Q25. All of the following would be effective components of a formal compliance system EXCEPT:

A)   allocation of trades should first be to certain large client accounts with similar investment objectives and constraints and then to other suitable client accounts.

B)   seminars and conferences may be paid for using soft dollars only if the activity qualifies as research.

C)   the firm should disclose any soft-dollar arrangements to clients.

Q26. Kimberly Olson has recently become a CFA charterholder, and has just started a new job at Securities Online as a junior analyst. After preparing her first research report, Olson decides to consult with one of the senior analysts who make minor corrections to improve the content of the report. Olson makes changes to the report according to the senior analyst. Upon presentation of the report, Olson finds that statements made by the senior analyst contained incorrect information. Which of the following statements is TRUE?

A)      Olson did not need to check the additional comments.

B)      If Olson attributes those comments to the senior analyst, she cannot be held responsible for incorrect information.

C)      Olson should have checked the accuracy of the comments.

Q27. Marc Feldman, CFA, is manager of corporate investor relations for a high-tech startup, zippy.com, in Boise, Idaho. Feldman learns that Larry Smith, controller, is altering the accounting records. Knowing the data is incorrect, Feldman releases Smith's financial data to investors. This action:

A)   constitutes a violation of the Standard concerning duty to employer.

B)   constitutes a violation of his fundamental responsibilities under the Code and Standards.

C)   constitutes a violation of Standard III(D) concerning performance presentation.

答案和详解如下：

Q25. All of the following would be effective components of a formal compliance system EXCEPT:

A)   allocation of trades should first be to certain large client accounts with similar investment objectives and constraints and then to other suitable client accounts.

B)   seminars and conferences may be paid for using soft dollars only if the activity qualifies as research.

C)   the firm should disclose any soft-dollar arrangements to clients.

Correct answer is  A)

Standard III(B) – Fair Dealing requires that members treat all clients and prospects fairly when taking investment action. Giving priority to certain large accounts violates Standard III(B). An appropriate statement complying with the standard would be: “Allocation of trades shall be on a fair and equitable basis for all portfolios with similar investment objectives and constraints.”

Q26. Kimberly Olson has recently become a CFA charterholder, and has just started a new job at Securities Online as a junior analyst. After preparing her first research report, Olson decides to consult with one of the senior analysts who make minor corrections to improve the content of the report. Olson makes changes to the report according to the senior analyst. Upon presentation of the report, Olson finds that statements made by the senior analyst contained incorrect information. Which of the following statements is TRUE?

A)      Olson did not need to check the additional comments.

B)      If Olson attributes those comments to the senior analyst, she cannot be held responsible for incorrect information.

C)      Olson should have checked the accuracy of the comments.

Correct answer is A)

It is the responsibility of the analyst to confirm that information provided is accurate. The fact that the person editing the report is a senior analyst is irrelevant.

Q27. Marc Feldman, CFA, is manager of corporate investor relations for a high-tech startup, zippy.com, in Boise, Idaho. Feldman learns that Larry Smith, controller, is altering the accounting records. Knowing the data is incorrect, Feldman releases Smith's financial data to investors. This action:

A)   constitutes a violation of the Standard concerning duty to employer.

B)   constitutes a violation of his fundamental responsibilities under the Code and Standards.

C)   constitutes a violation of Standard III(D) concerning performance presentation.

Correct answer is B)

As a CFA Institute member, Feldman is bound, under Standard I(A), not to "knowingly participate or assist in any violation of such laws, rules, or regulations." Since it should be clear that releasing bogus financial information is in contravention of laws, rules, and regulations, and since he knows that the data is purposely distorted, he must not release the data to the public. Doing so places him in violation of the Code and Standards.