1 业绩提供

A Some one, CFA present the performance based on pre-tax return and gross of annual fees, but he disclose and fully explained this to his clients in the report. He:

A) not violate

B) violate, because annual fee should be excluded

C) violate, should report based on after-tax

D) violate, must comply with GIPS presentation standards

个人选得答案是A.  As long as he has fully explain and disclose the details to the clients, it is OK. Compliance with GIPS is recommended, not required.

我选了C

2 Some one is working for a firm in some city, where flooding often happens. So he 销毁了 all paper documents and downloaded the records to his working computer. Also he uploads the records to some reliable server 1000 miles away. And the server will keep the records for at least x years.

显然违反了 “preservation of confidentiality”, 另外还有一个考点不记得了

我选了违反保存时间,和不违反保密规定

3 监督责任  我选了D,估计是错了

A

B包含COMPLIACE 的CODE OF ETHICS

CSTAND-ALONE的CODE OF ETHICS

D 不违反的书面保证

4 会计师的REFERRAL FEES,但是披露了

我选择了不违反KNOWLEGE OF LAW 和不违反REFERRAL FEES  ,不知道对不对

5 去亚洲旅行,参加一些公司调查,要不然无法调查

我选择了不违反独立性,和什么,请大家补充

6 GIPS的目的,我选择了MANDORARY,命令的,那个,

7 ORDER 选择了WRITTEN 和TIME-STAMPED

8。有一个trader 给他sister 在几天后买了share, 好像他姐姐也是他的客户， 我选了b, fair dealing

9  欺瞒客户自己先买了股票，结果股票价格上升，导致雇主没买,我选了 A 我觉得是违反LOYATY

10客户告诉基金经理重要信息，涉及的算是MATERIAL 经理告诉了他的同时 违反CONFIDENTIAL CONSERVATION 还是 USE MATERIAL INFORMATION   我选了不违法保密，违法内幕 ,查书，说是内部同事要AUTHOTIZED PERSON 才可以,估计错了

11 道德 VERFICATION VERIFIED什么 B说是COMPOSITION PERFORMANCE PRESENTION D 是FIRM WIDE BASIS COMPOSITION CONSTUCTION 我选D 记得VERIFIED是两部分 我选的D,因为认证是针对公司而言，其他的主体都不是公司

12、有一个客户委托分析师买票，分析师从BROKER那里拿了票，转给了客户，BROKER拒绝接受钱，问是否违反fair dealing和独立性

13、比如说一个CFA管理的账户里也有他家人的，但是他在分配IPO的时候先给其他客户分完，才给他自己家人分，问他是否违反了Codes and Standards，

14、认证考了3题, ,

就是到GIPS认证针对的主体是公司,不是其他经理什么的 D

另外一个MANDATORY 这个是错的, 选这个 

然后一题是选认证是自愿和第三方来进行       A

16、正确使用CFA称呼我选择的都是不违反,COMMITTED TO THE HIGHEST EHICAL LEVEL是对的

17、不能用CFA称呼题目 两个都是违反 未交年费，未给PCP

18 接受了几顿饭和每年一个生日果篮题目，但是披露了ON AN ANNUAL BASIS，问是否违法独立性和？？。我选了不违反

19 给客户只买了合适的股票，但是担任董事未披露（好象是这样）

是否违反SUITABILITY 和CONFLICTS OF INTERESTS

20 同事有违反，该如何处理，MUST

A   DISSOCIATE 等   D    DIRECTLY CONFRONT THE PERSON WHO 违反

我选了A，因为D 不是MUST，应该是MAY

21 觉得SMALL CAP 投资不合适，所以购买了部分LARGE CAP EQUITY

是否违反 COMMUNICATION TO CLIENTS 和SUITABILTY

我选都违反

22 新客户第一次见面 ，是否立即可以推荐投资组合，是否可以了解经验和风险

违反，不违反

23 additional compensation arrangements  不记得了，请大家回忆

24 Which one is least likely to be true? The GIPS was created to?

个人选的是 “ …..provides a industry-wide performance presentation standard ….” 之类的选项. 觉得关键字industry-wide 错了, 应该是firm-wide.  

25 Some analyst compile了一些public的信息,再加上他从suppiler, customers等收集到的piece information 然后得到结论某stock要涨, 于是乎he bought some shares from several accounts. 后来他在某场合overhear到一些material nonpublic的确切要涨的信息, 然后he bought some additional shares for his clients.

我选的答案是: initial purchasing violates “Fair dealing” but not “material nonpublic”, because he got his conclusion based on Mosaic theory. However he violates “Fair dealing” because he only bought it from several accounts. It doesn’t say he bought it from the accounts for which it is appropriate”

The additional purchasing violates “material nonpublic” because his trading is based on some material nonpublic information that he overheard.  

26  According to code and standards, a firm should maintain records for a minimum:

A) 5-years B)7 years C) 10 years D) 15 years

The answer is “7 years”, not 5 years. 5 years is the minimum requirement for the performance presentation set by GIPS.

27   Some analyst is working for a firm. The firm will announce a “buy” recommendation for some stock. The analyst’s father is also a client with the firm. What is the correct trading priority order from highest to lowest?

The correct answer is “The other firm’s clients and his father’s accounts (the same level) , then his employer’s account, then his own account.

28 For a GIPS compliance firm, when there is some conflicts between local laws and GIPS standards, which one is correct?

The answer is “comply with the local laws, but need to disclose the conflicts in the report”

29 which one is least likely to be true? An analyst can not disclose a former client’s information unless:

A) the client has decease

B) required by CFI institute

C) required by law

D) include some illegal activity

The answer is A)

30 Some one, CFA is working in a investment firm. He is managing a small cap fund. Recently, small cap’s performance is not good. He found some other big cap stocks which have some growth potential. Then he sold some portion of the fund and bought some shares of the big cap stocks. Later it proved that the big cap stocks he added soared in price. He has violate:

问是否违反了suitability 和 communication with client

我选得是两者都违反了. Because since the clients bought the small cap fund based on their objects and some constraints, the different investment strategy might not suit for them even though it can bring some benefit to the clients, for example violate the risk tolerance or some other constraint.

Also he has violated “communication with clients” since he did NOT tell his clients the important change before he took the action.

31 search for a good brokerage for the client in order to get :

A) miminum transaction cost

B) best price

C) lowest commission

D) best execution

The answer is D)

32 Some one is going to leave his employer to work for a charitable organization. He has submitted his resignation. Before he left the firm, he hand-write a list of the name for some wealthy clients that he think they will be probable to contribution to the charitable organization. 后半部分不太记得了. 反正考了2个点.

前半部分显然violate the loyalty to employer. Communication to clients and prospective

33 Which one is not a part of the eight major section of GIPS standards?

A) input data

B) alternative xxx

C) private equity

D) fundamental of compliance

The answer is B)

34 另外一个MANDATORY 这个是错的, 选这个 

35然后一题是选认证是自愿和第三方来进行   A