Q6.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 activity to the appropriate authorities.

C)  telling her intern to stop such conduct.

  Q7.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)  NOT required to report the violation to the appropriate governmental or regulatory organizations.

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

 Q8.If an analyst suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the analyst should take is most correct? According to the CFA Institute Standards of Professional Conduct, the analyst should:

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

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

C)  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.

Q9.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 promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities.

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

 Q10.Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)  In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

B)  A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute Code and Standards may impose a higher degree of responsibility or a higher duty on the member.

C)  A member who trades securities in a foreign securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on this information.

[此贴子已经被作者于2008-12-30 14:38:28编辑过]

答案和详解如下：

Q6.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 activity to the appropriate authorities.

C)  telling her intern to stop such conduct.

  Correct answer is B)

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.

Q7.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)  NOT required to report the violation to the appropriate governmental or regulatory organizations.

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

  Correct answer is B)     

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.

Q8.If an analyst suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the analyst should take is most correct? According to the CFA Institute Standards of Professional Conduct, the analyst should:

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

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

C)  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.

 Correct answer is C)

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

Q9.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 promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities.

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

 Correct answer is B)

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.

Q10.Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)  In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

B)  A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute Code and Standards may impose a higher degree of responsibility or a higher duty on the member.

C)  A member who trades securities in a foreign securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on this information.

 Correct answer is A)

The Code and Standards represent a minimum level of guidance for members’ actions, not a maximum level. The key to remember here is that whether the local area does or does not have standards governing member’s actions, one must follow the stricter standard environment.

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