答案和详解如下： Q2. Which of the following statements regarding the research report on Sunrise Technologies after the company went public is TRUE? A) Jones has violated the Standard on research reports because she failed to distinguish between fact and opinion; Karloff is in compliance with the supervisory-responsibilities Standard because he is keeping up with Jones’ actions and ensuring her report is accurate. B) Jones has violated the misrepresentation Standard with her aggressive growth prediction for Sunrise Technologies; Karloff has violated the plagiarism Standard by disseminating information he received in confidence. C) Jones is in compliance with the objectivity Standard because she made her recommendation based facts, not conjecture; Karloff has violated the Standard regarding the use of material nonpublic information. Correct answer is C) Jones’ second research report made reference to hard facts, and her analysis and revision of the cash flow projections seems thorough and reasonable. This time, Karloff did not press her to express a certain opinion, and she found the information about the company compelling. She projected higher growth in cash flow for Sunrise, but nowhere is it said that she guaranteed a hard target. Jones is in compliance with the misrepresentation, objectivity, reasonable-basis, and research-report Standards. Karloff violated the insider-trading Standard because the information was given to him in confidence. He may also have violated his fiduciary duty to Sunrise, which probably kept the information private for a reason. Q3. According to CFA Institute Standards concerning fair dealing, Jones is required to do which of the following? A) Ensure that accounts belonging to her immediate family purchase securities only after other clients have had the chance to buy. B) Disseminate new investment recommendations to all clients at the same time. C) Disclose to all clients whether different levels of service are offered. Correct answer is C) Jones must disclose different levels of service to all clients. Jones must inform clients about new buy recommendations and advise them not to sell, but she cannot disregard the order if the client still wishes to sell. Family-owned accounts should be handled in the same way as other accounts, and cannot be made to wait until everyone else has acted. The Standard allows for the fact that it is impossible to notify everyone at the same time. Q4. Which of the following statements could Brown put on his resume without violating Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program? A) If I pass the Level III test, I may be eligible for my CFA charter late next year. B) I am a Level III CFA and should become a chartered financial analyst next year. C) I am a Level III CFA candidate eligible to receive my charter in November 2005. Correct answer is B) This statement is quite literally correct, and complies with the Standards. “Level III CFA” is not an acceptable use of the CFA mark. Candidates should not offer a prediction about the time they will earn their charter. While Brown is not likely to take the test, as long as he is registered, he may refer to himself as a candidate. | 
发表于 2009-1-12 17:01
| 
