Q1.Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt.

Doggett will:

A)   violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.

B)   not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.

C)   not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.

Q2.A CFA charterholder may disclose confidential information about a client when:

A)   it is a necessary step in proceeding with research on client preferences.

B)   the information is nonmaterial.

C)   the CFA Institute Professional Conduct Program requests it.

Q3.Standard III(E), Preservation of Confidentiality, applies to the information that an analyst learns from:

A)   current clients, former clients, and prospects.

B)   current clients and prospects only.

C)   current clients and former clients only.

答案和详解如下：

Q1.Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt.

Doggett will:

A)   violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.

B)   not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.

C)   not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.

Correct answer is B)

Standard III(E) requires members to preserve client confidentiality. An exception to this standard is a PCP investigation. Because PCP will also keep the clients’ information confidential, members are expected to fully cooperate with PCP investigations.

Q2.A CFA charterholder may disclose confidential information about a client when:

A)   it is a necessary step in proceeding with research on client preferences.

B)   the information is nonmaterial.

C)   the CFA Institute Professional Conduct Program requests it.

Correct answer is C)         

According to Standard III(E), Preservation of Confidentiality, a CFA charter holder cannot discuss client information received in the process of performing services for them except when related to an illegal action or when requested by the CFA Institute Professional Conduct Program.

Q3.Standard III(E), Preservation of Confidentiality, applies to the information that an analyst learns from:

A)   current clients, former clients, and prospects.

B)   current clients and prospects only.

C)   current clients and former clients only.

Correct answer is A)

According to Standard III(E), Preservation of Confidentiality, an analyst must preserve the confidentiality of information communicated by clients, former clients, and prospects.

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Hopefully, It gonna be sth similiar as these at the 5th one...

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