答案和详解如下： 11、Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should: A) take no action. B) determine the legality of the activity, possibly by consulting counsel. C) disassociate himself from the client, if the activity is illegal or unethical. D) urge his firm to attempt to persuade Shanti to cease such conduct, if the activity is illegal. The correct answer was
A) Because Blanford suspects Shanti of engaging in ongoing illegal activities, Blanford should take action by determining the legality of the suspected action, disassociating from any illegal activity, and urging his firm to attempt to persuade Shanti to cease such conduct if such an activity is illegal or unethical. 12、Sometimes a CFA Institute member simply feels a law has been violated by his firm, and sometimes the member knows a law has been violated. Which of the following pairs of guidelines is CORRECT with respect to the first step a member should take in each case? The member should first contact: A) the firm's counsel if he feels a law has been violated and contact his supervisor if he knows a law has been violated. B) his supervisor in the firm if he feels a law has been violated and contact the firm's counsel if he knows a law has been violated. C) the SEC if he feels a law has been violated and contact the firm's counsel if he knows a law has been violated. D) the firm's counsel if he feels a law has been violated and the SEC if he knows a law has been violated. The correct answer was
A) Standard I(A) says that when a member feels a law has been broken, the member should seek advice from the firm’s counsel. If the member feels the advice is unbiased and competent, the member should follow it. If the member knows a law has been violated, the member should contact a supervisor. 13、Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow’s first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm’s highly competent general counsel and follows the advice given without deviation. Based on the general counsel’s advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellow’s supervisor explains why NewCo’s calculations of its earnings are correct. Bellow realizes that his inexperience and exuberance initially led him to an incorrect conclusion about NewCo’s earnings. Which of the following statements about Bellow’s actions involving Standard I(A), Knowledge of the law, and Standard I(C), Misrepresentation, is TRUE? Bellow: A) violated both Standard I(A) and Standard I(C). B) violated Standard I(A) but did not violate Standard I(C). C) did not violate Standard I(A) but violated Standard I(C). D) did not violate either Standard I(A) or Standard I(C). The correct answer was
D) Bellow did not violate Standard I(A), Knowledge of the law, because he sought advice of counsel and followed that advice. Bellow did not violate Standard I(C), Misrepresentation, because he made reasonable and diligent efforts to ensure the accuracy of the information and to avoid any material representation. 14、Allen Parsons, a CFA candidate, suspects a colleague at his firm of engaging in an illegal activity. Which of the following statements about procedures for compliance involving Standard I(A), Knowledge of the law is FALSE? Parsons: A) is required to report this legal violation to the appropriate governmental or regulatory organizations. B) should consult counsel to determine whether the conduct is, in fact, illegal. C) should disassociate from any illegal activity. D) should urge his firm to attempt to persuade the perpetrator to cease such conduct. The correct answer was
A) Standard I(A), Knowledge of the law, does not require that Parsons report legal violations to the appropriate governmental or regulatory organizations, but such disclosures may be appropriate under certain circumstances. 15、A CFA Institute member is also a member and the portfolio manager of an environmentalist group. In its charter, the environmentalist group lists a group of companies its members should boycott. The CFA Institute member would violate Standard I(A) concerning obeying all rules and regulations if the member: A) buys, for personal use, a product made by a boycotted firm. B) actively protests against a publicly traded firm boycotted by the group. C) performs any of the activities listed here. D) purchases stock of a boycotted firm for the group's portfolio. The correct answer was
D) Standard I(A) says the member must be guided by all applicable rules and regulations of professional associations governing the member’s professional activities. Purchasing the stock for the firm would be a violation because it involves the member’s professional activities and the rules of a group to which the member belongs and works for. Buying a product for personal use from a boycotted company would not be covered by Standard I(A) nor would actively protesting be covered by that standard. | 
发表于 2008-4-3 17:33
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