Q1. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River City presents Calaveccio with a bottle of inexpensive wine at Christmas each year. Calaveccio does not disclose this fact in the prospectus of the small cap venture fund. This action is:

A)   in violation of the Standard concerning disclosure of additional compensation arrangements.

B)   in violation of the Standard concerning disclosure of conflicts to clients and prospects.

C)   not in violation of the Code and Standards.

Q2. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he:

A)   may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.

B)   may attend, but he must disclose the arrangement to his employer as a gift.

C)   should not attend unless he pays for the trip himself.

Q3. An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):

A)   refuse the invitation if the associate is from a firm he analyzes for his employer.

B)   obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.

C)   do both of the actions listed here.

Q4. All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)   token gifts received from clients.

B)   air transportation paid by a corporate issuer for travel to a major metropolitan airport.

C)   use of an issuer’s corporate aircraft when commercial transportation is not available.

Q5. An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)   in violation of Standard I(B), Independence and Objectivity.

B)   congruent with Standard V(A), Diligence and Reasonable Basis.

C)   in violation of Standard V(A), Diligence and Reasonable Basis.

Q1-4答案和详解如下：

Q1. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River
    City presents Calaveccio with a bottle of inexpensive wine at Christmas each year. Calaveccio does not disclose this fact in the prospectus of the small cap venture fund. This action is:

A)   in violation of the Standard concerning disclosure of additional compensation arrangements.

B)   in violation of the Standard concerning disclosure of conflicts to clients and prospects.

C)   not in violation of the Code and Standards.

Correct answer is C)

Under Standard I(B) Independence and Objectivity, members are advised to "use reasonable care" in order to maintain independence. While it is clearly understood that gifts from various entities have the potential to affect a member's independence and objectivity, a member can accept token gifts as long as they are not intended to influence or reward.

Q2. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he:

A)   may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.

B)   may attend, but he must disclose the arrangement to his employer as a gift.

C)   should not attend unless he pays for the trip himself.

Correct answer is C)

Under Standard I(B) gifts, benefits, compensation, or consideration cannot be accepted if the purpose was to influence or reward. Token items are OK. Worldwide Brokerage is not a client of Calaveccio but an entity that he does business with. As such Worldwide could influence Calaveccio to always do business with them which could be to the detriment of his fund if the execution of their trades starts to deteriorate compared to their competitors.

Q3. An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):

A)   refuse the invitation if the associate is from a firm he analyzes for his employer.

B)   obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.

C)   do both of the actions listed here.

Correct answer is C)

According to Standard I(B), the analyst should refuse the invitation if it is from a firm the analyst covers for his employer. The analyst can accept the invitation if it is from a client but the analyst must get written consent from his employer if the offer is contingent on future performance.

Q4. All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)   token gifts received from clients.

B)   air transportation paid by a corporate issuer for travel to a major metropolitan airport.

C)   use of an issuer’s corporate aircraft when commercial transportation is not available.

Correct answer is B)

In order to maintain independence and objectivity, members and candidates should restrict special reimbursement arrangements concerning commercial transportation and hotel charges. Use of corporate aircraft is permitted when commercial transportation is not available.

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Q5答案和详解如下：

Q5. An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)   in violation of Standard I(B), Independence and Objectivity.

B)   congruent with Standard V(A), Diligence and Reasonable Basis.

C)   in violation of Standard V(A), Diligence and Reasonable Basis.

Correct answer is A)

The policy dictated by the supervisor would infringe upon the analyst’s independence and objectivity . It would probably discourage the analyst from making sell recommendations and, furthermore, present the opportunity for the supervisor to try and change the analyst’s mind.