Q6. According to CFA Institute Standards of Professional Conduct, which of the following is least likely a compliance procedure for maintaining independence and objectivity in making investment recommendations or taking investment action?

A)   Maintain files to support investment recommendations.

B)   Create a restricted list so that the firm disseminates only factual information about a controversial company.

C)   Restrict special cost arrangements related to travel.

Q7. An analyst has been writing research reports on a company for many years. As part of the analyst’s continuing research efforts, the analyst allows the firm to fly him to the firm’s headquarters and put him up in the guest quarters the company has for all corporate visitors. According to Standard I(B), Independence and Objectivity, this is:

A)   a violation no matter what the circumstances.

B)   not a violation under any circumstances.

C)   a violation if the headquarters are within reasonable driving distance from the analyst's home.

Q8. Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:

A)   a violation of the Standard concerning prohibition against misrepresentation.

B)   a violation of fiduciary duties owed to clients under the Standards.

C)   not in violation of the Code and Standards.

答案和详解如下：

Q6. According to CFA Institute Standards of Professional Conduct, which of the following is least likely a compliance procedure for maintaining independence and objectivity in making investment recommendations or taking investment action?

A)   Maintain files to support investment recommendations.

B)   Create a restricted list so that the firm disseminates only factual information about a controversial company.

C)   Restrict special cost arrangements related to travel.

Correct answer is A)

Maintaining files to support investment recommendations is not a compliance procedure for Standard I(B): Independence and Objectivity, but it is a compliance procedure for Standard V(C): Record Retention.

Q7. An analyst has been writing research reports on a company for many years. As part of the analyst’s continuing research efforts, the analyst allows the firm to fly him to the firm’s headquarters and put him up in the guest quarters the company has for all corporate visitors. According to Standard I(B), Independence and Objectivity, this is:

A)   a violation no matter what the circumstances.

B)   not a violation under any circumstances.

C)   a violation if the headquarters are within reasonable driving distance from the analyst's home.

Correct answer is C)

If such a trip is “out-of-the-way,” payment by the company for the trip is acceptable. If the headquarters are within reasonable driving distance, the analyst should drive there.

Q8. Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:

A)   a violation of the Standard concerning prohibition against misrepresentation.

B)   a violation of fiduciary duties owed to clients under the Standards.

C)   not in violation of the Code and Standards.

Correct answer is A)

Under Standard I(C), members are forbidden from guaranteeing a specific rate of return on volatile investments. Therefore, the statement is in violation of the Standard.