6、Bob Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements would turn losses into profits. Smith confers with the firm's legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantic's chief operating executive, to change the financial statements, but she refuses to do so. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes what Smith should do in this situation?

A)   Smith should immediately make CFA Institute aware of the situation at Atlantic.

B)   Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation.

C)   Smith should promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities.

D)   Smith does not have to take any additional action because he is not one of the firm's paid employees.

A)   consult counsel to determine the legality of the activity.

B)   consult counsel to determine the legality of the activity and disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.

C)   ignore the suspected illegal activity unless the suspected party is a CFA Institute member.

D)   disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.

A)   required to report the suspected violation to CFA Institute.

B)   required to report the suspected violation to the appropriate state regulatory agency.

C)   required to report the suspected violation to the Securities and Exchange Commission.

D)   NOT required to report the violation to the appropriate governmental or regulatory organizations.

A)   transferring supervision of the intern to another person.

B)   reporting the violation to CFA Institute.

C)   telling her intern to stop such conduct.

D)   reporting the activity to the appropriate authorities.

A)   an overreaction. Senior management's sanctioning of the act absolves McDowell from his ordinary responsibility as a CFA Institute member.

B)   a violation of the Code and Standards since he is required not to knowingly participate or assist in such an act.

C)   a suitable reaction, and he is in compliance with the Code and Standards.

D)   a violation of the Code and Standards unless his supervisor is a CFA Institute member and signs off on the documentation.

答案和详解如下：

6、Bob Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements would turn losses into profits. Smith confers with the firm's legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantic's chief operating executive, to change the financial statements, but she refuses to do so. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes what Smith should do in this situation?

A)   Smith should immediately make CFA Institute aware of the situation at Atlantic.

B)   Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation.

C)   Smith should promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities.

D)   Smith does not have to take any additional action because he is not one of the firm's paid employees.

The correct answer was C)     

Smith should disassociate from any illegal activity by resigning as a director or by reporting the activities to appropriate authorities. Inaction combined with continuing association with Atlantic's illegal conduct may be construed as participation, or assistance, in the illegal conduct.

7、When a CFA Institute member suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the member should take is most correct? According to the CFA Institute Standards of Professional Conduct, the CFA Institute member should:

A)   consult counsel to determine the legality of the activity.

B)   consult counsel to determine the legality of the activity and disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.

C)   ignore the suspected illegal activity unless the suspected party is a CFA Institute member.

D)   disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.

The correct answer was B)     

According to the procedures for compliance involving Standard I(A), CFA Institute members should determine legality and disassociate from any illegal or unethical activity.

8、Jane Dawson, CFA, an analyst at a New York brokerage firm, suspects that Bob Boatman, CFA, another analyst at the same firm, has violated a state securities law. According to the CFA Institute Standards of Professional Conduct, Dawson is:

A)   required to report the suspected violation to CFA Institute.

B)   required to report the suspected violation to the appropriate state regulatory agency.

C)   required to report the suspected violation to the Securities and Exchange Commission.

D)   NOT required to report the violation to the appropriate governmental or regulatory organizations.

The correct answer was D)

The Code and Standards do not require that members report legal violations to the appropriate governmental or regulatory organizations, but such disclosure may be prudent in certain circumstances. Dawson should consult legal counsel and disassociate from the activity.

9、Deloris Johnson, CFA, suspected that her intern, who was working without pay at her brokerage firm, had violated a federal securities regulation. Johnson discussed the matter with her company's legal counsel who said that the intern's conduct was illegal. According to the CFA Institute Code and Standards of Professional Conduct, Johnson can dissociate herself from this illegal activity by:

A)   transferring supervision of the intern to another person.

B)   reporting the violation to CFA Institute.

C)   telling her intern to stop such conduct.

D)   reporting the activity to the appropriate authorities.

The correct answer was D)

Johnson can dissociate herself from the illegal activity by reporting the activity to the appropriate authorities. However, the Code and Standards do not require that she report legal violations to the appropriate governmental or regulatory organizations, but such disclose is prudent in this circumstance.

By transferring the intern to another supervisor this may not solve the problem of the illegal activity occurring and the company would still be held liable for it.

10、Shortly after becoming employed by Valco & Co., an investment banking firm, Stan McDowell, CFA, learns that most of Valco's initial public offerings (IPO) are really effected in order to profit management via price manipulation of the shares. McDowell observes an illegal act, sanctioned by senior management, in progress and refuses to sign off on his responsibility. Instead, McDowell takes the documentation to his supervisor and tells him he should sign it in his place. This action is:

A)   an overreaction. Senior management's sanctioning of the act absolves McDowell from his ordinary responsibility as a CFA Institute member.

B)   a violation of the Code and Standards since he is required not to knowingly participate or assist in such an act.

C)   a suitable reaction, and he is in compliance with the Code and Standards.

D)   a violation of the Code and Standards unless his supervisor is a CFA Institute member and signs off on the documentation.

The correct answer was B)

McDowell, by his action in taking the documentation to his supervisor, is knowingly participating in and/or assisting in an illegal act. This is clearly prohibited under Standard I(A), and he is in violation of the Standard.