答案和详解如下： Q2. Which item on the list, if completed by Tully, would most likely be a violation of the Code and Standards? A) #5. B) #3. C) #4. Correct answer is B) The drafting of a common investment statement for all clients would most likely be a violation of the Code and Standards. Each client should have an investment policy statement that reflects their own particular circumstances. Q3. For goal #2, in defining “material nonpublic information,” the term "material" refers to information that is likely to significantly affect the market price of the issuing company's securities or that is: A) likely to preclude the financial analyst or analyst's firm from rendering unbiased or objective advice. B) acquired by the financial analyst from a special or confidential relationship with the issuing company. C) likely to be considered important by reasonable investors in determining whether to trade a particular security. Correct answer is C) “Material” refers to information that is likely to significantly affect the market price of the issuing company's securities or that would be considered useful information by reasonable investors in their determining whether to trade a particular security. Q4. The following applies to goal #6. If some of the available brokers are offering soft dollars that are only of general benefit to Bonn, Tully should recommend that Bonn should choose the broker with which of the following characteristics: A) good price and execution and low soft dollars. B) best price and execution but no soft dollars. C) good price and execution and good soft dollars. Correct answer is B) Standard III(A), Loyalty, Prudence, and Care, requires members to act for the benefit of their clients and to place client interests ahead of their own interests. Best price and execution is always in the client’s interest. Members who obtain best price and execution from a firm that allocates soft dollars may use that firm as long as the soft dollar research benefits clients and the practice is disclosed to clients. Q5. MIB Management has: A) violated the Code and Standards by allowing the value of the Gold Fund to decline, but not by not rebalancing it. B) not violated the Code and Standards by allowing the value of the Gold Fund to decline, but did violate the Code and Standards by not by rebalancing it. C) not violated the Code and Standards by allowing the value of the Gold Fund to decline, nor by not rebalancing it. Correct answer is B) As long as MIB was managing the Gold Fund in accordance to its prospectus, a decline in value does not mean that a violation has occurred. However, the prospectus does specify a certain allocation in gold. Standard V(B), Communication with Clients and Prospective Clients, requires members to disclose "general principles and investment processes" to clients and to "promptly disclose to clients and prospects any changes that might significantly affect those processes." Under the Standard, Midland management is required either to: 1. rebalance the portfolio in a timely manner so as to maintain compliance with the investment policy, or 2. communicate an intended change in that policy well in advance of the actual change so as to afford investors time to act prior to the change in investment policy taking place. Midland is in violation of the Standard by not rebalancing the portfolio. | 
发表于 2009-1-7 09:18
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