Q1. CFA Institute members are required to do all of the following, EXCEPT:

A)   inform their employer, clients, and potential clients of benefits received for recommending products or services.

B)   receive permission from both their employer and outside clients to engage in investment consulting outside the firm.

C)   disclose, in writing, all observed violations of security laws and regulations to the proper regulatory authorities.

Q2. Jim Bennett, CFA, leases office space to his best friend, Steve Waters. Bennett is an independent investment advisor specializing in high net worth clients and Waters is a licensed life insurance underwriter. In lieu of paying rent, Waters refers his insurance clients to Bennett, but only with the clients’ permission. For clients referred by Waters, Bennett:

A)   must disclose the terms of the lease arrangement.

B)   need not disclose the terms of the lease arrangement because Waters obtained the clients’ permission for the referral.

C)   need not disclose the referral fee if Waters discloses the lease arrangement to the clients first.

Q3. Kevin Lowell, CFA, manages a pension plan for a national grocery retailer. All of the following are required as a part of Lowell’s fiduciary duties, EXCEPT:

A)   act in a prudent and judicious manner.

B)   support the sponsor's management during proxy fights.

C)   place the client’s interest before the employer’s interest.

Q4. All of the following are violations of conduct as members and candidates in the CFA Program, EXCEPT:

A)   providing confidential program information to the public.

B)   expressing opinions in disagreement with CFA Institute advocacy positions.

C)   disregarding the rules related to the administration of the CFA examination.

答案和详解如下：

Q1. CFA Institute members are required to do all of the following, EXCEPT:

A)   inform their employer, clients, and potential clients of benefits received for recommending products or services.

B)   receive permission from both their employer and outside clients to engage in investment consulting outside the firm.

C)   disclose, in writing, all observed violations of security laws and regulations to the proper regulatory authorities.

Correct answer is C)         

Members are not required to report violations of others to regulatory authorities, either verbally or in writing, but such reporting may be prudent.

Q2. Jim Bennett, CFA, leases office space to his best friend, Steve Waters. Bennett is an independent investment advisor specializing in high net worth clients and Waters is a licensed life insurance underwriter. In lieu of paying rent, Waters refers his insurance clients to Bennett, but only with the clients’ permission. For clients referred by Waters, Bennett:

A)   must disclose the terms of the lease arrangement.

B)   need not disclose the terms of the lease arrangement because Waters obtained the clients’ permission for the referral.

C)   need not disclose the referral fee if Waters discloses the lease arrangement to the clients first.

Correct answer is A)

Standard VI(C), Referral Fees, requires members to disclose to clients and prospects any consideration or benefit received by the member or delivered to others for the recommendation of any services to the client or prospect. Bennett has delivered a benefit (free rent) to Waters, which must be disclosed to the clients referred by Waters. Bennett must not rely on Waters to make the disclosure.

Q3. Kevin Lowell, CFA, manages a pension plan for a national grocery retailer. All of the following are required as a part of Lowell’s fiduciary duties, EXCEPT:

A)   act in a prudent and judicious manner.

B)   support the sponsor's management during proxy fights.

C)   place the client’s interest before the employer’s interest.

Correct answer is B)

Members are required to act in the interest of their clients. In voting proxies, the client’s interest must prevail over management’s interest.

Q4. All of the following are violations of conduct as members and candidates in the CFA Program, EXCEPT:

A)   providing confidential program information to the public.

B)   expressing opinions in disagreement with CFA Institute advocacy positions.

C)   disregarding the rules related to the administration of the CFA examination.

Correct answer is B)

Members and Candidates are allowed to express their opinions about the CFA Institute and CFA Program without violation of any Standards. All of the other choices are in direct violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program.