Q11. A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   only send out a petition to fellow workers asking for a change in the procedures.

B)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

C)   both submit a petition to fellow workers and inform the SEC.

Q12. For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard IV(C), Responsibilities of Supervisors, Berger:

A)   must both develop written procedures concerning Chennings and routinely evaluate his performance.

B)   must develop a set of written procedures to prevent violations derived from his mentoring Chennings.

C)   assumes no extra responsibility with the hiring of Chennings.

Q13. Martin Tripp, CFA, is vice-president of the equity department at Walker Financial, a large money management firm. Of the twenty analysts in his department for whom he has supervisory responsibility, eight are subject to CFA Institute Standards of Professional Conduct. Tripp believes that he cannot personally evaluate the conduct of the twenty analysts on a continuing basis. Therefore, he plans to delegate some of his supervisory duties to Sarah Green, who is subject to the Standards, and some to Bob Brown, who is not subject to the Standards. According to CFA Institute Standards of Professional Conduct, which of the following statements about Tripp's ability to delegate supervisory duties is most correct?

A)   Tripp cannot delegate any of his supervisory duties to either Green or Brown.

B)   Tripp can delegate some or all of his supervisory duties only to Green because she is subject to the Standards.

C)   Tripp can delegate some or all of his supervisory duties to Brown, even though Brown is not subject to the Standards.

Q14. Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:

A)   issue periodic reminders of the procedures to all analysts under his supervision.

B)   incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.

C)   disseminate the contents of the compliance program to the eight analysts.

Q15. Dixie Miller, CAIA, and Level II CFA candidate, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subjected to the CFA Institute Code of Ethics and Standards of Professional Conduct. If Miller delegates some of her supervisory duties, which statement best describes her responsibilities under the CFA Institute Code and Standards?

A)   CFA Institute Standards prevent Miller from delegating supervisory duties to subordinates.

B)   Miller's supervisory responsibilities do not apply to those subordinates who are not subjected to the CFA Institute Code and Standards.

C)   Miller retains supervisory responsibilities for those duties delegated to her subordinates.

答案和详解如下：

Q11. A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   only send out a petition to fellow workers asking for a change in the procedures.

B)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

C)   both submit a petition to fellow workers and inform the SEC.

Correct answer is B)

If Crane believes the current procedures are not adequate, Crane must refuse the supervisory responsibilities in writing until an adequate system is adopted. There is nothing in the Standards about circulating a petition.

Q12. For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard IV(C), Responsibilities of Supervisors, Berger:

A)   must both develop written procedures concerning Chennings and routinely evaluate his performance.

B)   must develop a set of written procedures to prevent violations derived from his mentoring Chennings.

C)   assumes no extra responsibility with the hiring of Chennings.

Correct answer is C)

As a CEO, Berger is responsible for reasonable procedures being in place for the entire firm. Since Berger is not the supervisor of Chennings, however, Berger assumes no extra responsibility upon his hiring.

Q13. Martin Tripp, CFA, is vice-president of the equity department at Walker Financial, a large money management firm. Of the twenty analysts in his department for whom he has supervisory responsibility, eight are subject to CFA Institute Standards of Professional Conduct. Tripp believes that he cannot personally evaluate the conduct of the twenty analysts on a continuing basis. Therefore, he plans to delegate some of his supervisory duties to Sarah Green, who is subject to the Standards, and some to Bob Brown, who is not subject to the Standards. According to CFA Institute Standards of Professional Conduct, which of the following statements about Tripp's ability to delegate supervisory duties is most correct?

A)   Tripp cannot delegate any of his supervisory duties to either Green or Brown.

B)   Tripp can delegate some or all of his supervisory duties only to Green because she is subject to the Standards.

C)   Tripp can delegate some or all of his supervisory duties to Brown, even though Brown is not subject to the Standards.

Correct answer is C)

Standard IV(C), Responsibilities of Supervisors, permits Tripp to delegate supervisory duties to Green, Brown, or both, but such delegation does not relieve Tripp of his supervisory responsibility.

Q14. Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:

A)   issue periodic reminders of the procedures to all analysts under his supervision.

B)   incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.

C)   disseminate the contents of the compliance program to the eight analysts.

Correct answer is B)

Green should incorporate a professional conduct evaluation as part of his review of all eight analysts under his supervision, not just the three CFA charterholders.

Q15. Dixie Miller, CAIA, and Level II CFA candidate, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subjected to the CFA Institute Code of Ethics and Standards of Professional Conduct. If Miller delegates some of her supervisory duties, which statement best describes her responsibilities under the CFA Institute Code and Standards?

A)   CFA Institute Standards prevent Miller from delegating supervisory duties to subordinates.

B)   Miller's supervisory responsibilities do not apply to those subordinates who are not subjected to the CFA Institute Code and Standards.

C)   Miller retains supervisory responsibilities for those duties delegated to her subordinates.

Correct answer is C)

Even though members may delegate supervisory duties, such delegation does not relieve members of the supervisory responsibility.

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