31、Ken James has been an independent financial advisor for 15 years. He received his CFA Charter in 1993, but did not feel it helped his business, so he let his dues lapse this year. He still has several hundred business cards with the CFA designation printed on them. His promotional materials state that he received his CFA designation in 1993. James:

A)   must cease distributing the cards with the CFA designation and the existing promotional materials.

B)   can continue to use the existing promotional materials, and can use the cards until his supply runs out—his new cards cannot have the designation.

C)   must cease distributing the cards with the CFA designation, but can continue to use the existing promotional materials.

D)   must cease using the existing promotional materials, but can use the cards until his supply runs out—his new cards cannot have the designation.

A)   only require to update a client's data when a material change is being made to the clients' portfolio.

B)   require Walker to update the data at least once every three years.

C)   require updating a client's data only when a material change occurs to the personal data.

D)   require Walker to update the data regularly.

A)   violated the Standards by not dealing fairly with clients and regarding material nonpublic information.

B)   violated the Standards by not dealing fairly with clients but has not violated the Standards regarding material nonpublic information.

C)   violated the Standards regarding nonpublic information but has not violated the Standards in failing to deal fairly with clients.

D)   not violated the Standards.

A)   present the bottle of wine to her supervisor.

B)   inform her supervisor in writing that she received additional compensation in the form of the wine.

C)   share the wine at a company function.

D)   return the bottle to the client explaining Brenly's policy.

A)   continue to recommend that new investors do not invest in the fund, but not advise existing investors to reduce their holdings.

B)   recommend that new investors invest in the fund and existing investors maintain their holdings.

C)   tell investors he cannot give advice on the fund because of a conflict of interest.

D)   continue to recommend that new investors do not invest in the fund and existing investors reduce their holdings.

答案和详解如下：

31、Ken James has been an independent financial advisor for 15 years. He received his CFA Charter in 1993, but did not feel it helped his business, so he let his dues lapse this year. He still has several hundred business cards with the CFA designation printed on them. His promotional materials state that he received his CFA designation in 1993. James:

A)   must cease distributing the cards with the CFA designation and the existing promotional materials.

B)   can continue to use the existing promotional materials, and can use the cards until his supply runs out—his new cards cannot have the designation.

C)   must cease distributing the cards with the CFA designation, but can continue to use the existing promotional materials.

D)   must cease using the existing promotional materials, but can use the cards until his supply runs out—his new cards cannot have the designation.

The correct answer was

Use of the CFA designation must be stopped immediately, however, the receipt of the Charter is a matter of fact.

32、Janine Walker is an individual investment advisor with 200 individual clients. When she first obtains a client, Walker solicits personal data that helps her formulate an investment recommendation, including tax status, income, expenditure needs, and risk tolerance. The Standards:

A)   only require to update a client's data when a material change is being made to the clients' portfolio.

B)   require Walker to update the data at least once every three years.

C)   require updating a client's data only when a material change occurs to the personal data.

D)   require Walker to update the data regularly.

The correct answer was D)

According to Standard III(C), Suitability, Members and Candidates must reassess client information and update regularly.

33、Jim Kent is an individual investment advisor in San Francisco with 300 clients. Kent uses open-ended mutual funds to implement his investment policy. For most of his clients, Kent has used the Baker fund, a small company growth fund based in Boston, for a portion of their portfolio. As a result he has become very friendly with Keith Dunston, the manager of the fund, whom Kent feels is mainly responsible for Baker's performance. One day Dunston calls Kent and tells him that he will be leaving the fund in four weeks and moving to San Francisco to work for a different money management company. Dunston is seeking suggestions on housing in the area. Baker has not yet announced Dunston's departure. Kent immediately finds a fund that is a suitable replacement for the Baker fund, and over the next two days he calls his 30 clients with the largest dollar investments in the funds and tells them he feels they should switch their holdings. Baker feels the remaining clients' positions are small enough to wait for their annual review to switch funds. Kent has:

A)   violated the Standards by not dealing fairly with clients and regarding material nonpublic information.

B)   violated the Standards by not dealing fairly with clients but has not violated the Standards regarding material nonpublic information.

C)   violated the Standards regarding nonpublic information but has not violated the Standards in failing to deal fairly with clients.

D)   not violated the Standards.

The correct answer was B)

Kent must treat all clients fairly in acting on the information, regardless of the size of the investment. The information concerning the fund manager’s departure is not material nonpublic information because its release would have no effect on individual security prices.

34、Judy Gonzales is a portfolio manager with Brenly Capital and works on Johnson Company's account. Brenly has a policy against accepting gifts over $25 from clients. The Johnson portfolio has a fantastic year, and in appreciation, the pension fund manager sent Gonzales a rare bottle of wine. Gonzales should:

A)   present the bottle of wine to her supervisor.

B)   inform her supervisor in writing that she received additional compensation in the form of the wine.

C)   share the wine at a company function.

D)   return the bottle to the client explaining Brenly's policy.

The correct answer was D)  

By not returning the bottle she would be violating the Standard on disclosure of conflicts to the employer, which states that employees must comply with prohibitions imposed by their employer.

35、Jack Stevens is employed by a company to provide investment advice to participants in the firm's 401(k) plan. One of the investment options is a stable value fund run by the company. Stevens' research indicates that the fund is far riskier and less liquid than the typical stable value fund and has a fundamental asset value lower than book value of the assets. He tells Jessica Cox, the head of employee benefits, about his research, and indicates that he will advise new employees to not invest in the fund and will advise employees who already own the fund to reduce their holdings in the fund. Cox points out that the fund is not in any current danger because there are very few redemptions requested of the fund. Cox also states that a sell recommendation may become a self fulfilling prophecy, causing investors to redeem their shares and forcing the fund to liquidate, which in turn will cause the remaining investors to receive less than their promised value. Stevens agrees with this assessment and feels his fiduciary duty is to all employees. Stevens should:

A)   continue to recommend that new investors do not invest in the fund, but not advise existing investors to reduce their holdings.

B)   recommend that new investors invest in the fund and existing investors maintain their holdings.

C)   tell investors he cannot give advice on the fund because of a conflict of interest.

D)   continue to recommend that new investors do not invest in the fund and existing investors reduce their holdings.

The correct answer was D)

The employees to whom Stephens owes fiduciary duty are the ones who are seeking his advice, even if acting on that advice hurts other employees who might eventually become clients.