答案和详解如下： 11、Nick O'Donnell, CFA, unsuspectingly joins the research team at Wickett & Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, O'Donnell begins making preparations for independent practice. He knows he will be terminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that "if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own." This action is: A) a violation of his duty to disclose conflicts to his employer. B) a violation of his fiduciary duties. C) not in violation of the Code and Standards as the employer's violations of the law absolve him from his ordinary duties to this employer under the Code and Standards. D) not a violation of his duty to employer. The correct answer was D) O’Donnell is required to obtain consent from his employer if he is attempting to practice in competition with his employer. Merely undertaking preparations to leave, which do not violate a duty, is not a violation of the Code and Standards. 12、An analyst belongs to a nationally recognized charitable organization, which requires dues for membership. The analyst has worked out a deal where he provides money management advice in lieu of paying dues. Which of the following must the analyst do? A) Nothing since he is not an employee of the charitable organization. B) Must treat the charitable organization as his employer. C) Resign from the position because the relationship is a conflict with the Standards. D) Make sure that he keeps his CFA Institute membership a secret. The correct answer was B) An employee/employer relationship does not necessarily mean monetary compensation for services. If the analyst is performing services for the organization, then the analyst must treat the position as if he were an employee. 13、Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley’s sister just received a large bonus in the form of stock options in Zephyr, Inc. Valley’s sister knows nothing about financial assets and offers Valley a week at her holiday home each year in exchange for Valley monitoring Zephyr and the value of her stock options. In order to comply with the Code and Standards, Valley needs to inform Advisors of: A) the compensation in the form of the use of the holiday home only. B) the fact his sister owns the options on Zephyr stock only. C) both the use of the holiday home and his sister's options. D) nothing since no money is involved and it is a favor for a family member. The correct answer was C) According to Standard IV(A), Loyalty to Employer, Valley must inform Advisors of his outside consultation even if it is not for monetary compensation. According to Standard VI(A), Disclosure of Conflicts, Valley must also disclose possible conflicts of interest, and his sister’s position qualifies. 14、Which of the following statements is most correct under the Code and Standards? A) CFA Institute members are prohibited from undertaking independent practice in competition with their employer. B) Consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with the member's employer. C) Written consent from the outside prospective client is necessary to permit independent practice that could result in compensation or other benefits in competition with the member's employer. D) Members are prohibited from making arrangements or preparations to go into competitive business before terminating their relationship with their employer. The correct answer was B) Members are not prohibited from making arrangements or preparations to go into competitive business before terminating their relationship with their employer. CFA Institute members are not prohibited from undertaking independent practice in competition with their employer provided they have consent from their employer. Members must provide notification to their employer describing the types of services to be rendered, the expected duration, and compensation for the services. 15、Pamela Gee is a portfolio manager. She is planning to establish her own money management firm. She has already informed her employer, Branford, Inc., about her plans. In her remaining time at Branford, she can: A) start the registration of her new company. B) solicit Branford colleagues but not Branford clients. C) inform her current clients about her resignation and let them know how to reach her, in case any problems arise in the future. D) prepare a list of information from Branford files that she can use for future reference in client solicitation. The correct answer was A) The only action that will not breach Standard IV(A) Loyalty to Employer, is to start the registration of her new company. | 
发表于 2008-4-9 12:01
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