Question 11

When members and candidates report performance data, according to the Standards, it is:

A)    a requirement to present GIPS-compliant performance data.

B)   a requirement to present composite performance rather than individual account performance.

C)   recommended that a minimum of 5 years performance history be included.

D)   permissible to leave details out in a brief presentation.

According to CFA Institute Standards of Professional Conduct, which of the following activities violates Standard VI(B), Priority of Transactions? An analyst:

A)    trades for client accounts before trading for the firm's account.

B)   buys shares for his personal account immediately after the firm's clients have been informed of a change in recommendation.

C)   makes trades for his father's client account at the same time he trades for his institutional accounts.

D)   buys stock for his own account while not doing so for his clients.

Phyllis Larson, CFA, is assigned by her supervisor at Cole Financial to update the firm’s buy recommendation on Georgia Mining Company. Larson discovers that Georgia’s sales numbers have been consistently overstated and she wants to issue a revised report rating the company “underperform.” Larson’s supervisor tells her to disclose the finding, but to minimize it and maintain the buy recommendation. Larson will:

A)    violate the Code and Standards if she writes the report in a manner that is not consistent with her objective opinion.

B)   violate the Code and Standards if she does not follow her supervisor's directions.

C)   not violate the Code and Standards if she issues the report as requested, as long as she documents her objections in her research file.

D)   not violate the Code and Standards if she issues the report as requested, but documents her objections in writing to her supervisor.

Which of the following is least likely an appropriate statement about the CFA designation?

A)    Jeremy Salyers, CFA.

B)   Joanne Silbourne is a CFA charterholder.

C)   I, as a CFA charterholder, expect to outperform the market because CFA charterholders have on average outperformed their peers.

D)   I have earned the CFA designation by passing three exams, all three on my first attempts.

Tyler Kendhammer, CFA, represents Progressive Investments. Kendhammer’s friend has given Kendhammer a copy of a memo written between two senior executives at the Golden Bakery Company concerning the possible merger of their company with Southern Baking. According to Kendhammer’s friend, the memo was given to him by a maintenance worker at Golden who observed it in the office of one of Golden’s senior executives. Kendhammer would like to acquire shares of Golden Bakery on behalf of Progressive’s clients. Kendhammer should:

A)    not acquire the shares until he has contacted Golden Bakery's management and encouraged them to publicly announce the merger discussions.

B)   not acquire the shares until he has contacted Golden Bakery's management and encouraged them to publicly announce the merger discussions. He should also wait until they have made the announcement and the public has had an opportunity to act on it.

C)   proceed to acquire the shares.

D)   not acquire the shares.

[此贴子已经被作者于2008-11-7 18:10:38编辑过]

答案和详解如下！

Question 11

When members and candidates report performance data, according to the Standards, it is:

A)    a requirement to present GIPS-compliant performance data.

B)   a requirement to present composite performance rather than individual account performance.

C)   recommended that a minimum of 5 years performance history be included.

D)   permissible to leave details out in a brief presentation.

The correct answer was D)

permissible to leave details out in a brief presentation.

Members and candidates should consider the knowledge and sophistication of those receiving the performance information. If only a brief presentation is given, members and candidates must make detailed information supporting the presentation available upon request. Compliance with GIPS is not required, individual account performance is permitted, and no minimum number of years is recommended. The primary requirement of Standard III(D) – Performance Presentation is to not present false or misleading information.

This question tested from Session 1, Reading 2-III, LOS D.

Question 12

According to CFA Institute Standards of Professional Conduct, which of the following activities violates Standard VI(B), Priority of Transactions? An analyst:

A)    trades for client accounts before trading for the firm's account.

B)   buys shares for his personal account immediately after the firm's clients have been informed of a change in recommendation.

C)   makes trades for his father's client account at the same time he trades for his institutional accounts.

D)   buys stock for his own account while not doing so for his clients.

The correct answer was B ) buys shares for his personal account immediately after the firm's clients have been informed of a change in recommendation.

Standard VI(B) provides that members must give clients priority over their own transactions and gives them reasonable time to act on changes in recommendations. Transactions for the employer should also have priority over the member’s transactions. Family accounts that are also client accounts may be given equal status with client accounts. Taking investment action in his own account that doesn't harm his employer or clients is not a violation.

This question tested from Session 1, Reading 2-VI, LOS B.

Question 13

Phyllis Larson, CFA, is assigned by her supervisor at Cole Financial to update the firm’s buy recommendation on Georgia Mining Company. Larson discovers that Georgia’s sales numbers have been consistently overstated and she wants to issue a revised report rating the company “underperform.” Larson’s supervisor tells her to disclose the finding, but to minimize it and maintain the buy recommendation. Larson will:

A)    violate the Code and Standards if she writes the report in a manner that is not consistent with her objective opinion.

B)   violate the Code and Standards if she does not follow her supervisor's directions.

C)   not violate the Code and Standards if she issues the report as requested, as long as she documents her objections in her research file.

D)   not violate the Code and Standards if she issues the report as requested, but documents her objections in writing to her supervisor.

The correct answer was A) violate the Code and Standards if she writes the report in a manner that is not consistent with her objective opinion.

Standard I(B) requires members to maintain independence and objectivity in making investment recommendations. If the analyst responsible for writing a report on a security is being asked to compromise her own integrity, she must cease covering that security.

This question tested from Session 1, Reading 2-I, LOS B.

Question 14

Which of the following is least likely an appropriate statement about the CFA designation?

A)    Jeremy Salyers, CFA.

B)   Joanne Silbourne is a CFA charterholder.

C)   I, as a CFA charterholder, expect to outperform the market because CFA charterholders have on average outperformed their peers.

D)   I have earned the CFA designation by passing three exams, all three on my first attempts.

The correct answer was C)

I, as a CFA charterholder, expect to outperform the market because CFA charterholders have on average outperformed their peers.

Members may not over-promise their performance as CFA charterholders. They may follow their name with the designation and describe, factually, the requirements for becoming a charterholder.

This question tested from Session 1, Reading 2-VII, LOS B.

Question 15

Tyler Kendhammer, CFA, represents Progressive Investments. Kendhammer’s friend has given Kendhammer a copy of a memo written between two senior executives at the Golden Bakery Company concerning the possible merger of their company with Southern Baking. According to Kendhammer’s friend, the memo was given to him by a maintenance worker at Golden who observed it in the office of one of Golden’s senior executives. Kendhammer would like to acquire shares of Golden Bakery on behalf of Progressive’s clients. Kendhammer should:

A)    not acquire the shares until he has contacted Golden Bakery's management and encouraged them to publicly announce the merger discussions.

B)   not acquire the shares until he has contacted Golden Bakery's management and encouraged them to publicly announce the merger discussions. He should also wait until they have made the announcement and the public has had an opportunity to act on it.

C)   proceed to acquire the shares.

D)   not acquire the shares.

The correct answer was D)

not acquire the shares.

Standard II(A) prohibits members from taking investment action if they possess material nonpublic information. The memorandum was clearly material and confidential and was inappropriately taken from the senior executive’s office. Kendhammer is prohibited from taking investment action based on this information. There is no requirement to wait until the public has had an opportunity to act on information.

This question tested from Session 1, Reading 2-II, LOS A.

很好。

d

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