6、According to CFA Institute Standards concerning fair dealing, Jones is required to do which of the following?
A) Disclose to all clients whether different levels of service are offered.
B) Ensure that accounts belonging to her immediate family purchase securities only after other clients have had the chance to buy.
C) Disseminate new investment recommendations to all clients at the same time.
D) Disregard sell orders for stocks that were recently upgraded to buy.
7、Which of the following statements could Brown put on his resume without violating Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program?
A) I am a Level III CFA candidate eligible to receive my charter in November 2005.
B) I expect to finalize my CFA charter late next year.
C) I am a Level III CFA and should become a chartered financial analyst next year.
D) If I pass the Level III test, I may be eligible for my CFA charter late next year.
8、In order for Clampett Securities to claim compliance with CFA Institute Soft Dollar Standards, the company must:
A) re-evaluate mixed-use research at least once a year.
B) comply with all recommended provisions of the Soft Dollar Standards.
C) not purchase the research unless every client benefits from it.
D) send all purchased research to the client whose brokerage was used to pay for it.
9、When Jones produced the research report on Sunrise Technologies before it went public, she violated:
A) Standard I(B):
B) Standard V(A): Diligence and Reasonable Basis because her research was not thorough, and Standard I(B):
C) Standard V(A): Diligence and Reasonable Basis because her research was not thorough, but not Standard III(A): Loyalty, Prudence, and Care because the CEO cannot pass his fiduciary duty on to her.
D) Standard V(B): Communication with Clients and Prospective Clients by leaving relevant facts out of the report, but not Standard III(A): Loyalty, Prudence, and Care because the CEO cannot pass his fiduciary duty on to her.
10、A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:
A) Standard III(C), Suitability.
B) none of the Standards listed here.
C) Standard V(B), Communication with Clients and Prospective Clients.
D) Standard V(A), Diligence and Reasonable Basis.
答案和详解如下：
6、According to CFA Institute Standards concerning fair dealing, Jones is required to do which of the following?
A) Disclose to all clients whether different levels of service are offered.
B) Ensure that accounts belonging to her immediate family purchase securities only after other clients have had the chance to buy.
C) Disseminate new investment recommendations to all clients at the same time.
D) Disregard sell orders for stocks that were recently upgraded to buy.
The correct answer was A)
Jones must disclose different levels of service to all clients. Jones must inform clients about new buy recommendations and advise them not to sell, but she cannot disregard the order if the client still wishes to sell. Family-owned accounts should be handled in the same way as other accounts, and cannot be made to wait until everyone else has acted. The Standard allows for the fact that it is impossible to notify everyone at the same time.
7、Which of the following statements could Brown put on his resume without violating Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program?
A) I am a Level III CFA candidate eligible to receive my charter in November 2005.
B) I expect to finalize my CFA charter late next year.
C) I am a Level III CFA and should become a chartered financial analyst next year.
D) If I pass the Level III test, I may be eligible for my CFA charter late next year.
The correct answer was D)
This statement is quite literally correct, and complies with the Standards. “Level III CFA” is not an acceptable use of the CFA mark. Candidates should not offer a prediction about the time they will earn their charter. While Brown is not likely to take the test, as long as he is registered, he may refer to himself as a candidate.
8、In order for Clampett Securities to claim compliance with CFA Institute Soft Dollar Standards, the company must:
A) re-evaluate mixed-use research at least once a year.
B) comply with all recommended provisions of the Soft Dollar Standards.
C) not purchase the research unless every client benefits from it.
D) send all purchased research to the client whose brokerage was used to pay for it.
The correct answer was A)
Mixed-use research must be evaluated at least annually. Companies that claim soft-dollar compliance must follow the mandatory provisions, but can forgo some of the recommended provisions. If research only benefits some clients, it is acceptable to use just their brokerage to pay for it. The Standards do not require sending research to clients.
9、When Jones produced the research report on Sunrise Technologies before it went public, she violated:
A) Standard I(B):
B) Standard V(A): Diligence and Reasonable Basis because her research was not thorough, and Standard I(B):
C) Standard V(A): Diligence and Reasonable Basis because her research was not thorough, but not Standard III(A): Loyalty, Prudence, and Care because the CEO cannot pass his fiduciary duty on to her.
D) Standard V(B): Communication with Clients and Prospective Clients by leaving relevant facts out of the report, but not Standard III(A): Loyalty, Prudence, and Care because the CEO cannot pass his fiduciary duty on to her.
The correct answer was B)
Jones’ research was not thorough, and her report did leave out salient facts. Thus, she violated Standards V(A) and V(B). Her objectivity was certainly in question, so she violated Standard I(B). She also has a fiduciary duty to the clients regardless of what the boss says, so she violated Standard III(A). No nonpublic information was used in this report, so Standard V(A) was not violated.
10、A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:
A) Standard III(C), Suitability.
B) none of the Standards listed here.
C) Standard V(B), Communication with Clients and Prospective Clients.
D) Standard V(A), Diligence and Reasonable Basis.
The correct answer was B)
The money manager has done his duty. He has warned the client of the risk and made no explicit promises concerning what he can and cannot do.
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