1、According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   A graduate degree.

B)   Five years of work experience.

C)   An in-depth knowledge of the Code and Standards.

D)   All of these.

2、A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

B)   only send out a petition to fellow workers asking for a change in the procedures.

C)   only inform the SEC about the problem.

D)   both submit a petition to fellow workers and inform the SEC.

3、Which of the following statements about Standard IV(C), Responsibilities of Supervisors, is FALSE? CFA Institute members with supervisory authority:

A)   are expected to bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action.

B)   may delegate supervisory duties, which relieves them of their supervisory authority.

C)   are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.

D)   must make reasonable efforts to detect violations of laws, rules, regulations, and the Code and Standards.

4、The following scenarios describe two members of CFA Institute who have supervisory responsibility.

§ The president of Hawthorne Investments, a newly founded money management firm with five investment professionals, asked Rebecca Long, CFA, to be the company's compliance officer and to develop the company's compliance procedures. Long has an in-depth knowledge of the Code and Standards, but she was too busy to develop a compliance manual herself. Therefore, she copied, with written permission, the compliance manual of a large money management firm. This manual was comprehensive and covered many areas not part of Hawthorne's operations. Long gave the manual to Hawthorne's president, but did not distribute the contents of the program to other appropriate personnel.

§ A co-worker at Barksdale Capital mentions to Stephen Luck, CFA, that George Trout, a candidate in the CFA Program, may have violated the CFA Institute standard involving priority of transactions. As Trout's supervisor, Luck decided to investigate this allegation but did not begin the investigation until a month after the alleged incident. Luck continued to maintain the same amount of supervision on Trout during the month before he began his investigation of Trout.

According to the CFA Institute Standards of Professional Conduct, which of the following statements about whether Long and Luck followed appropriate compliance procedures involving their responsibilities as supervisors is TRUE?

A)   Neither Luck nor Long violated the procedures for compliance.

B)   Long violated the procedures for compliance, but Luck did not.

C)   Both Luck and Long violated the procedures for compliance.

D)   Luck violated the procedures for compliance, but Long did not.

5、Wanda Kirby, CFA, recently joined Allegheny Investments as a senior analyst. Because of her extensive experience in the investments business and knowledge of the Code and Standards, Allegheny's management asked her to assume supervisory responsibility. Kirby reviewed Allegheny's existing compliance system and determined that it was inadequate to allow her to clearly discharge her supervisory responsibility. According to CFA Institute Standards, Kirby should:

A)   agree to accept supervisory responsibility and to develop reasonable procedures to allow her to adequately exercise such responsibility.

B)   agree to accept supervisory responsibility provided that Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

C)   decline in writing to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

D)   decline orally to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

答案和详解如下：

1、According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   A graduate degree.

B)   Five years of work experience.

C)   An in-depth knowledge of the Code and Standards.

D)   All of these.

The correct answer was C)    

The only requirement for a supervisor is an in-depth knowledge of the Code and Standards. None of the other choices are required.

2、A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

B)   only send out a petition to fellow workers asking for a change in the procedures.

C)   only inform the SEC about the problem.

D)   both submit a petition to fellow workers and inform the SEC.

The correct answer was A)

If Crane believes the current procedures are not adequate, Crane must refuse the supervisory responsibilities in writing until an adequate system is adopted. There is nothing in the Standards about circulating a petition.

3、Which of the following statements about Standard IV(C), Responsibilities of Supervisors, is FALSE? CFA Institute members with supervisory authority:

A)   are expected to bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action.

B)   may delegate supervisory duties, which relieves them of their supervisory authority.

C)   are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.

D)   must make reasonable efforts to detect violations of laws, rules, regulations, and the Code and Standards.

The correct answer was B)    

Standard IV(C) permits members to delegate supervisory duties but such delegation does not relieve members of their supervisory responsibility.

4、The following scenarios describe two members of CFA Institute who have supervisory responsibility.

§ The president of Hawthorne Investments, a newly founded money management firm with five investment professionals, asked Rebecca Long, CFA, to be the company's compliance officer and to develop the company's compliance procedures. Long has an in-depth knowledge of the Code and Standards, but she was too busy to develop a compliance manual herself. Therefore, she copied, with written permission, the compliance manual of a large money management firm. This manual was comprehensive and covered many areas not part of Hawthorne's operations. Long gave the manual to Hawthorne's president, but did not distribute the contents of the program to other appropriate personnel.

§ A co-worker at Barksdale Capital mentions to Stephen Luck, CFA, that George Trout, a candidate in the CFA Program, may have violated the CFA Institute standard involving priority of transactions. As Trout's supervisor, Luck decided to investigate this allegation but did not begin the investigation until a month after the alleged incident. Luck continued to maintain the same amount of supervision on Trout during the month before he began his investigation of Trout.

According to the CFA Institute Standards of Professional Conduct, which of the following statements about whether Long and Luck followed appropriate compliance procedures involving their responsibilities as supervisors is TRUE?

A)   Neither Luck nor Long violated the procedures for compliance.

B)   Long violated the procedures for compliance, but Luck did not.

C)   Both Luck and Long violated the procedures for compliance.

D)   Luck violated the procedures for compliance, but Long did not.

The correct answer was C)

Long violated the procedures for compliance involving her supervisory responsibility by not tailoring the compliance manual to Hawthorne's operations and by not distributing the contents of the program to appropriate personnel. Luck also violated the procedures for compliance by not responding promptly to the allegation that Trout violated the CFA Institute standard involving priority of transactions and by not increasing supervision on Trout pending the outcome of the investigation.

5、Wanda Kirby, CFA, recently joined Allegheny Investments as a senior analyst. Because of her extensive experience in the investments business and knowledge of the Code and Standards, Allegheny's management asked her to assume supervisory responsibility. Kirby reviewed Allegheny's existing compliance system and determined that it was inadequate to allow her to clearly discharge her supervisory responsibility. According to CFA Institute Standards, Kirby should:

A)   agree to accept supervisory responsibility and to develop reasonable procedures to allow her to adequately exercise such responsibility.

B)   agree to accept supervisory responsibility provided that Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

C)   decline in writing to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

D)   decline orally to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.

The correct answer was C)

If Kirby clearly cannot discharge supervisory responsibilities because of an inadequate compliance system, she should decline in writing to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.