma has been asked to view his funds and the trust as a single entity for planning purposes, since House’s will stipulates that all of his estate will pass to the trust upon his death. § The investment policy statement, developed in September 1996, stipulates that the trust should maintain a short position in Oracle stock and use the proceeds to diversify the trust more adequately. § House was able to sell all of his Oracle shares back to the corporation in January 1999 for cash. § The policy statement redrawn in September 1999 continues to stipulate that the trust hold a short position in Oracle stock. § House has given the portfolio manager in charge of the trust an all expenses paid vacation package anywhere in the world each year at Christmas. The portfolio manager has reported this fact in writing to his immediate supervisor at Gamma. Which of the following is most correct? The investment manager is: A) in violation of the Code and Standards by not properly updating the investment policy statement in light of the change in the circumstances and is in violation with regard to the acceptance of the gift from House. B) not in violation of the Code and Standards for not properly updating the investment policy statement in light of the change in the circumstances and is not in violation with regard to the acceptance of the gift from House. C) not in violation of the Code and Standards for not properly updating the investment policy statement in light of the change in the circumstances but is in violation with regard to the acceptance of the gift from House. D) in violation of the Code and Standards by not properly updating the investment policy statement in light of the change in the circumstances but is not in violation with regard to the acceptance of the gift from House. The correct answer was D) The investment manager is in violation of the Standard requiring him to make a reasonable inquiry into the client’s financial situation and update the investment policy statement since such a dramatic change in the client’s circumstances would undoubtedly alter the investment policy statement and would probably eliminate the need to hold a short position in Oracle. The investment manager is not in violation of the Standard concerning additional compensation, since the gift has been reported to his supervisor and has come from a client. If there was a failure to report such a gift, if the firm had a rule in place against the acceptance of gifts from clients, or if the gift had come from a non-client, there would be a violation of the standard. 62、Which of the following actions is least likely to prevent the misuse of insider information? A) Monitoring all the phone calls made by the brokers. B) Controlling relevant interdepartmental information. C) Placing securities on a restricted list when the firm is in possession of material nonpublic information. D) Monitoring the trading of the firm and personal trading of the employees. The correct answer was A) Standard II(A), Material Nonpublic Information, applies in this situation. Standard II(A) suggests the use of "fire walls" to protect the firm and to conform to the Standards. A fire wall is an information barrier designed to prevent the communication of material nonpublic information between departments of a firm. Although the fire wall system should provide a means to review transactions, it is not feasible to monitor all communications into/out of departments. Placing sensitive securities/firms on "watch, "restricted," or "rumor" lists helps management target monitoring of transactions. 63、A company has a defined benefit plan that is currently under-funded. The plan sponsor has instructed the portfolio manager of the plan to invest more aggressively to bring the funding level up to an adequate amount. Which of the following statements best describes the course of action the portfolio manager should take? The portfolio manager should: A) not invest more aggressively because this is not the method used to increase the funding level of a plan. B) not invest more aggressively since this may expose the plan to too much risk and may not be in the best interest of the plan's beneficiaries. C) invest more aggressively because this will increase the plan's assets faster as the stock market increases allowing the plan to become fully funded. D) invest more aggressively because his fiduciary duties lie with the plan sponsor. The correct answer was Standard III(A), Loyalty, Prudence, and Care, applies in this situation. According to this Standard, investment actions should be carried out for the sole benefit of the client and in a manner the manager believes to be in the best interest of the client. Here, the client is the plan beneficiaries, not the manager or the entity that hired the manager. 64、Paul Drake is employed by a company to provide investment advice to participants in the firm's 401(k) plan. Company stock is one of the investment options in the plan. Drake feels that the stock is too risky for employees to own in their 401(k) plan and starts advising them to pull out of the stock. The Treasurer of the company calls Drake and tells him that he will be fired if he continues making such advice because he is violating his fiduciary duty to the company. Drake should: A) continue to advise employees to sell their stock. B) cease making sell recommendations because of the harm that can come to himself. C) make sell recommendations but point out that the company Treasurer has a differing and valid point of view. D) tell employees that he cannot provide advice on company stock because of a conflict of interest. The correct answer was A) Although Drake is paid by the company, his fiduciary duty is to the plan participants. His advice cannot be compromised by business considerations, otherwise he will be violating the Standard on loyalty, prudence, and care. 65、June Carter passed Level III of the CFA examination in June but will not complete her work experience requirement until August of next year. Carter can state on her resume that she: A) is a CFA in waiting. B) has earned the CFA charter as long as she is on track to complete her work experience. C) passed Levels I, II, and III of the CFA examination. D) will be a CFA charterholder in August of next year as long as she is on track to complete her work experience. The correct answer was C) A candidate cannot use any form of the CFA designation until receiving her charter. | 
发表于 2008-4-2 11:37
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