Q6. With respect to Fosler’s report on Spanish Garden, the CDC order, and the subsequent actions taken by Fosler and Thornton:

A)   Thornton is in violation of the Code and Standards, but Fosler is not.

B)   neither Fosler nor Thornton are in violation of the Code and Standards.

C)   both Fosler and Thornton are in violation of the Code and Standards.

Q7. Mary Hiller, CFA, is a senior analyst at a mutual fund. She is also a member of the Board of the Directors of her daughter’s Skating Club. She is often asked for advice about the management of the club budget and about possible short-term investments, but she is not paid for this advice. She does not undertake any research to answer these questions, providing information based only on the general practices of the mutual fund at that moment. The only benefit she receives is a free monthly membership for her daughter that would usually cost $182. What should she do before making any recommendations, in order to comply with the CFA Institute requirements?

A)    Obtain prior permission from her employer.

B)    Inform her current clients about her outside consulting.

C)    Consult only on her free time and do not accept any benefit greater than $100.

Q8. Using as his universe all companies in the steel industry, Reynold Anderson analyses the performance of stock prices for the industry. He succeeds in developing a regression model with excellent statistical control measures. The extrapolation from the model shows low risk variance of the securities in this industry. Without the inclusion of non-steel stocks in the portfolio, Anderson concludes that, based on these results, every portfolio can use the steel industry securities to diversify and lower its risk. He persuades his clients to change their current portfolios. Anderson states that, as the model’s results show, some particular industries, such as car manufacturers, have underpriced stocks, and investors should take advantage of it. Anderson has violated the Standards because he:

A)    does not distinguish the opinion, based on his model, from the fact.

B)    does not consider the suitability of the investment.

C)    is not clear enough about the model results.

Q9. In order to comply with the CFA Institute Standards, an analyst should:

A)   use outside research only after verifying its accuracy.

B)   use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.

C)   use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.

答案和详解如下：

Q6. With respect to Fosler’s report on Spanish Garden, the CDC order, and the subsequent actions taken by Fosler and Thornton:

A)   Thornton is in violation of the Code and Standards, but Fosler is not.

B)   neither Fosler nor Thornton are in violation of the Code and Standards.

C)   both Fosler and Thornton are in violation of the Code and Standards.

Correct answer is A)

Fosler composed the report using appropriate information and judgment. She told her supervisor about the CDC order. When Thornton disseminated the report without the new information, he was in violation of Standard V(B), Communication with Clients and Prospective Clients because he did not use reasonable judgment regarding the inclusion or exclusion of relevant factors in the research report. Fosler acted correctly by seeking BC’s legal counsel after the dissemination.

Q7. Mary Hiller, CFA, is a senior analyst at a mutual fund. She is also a member of the Board of the Directors of her daughter’s Skating Club. She is often asked for advice about the management of the club budget and about possible short-term investments, but she is not paid for this advice. She does not undertake any research to answer these questions, providing information based only on the general practices of the mutual fund at that moment. The only benefit she receives is a free monthly membership for her daughter that would usually cost $182. What should she do before making any recommendations, in order to comply with the CFA Institute requirements?

A)    Obtain prior permission from her employer.

B)    Inform her current clients about her outside consulting.

C)    Consult only on her free time and do not accept any benefit greater than $100.

Correct answer is A)

According to Standard IV(A) Loyalty to Employer, it is the employee’s duty to inform the employer about any type of outside consulting service, including duration and any compensation. Only after receiving permission from her employer, can she proceed.

Q8. Using as his universe all companies in the steel industry, Reynold Anderson analyses the performance of stock prices for the industry. He succeeds in developing a regression model with excellent statistical control measures. The extrapolation from the model shows low risk variance of the securities in this industry. Without the inclusion of non-steel stocks in the portfolio, Anderson concludes that, based on these results, every portfolio can use the steel industry securities to diversify and lower its risk. He persuades his clients to change their current portfolios. Anderson states that, as the model’s results show, some particular industries, such as car manufacturers, have underpriced stocks, and investors should take advantage of it. Anderson has violated the Standards because he:

A)    does not distinguish the opinion, based on his model, from the fact.

B)    does not consider the suitability of the investment.

C)    is not clear enough about the model results.

Correct answer is A)

While any of the answers can be shown to violate CFA Institute Standards, this cannot be determined conclusively from the information given. However, the scenario clearly indicates that Anderson does not distinguish between opinion and fact in communicating to his clients. Therefore, he violates the Standards on this basis.

Q9. In order to comply with the CFA Institute Standards, an analyst should:

A)   use outside research only after verifying its accuracy.

B)   use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.

C)   use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.

Correct answer is A)

ok