Q11. A member or candidate who suspects that a colleague is violating the law should most appropriately:

A)  consult with the company counsel to determine if in fact a law is being violated.

B)  report the illegal activity to CFA Institute Professional Standards Review Board for action.

C)  report all illegal activities to the appropriate regulatory agency.

Q12. An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is TRUE? The analyst is:

A)  governed by the laws and standards of the country in which he is living and working.

B)  covered by the strictest of the following laws and rules: his own country's, the foreign country's or CFA Institute's Code and Standards.

C)  governed by CFA Institute's Code and Standards.

Q13.Georgia Jones, CFA, is an analyst for Johnson, Thomas & Co. She also serves as an outside director for Dewey Manufacturing, Inc. In the course of her duties, she begins to believe that Dewey’s income statement for the most recent period may have been misstated. Georgia should do all of the following EXCEPT:

A)  inform the Securities and Exchange Commission.

B)  consult with Johnson, Thomas' legal counsel.

C)  consult with Dewey Manufacturing's legal counsel.

Q14.Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:

A)  use material inside information because Xania legally permits this practice.

B)  use material inside information, but only after notifying CFA Institute.

C)  not use material inside information.

Q15.Benito Salvatore, CFA, is licensed in the established country of Oldworld but has clients and makes investments in the emerging county of Newworld. The regulations of Oldworld prohibit licensed investment professionals from taking gifts or gratuities in any amount from vendors or persons connected with potential investments. The laws of Newworld are silent on this issue. Unsolicited, Salvatore is offered a vase worth US $75 by a Newworld trust company and a bronze statue worth US $200 by a Newworld company that Salvatore is considering as a potential investment.

Salvatore is:

A)  not permitted to accept either gift.

B)  permitted to accept both gifts.

C)  permitted to accept the vase but not the statue.

答案和详解如下：

Q11. A member or candidate who suspects that a colleague is violating the law should most appropriately:

A)  consult with the company counsel to determine if in fact a law is being violated.

B)  report the illegal activity to CFA Institute Professional Standards Review Board for action.

C)  report all illegal activities to the appropriate regulatory agency.

 Correct answer is A)

According to Standard I(A), Knowledge of the Law, members and candidates shall not knowingly participate or assist in any violation of laws, rules, regulations, or the Code and Standards.

When members suspect a client or a colleague of planning or engaging in ongoing illegal activities, members should take the following actions: 

§   Consult counsel to determine if the conduct is, in fact, illegal. 

§   Disassociate from any illegal or unethical activity. When members have reasonable grounds to believe that a client’s or employee’s activities are illegal or unethical, the members should disassociate from these activities and urge their firm to attempt to persuade the perpetrator to cease such activity. 

Note: 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.

Q12. An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is TRUE? The analyst is:

A)  governed by the laws and standards of the country in which he is living and working.

B)  covered by the strictest of the following laws and rules: his own country's, the foreign country's or CFA Institute's Code and Standards.

C)  governed by CFA Institute's Code and Standards.

 Correct answer is B)

The analyst is covered by the strictest of the following laws and rules: his own country’s, the foreign country’s or CFA Institute’s Code and Standards.

Q13.Georgia Jones, CFA, is an analyst for Johnson, Thomas & Co. She also serves as an outside director for Dewey Manufacturing, Inc. In the course of her duties, she begins to believe that Dewey’s income statement for the most recent period may have been misstated. Georgia should do all of the following EXCEPT:

A)  inform the Securities and Exchange Commission.

B)  consult with Johnson, Thomas' legal counsel.

C)  consult with Dewey Manufacturing's legal counsel.

 Correct answer is A)

Jones must pursue her concerns about a possible misstatement, because, if material, it may be misleading to investors. Consistent with Standard I(A), Jones must not knowingly participate or assist in a regulatory violation. As long as her concerns exist, she must not validate any financial statements by voting to approve them. In addition she should seek competent legal counsel both at her own firm and at Dewey Manufacturing. She should not go to regulatory bodies until she has more certainty about the possible misstatement and has received counsel that she should proceed.

Q14.Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:

A)  use material inside information because Xania legally permits this practice.

B)  use material inside information, but only after notifying CFA Institute.

C)  not use material inside information.

 Correct answer is C)

Because applicable law involving material inside information is less strict than the Code and Standards, Platt must adhere to the Code and Standards. Standard II(A) prohibits against use of material nonpublic information.

Q15.Benito Salvatore, CFA, is licensed in the established country of Oldworld but has clients and makes investments in the emerging county of Newworld. The regulations of Oldworld prohibit licensed investment professionals from taking gifts or gratuities in any amount from vendors or persons connected with potential investments. The laws of Newworld are silent on this issue. Unsolicited, Salvatore is offered a vase worth US $75 by a Newworld trust company and a bronze statue worth US $200 by a Newworld company that Salvatore is considering as a potential investment.

Salvatore is:

A)  not permitted to accept either gift.

B)  permitted to accept both gifts.

C)  permitted to accept the vase but not the statue.

Correct answer is

Under Standard I(A), Salvatore must, as a CFA charterholder, apply the CFA Institute Code and Standards or the controlling law, whichever is stricter. In this instance the stricter laws of Oldworld, where Salvatore is licensed, apply to prohibit the gifts, even though the gifts are offered in Newworld.

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Thanks a lot