Question 6

Which of the following statements least accurately describes a key characteristic of the Global Investment Performance Standards (GIPS)?

A)    The distinct business entity that is claiming compliance with GIPS must be defined.

B)   A firm may not claim compliance with GIPS until it has recorded at least five years of GIPS-compliant performance data.

C)   All fee-paying, discretionary portfolios must be included in at least one composite.

D)   If local law conflicts with GIPS, the firm must comply with the local law and disclose the nature of the conflict.

Question 7

Which of the following actions is least likely a violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program?

A)    A candidate discusses specific questions from the June Level 1 CFA exam with a candidate for the December exam.

B)   A candidate continues to write answers on a CFA exam after the proctor has instructed candidates to stop.

C)   A member anonymously posts a disparaging comment about CFA Institute policies on an internet message board.

D)   A member fails to disclose a formal complaint from a client on her annual Professional Conduct Statement.

Question 8

Laura Field, CFA, is a portfolio manager for Valley Investments. Valley owns a significant position in Datatronics, a local company. Most portfolios managed by Valley on behalf of its clients also include Datatronics stock. Field meets with a prospect and discusses potential equities the firm might place in her portfolio, including Datatronics. Field does not mention Valley’s position in Datatronics. Field has:

A)    violated the Code and Standards by not disclosing the firm's position in Datatronics.

B)   violated the Code and Standards only if Datatronics stock is placed in the prospect's portfolio.

C)   violated the Code and Standards by placing a stock into client portfolios in which her firm has a significant ownership position.

D)   not violated the Code and Standards.

Question 10

Which of the following would least likely violate CFA Institute’s standards regarding personal integrity and behavior?

A)    Lying on expense accounts at work.

B)   Claiming to hold a university degree before completing its requirements.

C)   Altering receipts to overstate expenses for tax purposes.

D)   Creating off-balance-sheet security transactions.

Question 9

The Investment Banking Department of MLB&J often receives material nonpublic information that could have considerable value to MLB&J's brokerage clients. To comply with the Code and Standards, MLB&J should most appropriately:

A)    ensure that material nonpublic information is not disseminated beyond the firm's investment banking, brokerage, and research departments.

B)   contact the firms involved and request that they make this information available to the public before MLB&J allows its clients to trade in these securities.

C)   prohibit MLB&J analysts from making buy or sell recommendations on this information until ten business days after the receipt of this information.

D)   restrict proprietary trading in the securities of companies about which the Investment Banking Department has access to material nonpublic information.

[此贴子已经被作者于2008-11-8 14:30:29编辑过]

Question 6

Which of the following statements least accurately describes a key characteristic of the Global Investment Performance Standards (GIPS)?

A)    The distinct business entity that is claiming compliance with GIPS must be defined.

B)   A firm may not claim compliance with GIPS until it has recorded at least five years of GIPS-compliant performance data.

C)   All fee-paying, discretionary portfolios must be included in at least one composite.

D)   If local law conflicts with GIPS, the firm must comply with the local law and disclose the nature of the conflict.

The correct answer was B) A firm may not claim compliance with GIPS until it has recorded at least five years of GIPS-compliant performance data

If a firm has been in existence less than five years, it can claim GIPS compliance if it presents GIPS-compliant performance data since the firm's inception. The other statements are accurate.

This question tested from Session 1, Reading 4, LOS a, (Part 1)

Question 7

Which of the following actions is least likely a violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program?

A)    A candidate discusses specific questions from the June Level 1 CFA exam with a candidate for the December exam.

B)   A candidate continues to write answers on a CFA exam after the proctor has instructed candidates to stop.

C)   A member anonymously posts a disparaging comment about CFA Institute policies on an internet message board.

D)   A member fails to disclose a formal complaint from a client on her annual Professional Conduct Statement.

The correct answer was C) A member anonymously posts a disparaging comment about CFA Institute policies on an internet message board.

Standard VII(A) does not prohibit members and candidates from expressing negative opinions about CFA Institute or the CFA program. Disclosing confidential information such as specific exam questions, not following the rules and policies of the CFA program, and misrepresenting information on the annual PCS are violations of Standard VII(A).

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

Question 8

Laura Field, CFA, is a portfolio manager for Valley Investments. Valley owns a significant position in Datatronics, a local company. Most portfolios managed by Valley on behalf of its clients also include Datatronics stock. Field meets with a prospect and discusses potential equities the firm might place in her portfolio, including Datatronics. Field does not mention Valley’s position in Datatronics. Field has:

A)    violated the Code and Standards by not disclosing the firm's position in Datatronics.

B)   violated the Code and Standards only if Datatronics stock is placed in the prospect's portfolio.

C)   violated the Code and Standards by placing a stock into client portfolios in which her firm has a significant ownership position.

D)   not violated the Code and Standards.

The correct answer was A) violated the Code and Standards by not disclosing the firm's position in Datatronics.

Standard VI(A) - Disclosure of Conflicts provides that members must disclose to clients and prospects all matters that reasonably could be expected to impair the member’s ability to make unbiased and objective recommendations. The firm's significant ownership of Datatronics stock could reasonably influence Field’s decisions. Placing the stock into client portfolios is not in itself a violation.

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

Question 9

The Investment Banking Department of MLB&J often receives material nonpublic information that could have considerable value to MLB&J's brokerage clients. To comply with the Code and Standards, MLB&J should most appropriately:

A)    ensure that material nonpublic information is not disseminated beyond the firm's investment banking, brokerage, and research departments.

B)   contact the firms involved and request that they make this information available to the public before MLB&J allows its clients to trade in these securities.

C)   prohibit MLB&J analysts from making buy or sell recommendations on this information until ten business days after the receipt of this information.

D)   restrict proprietary trading in the securities of companies about which the Investment Banking Department has access to material nonpublic information.

The correct answer was D) restrict proprietary trading in the securities of companies about which the Investment Banking Department has access to material nonpublic information.

One of the recommended compliance procedures for Standard II(A) Material Nonpublic Information is to restrict proprietary trading when in possession of material nonpublic information. The firm must maintain substantial control over the flow of information between the departments, such as by routing relevant communications through its compliance department. There should be an information "firewall" to prevent material nonpublic information received by the investment banking department from being shared with the brokerage and research departments.

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

Question 10

Which of the following would least likely violate CFA Institute’s standards regarding personal integrity and behavior?

A)    Lying on expense accounts at work.

B)   Claiming to hold a university degree before completing its requirements.

C)   Altering receipts to overstate expenses for tax purposes.

D)   Creating off-balance-sheet security transactions.

The correct answer was D) Creating off-balance-sheet security transactions.

Off-balance-sheet security transactions can be created for legitimate business purposes. The other activities listed involve dishonesty and thus violate Standard I(D) Misconduct.

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

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