11、CFA Institute members should encourage their employers to do all of the following EXCEPT: A) make clear that dishonest personal behavior reflects poorly on the profession. B) adopt a code of ethics to which every employee must subscribe. C) conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry. D) require employees to write personal ethics statements. The correct answer was D) There is no reason to have employees write personal ethics statements. CFA Institute encourages all of the other actions. 12、Mary Kim, CFA, practices in the established country of Oldasia as well as in the emerging country of Newasia. By regulation, Oldasia prohibits licensed investment advisors from trading in securities ahead of their clients. Newasia has no laws or regulations in this area. Mary Kim may: A) trade ahead of her clients in Newasia only. B) trade ahead of her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this. C) trade simultaneously with her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this. D) not trade ahead of her clients in either country. The correct answer was D) Under Standard I(A), Mary Kim, as a CFA charterholder, must apply the CFA Institute Code and Standards or the controlling law, whichever is stricter. Because Standard VI(B) requires members to put client trades ahead of their own transactions, Mary Kim must follow the standard in the absence of governing law, or where the law is less strict than the standard. 13、An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is TRUE? The analyst is: A) governed by CFA Institute's Code and Standards. B) governed by the laws and standards of the country in which he is living and working. C) covered by the strictest of the following laws and rules: his own country's, the foreign country's or CFA Institute's Code and Standards. D) covered by U.S. securities laws. The correct answer was C) The analyst is covered by the strictest of the following laws and rules: his own country’s, the foreign country’s or CFA Institute’s Code and Standards. 14、CFA Institute believes: A) that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct. B) companies should set standards based on the ethics of upper management and the board of directors. C) that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements. D) that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct. The correct answer was D) CFA Institute’s Code and Standards dictate a minimum level of conduct. Standards should not be based on ethics of upper management and the board of directors of a company. Firms must comply with the strictest applicable standards, whether they be foreign or domestic laws and regulations. 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) purchases stock of a boycotted firm for the group's portfolio. C) actively protests against a publicly traded firm boycotted by the group. D) performs any of the activities listed here. The correct answer was B) 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 2008-4-16 15:10
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