答案和详解如下： Q1. An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may): A) refuse the invitation if the associate is from a firm he analyzes for his employer. B) obtain written consent from his supervisor if the offer is contingent on achieving a target investment return. C) do both of the actions listed here. Correct answer is C) According to Standard I(B), the analyst should refuse the invitation if it is from a firm the analyst covers for his employer. The analyst can accept the invitation if it is from a client but the analyst must get written consent from his employer if the offer is contingent on future performance. Q2. An analyst has been writing research reports on a company for many years. As part of the analyst’s continuing research efforts, the analyst allows the firm to fly him to the firm’s headquarters and put him up in the guest quarters the company has for all corporate visitors. According to Standard I(B), Independence and Objectivity, this is: A) a violation if the headquarters are within reasonable driving distance from the analyst's home. B) a violation no matter what the circumstances. C) not a violation under any circumstances. Correct answer is A) If such a trip is “out-of-the-way,” payment by the company for the trip is acceptable. If the headquarters are within reasonable driving distance, the analyst should drive there. Q3. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River
City presents Calaveccio with a bottle of inexpensive wine at Christmas each year. Calaveccio does not disclose this fact in the prospectus of the small cap venture fund. This action is: A) in violation of the Standard concerning disclosure of additional compensation arrangements. B) in violation of the Standard concerning disclosure of conflicts to clients and prospects. C) not in violation of the Code and Standards. Correct answer is C) Under Standard I(B) Independence and Objectivity, members are advised to "use reasonable care" in order to maintain independence. While it is clearly understood that gifts from various entities have the potential to affect a member's independence and objectivity, a member can accept token gifts as long as they are not intended to influence or reward. Q4. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he: A) may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B. B) should not attend unless he pays for the trip himself. C) may attend, but he must disclose the arrangement to his employer as a gift. Correct answer is B) Under Standard I(B) gifts, benefits, compensation, or consideration cannot be accepted if the purpose was to influence or reward. Token items are OK. Worldwide Brokerage is not a client of Calaveccio but an entity that he does business with. As such Worldwide could influence Calaveccio to always do business with them which could be to the detriment of his fund if the execution of their trades starts to deteriorate compared to their competitors. | 
发表于 2009-1-12 16:00
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