答案和详解如下： Q10. O’Brien’s drinking at analyst meetings and subsequent conduct is: A) in violation of Standard IV(A): Loyalty to Employer, because his drinking deprives the company of quality work. B) in violation of Standard I(D): Misconduct because it reflects adversely on his professional competence. C) in violation of Standard I(B): Independence and Objectivity. Correct answer is B) O’Brien’s conduct is not illegal, but it does violate the professional-misconduct Standard, which states, “Members shall not … commit any act that reflects adversely on their honesty, trustworthiness, or professional competence.” The fact that O’Brien’s investment work has not suffered is irrelevant, because the lunchtime drinking “reflects adversely” on O’Brien and Paradigm Portfolios. The conduct does not violate Standard I(B) or Standard IV(A), though it could violate the latter if the quality of O’Brien’s work begins to tail off. Q11. Which of the following statements about O’Brien’s use of convertible bonds is TRUE? A) O’Brien’s lack of expertise in equity analysis, despite usage of the CFA mark, represents a violation of Standard VII(A): Conduct as Members and Candidates in the CFA Program. B) The use of convertible bonds in O’Brien’s high-yield fund violates Standard V(A): Diligence and Reasonable Basis. C) Unless O’Brien makes arrangements for someone else to vote the proxies, he is in violation of Standard III(A): Loyalty, Prudence, and Care. Correct answer is C) O’Brien has a fiduciary duty to ensure that the proxies are voted according to the best interests of his clients. He need not do the voting himself, but he must set up a system by which somebody takes responsibility. There is nothing about convertible bonds that makes them necessarily unfit for a high-yield fund. If O’Brien earned the CFA designation and kept his dues up to date, he can use the designation even if he specializes. Standard I(C), Misrepresentation, relates to marketing services, not voting proxies. Q12. With regard to the Villa Real investment, O’Brien’s actions: A) violate the reasonable-basis Standard and the fiduciary-duties Standard. B) do not violate the fiduciary-duties Standard but do violate the priority-of-transactions Standard. C) violate neither the reasonable-basis Standard nor the priority-of-transactions Standard. Correct answer is C) O’Brien is allowed to invest in securities he covers according to company policy. Since he traded for the firm’s accounts first and his personal account second, O’Brien did not violate a fiduciary duty or the priority-of-transactions Standard. Since O’Brien acted on information he obtained through a weather forecast, he did not use any material nonpublic information. His sell decision was based on his knowledge of the company and its circumstances, and, as such, is not a violation of the reasonable basis standard. Q13. O’Brien’s money-market allocations represent: A) a violation of Standard III(B): Fair Dealing. B) reasonable actions, as they simply reflect the nature of his compensation. C) a breach of his fiduciary duty to mutual-fund account owners. Correct answer is A)
O’Brien breached his fiduciary duty to private-account holders, but not to owners of the fund. He did violate the fair-dealing Standard by attempting to boost his compensation, but not Standard V(B), which relates to outside compensation, not that from his firm. | 
发表于 2009-1-7 13:04
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