| 答案和详解如下： 71、While having a conversation with a prospective client, John Henry states that his performance across all of his past clients over the past five years was over 20 percent, which was 200 basis points higher than his benchmark. He tells the client that while the benchmark may rise or fall over time, his excess performance will remain consistent. Henry violated the Standards of Professional Conduct because: A) he cannot discuss prospective future performance in any manner. B) he cannot discuss performance without clearly stating that the composite does not conform to PPS. C) he cannot discuss performance orally without first putting his numbers in writing. D) the statement of excess performance is misleading with respect to its certainty. The correct answer was D) Guaranteeing performance on investments that are inherently volatile is misleading to clients. 72、Dan Jeffries is a portfolio manager who is being sued by one of his clients for inappropriate investment advice. The Professional Conduct Program of CFA Institute is investigating Jeffries for the same offense. Jeffries settles the lawsuit with the client while the Professional Conduct Program investigation is ongoing. When the Professional Conduct Program staff questions Jeffries about the problematic investment advice, Jeffries claims he cannot talk about it because doing so would violate the confidentiality of his client. Jeffries has: A) violated the Standards by refusing to talk about the case with the Professional Conduct Program, but not by executing the settlement agreement. B) violated the Standards by executing the settlement agreement, but not by refusing to talk about the case with the Professional Conduct Program. C) violated the Standards by executing the settlement agreement and by refusing to talk about the case with the Professional Conduct Program. D) not violated the Standards by executing the settlement agreement or by refusing to talk about the case with the Professional Conduct Program. The correct answer was A) Because the Professional Conduct Program will maintain client confidentiality, Standard III(E) Preservation of Confidentiality does not permit members to refuse to cooperate with a PCP investigation because of confidentiality concerns. The Standards do not require members to delay dealing with related legal matters while a PCP investigation is in progress. 73、Brenda Simone is a money manager and the Blue Streets Pension Fund is one of her clients. The director of the pension fund calls Simone and asks her to use a particular broker so that the fund can obtain some research services with the soft dollars from that broker. Simone believes that the desired broker will provide the same price and execution as the normal broker that Simone uses. Simone does as the client wishes. Simone has: A) not violated the Standards as long as the research provided by the broker will benefit Blue Streets. B) not violated the Standards as long as the research provided by the broker will benefit Simone's money management practice. C) not violated the Standards as long as the research provided by the broker will benefit the plan beneficiaries. D) violated the Standards. The correct answer was C) Simone must ensure that the research benefits the parties to whom she owes fiduciary duty, which are the plan participants. 74、Janice Melfi is a portfolio manager for Soprano Advisors. Soprano has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the Soprano model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The director of research frequently alters the model based on rigorous research—an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers use the model to assist them in making portfolio decisions, but, based on their own fundamental research, are allowed to purchase securities not recommended by the model. This fact is not disclosed to the clients, because the head of marketing does not think it is relevant. Which of the following statements regarding the portfolio manager’s investment decisions is TRUE? A) Soprano is violating the Standards by not disclosing the fundamental research aspect of the investment process. B) Melfi is violating the Standards by using two investment processes that are in conflict with each other. C) Melfi is violating the Standards by using a research process that she did not participate in developing. D) There is no violation of the Standards. The correct answer was A) Soprano is violating the Standard on portfolio investment recommendations and actions by excluding relevant factors of the investment process. The fundamental research aspect is highly relevant to the process and should be disclosed to clients. It is acceptable for Melfi to use two investment processes that may be in conflict with each other and to use a process that was not developed by her. 75、Steve Jones is a portfolio manager for Gregg Advisors. Gregg has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the Gregg model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The director of research frequently alters the model based on rigorous research—an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are indicated as "buys" by the model. Jones thoroughly understands the model and uses it with all of his clients. Jones is: A) not violating the Standards either in purchasing stocks without a thorough research basis or in not disclosing all alterations of the model to clients. B) violating the Standards in purchasing stocks without a thorough research basis and in not disclosing all alterations of the model to clients. C) violating the Standards in purchasing stocks without a thorough research basis, but not in failing to disclose all alterations of the model to clients. D) violating the Standards in not disclosing all alterations of the model to clients, but not in purchasing stocks without a thorough research basis. The correct answer was A) Jones and Gregg are using reasonable judgment in not continually disclosing all of the alterations of the model. It is acceptable to use a pure quantitative model as a sole basis for purchasing stocks, as long as it is thoroughly researched. | 
发表于 2008-4-2 11:40
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