Q1. When designing policies and procedures to implement the CFA Institute Research Objectivity Standards, all of the following are objectives, EXCEPT:

A)   fully disclose conflicts of interest, put the client’s interest before the firm’s interest, and reference CFA Institute membership in a dignified and judicious manner.

B)   put the client’s interest before the firm’s interest, minimize possible conflicts that may adversely affect the independence and objectivity of research, and support self-regulation.

C)   provide a work environment conducive to ethical behavior, fully disclose conflicts of interest, and put the client’s interest before the employees’ interest.

Q2. Bill Williams, CFA, has been tasked by his firm, Null Investments, to ensure that the firm’s policies and procedures allow its research department to maintain its independence and objectivity. One of the objectives Williams has outlined for Null’s policies and procedures is that they should promote the establishment of a non-governmental regulatory body. This body will be responsible for creating standards that assure that research firms produce independent and objective research. Is this objective for Null’s policies and procedures consistent with the objectives of the CFA Institute Research Objectivity Standards (ROS)?

A)   No, the ROS support the establishment of laws to assure independent and objective research but do not support a regulatory body.

B)   Yes.

C)   No, the ROS are intended to promote self-regulation to assure independent and objective research.

Q3. In a meeting with her firm’s research director, Janice Mitchell, a proponent of the CFA Institute Research Objectivity Standards (ROS), stated that two of the key objectives of the ROS were to:

1. Assist in meaningful, fair, specific, and complete disclosure of both possible and real conflicts of interest.

2. Create voluntary reporting of research practices that promote independent and objective research to CFA Institute on an annual basis.

Determine whether Mitchell is correct or incorrect with regard to her statements about the objectives of the ROS.

     Objective 1                               Objective 2

A)            Correct                                 Incorrect

B)            Correct                                 Correct

C)            Incorrect                              Correct

答案和详解如下：

Q1. When designing policies and procedures to implement the CFA Institute Research Objectivity Standards, all of the following are objectives, EXCEPT:

A)   fully disclose conflicts of interest, put the client’s interest before the firm’s interest, and reference CFA Institute membership in a dignified and judicious manner.

B)   put the client’s interest before the firm’s interest, minimize possible conflicts that may adversely affect the independence and objectivity of research, and support self-regulation.

C)   provide a work environment conducive to ethical behavior, fully disclose conflicts of interest, and put the client’s interest before the employees’ interest.

Correct answer is A)

While important, referencing CFA Institute membership in a dignified and judicious manner is not an objective of the Research Objectivity Standards.

Q2. Bill Williams, CFA, has been tasked by his firm, Null Investments, to ensure that the firm’s policies and procedures allow its research department to maintain its independence and objectivity. One of the objectives Williams has outlined for Null’s policies and procedures is that they should promote the establishment of a non-governmental regulatory body. This body will be responsible for creating standards that assure that research firms produce independent and objective research. Is this objective for Null’s policies and procedures consistent with the objectives of the CFA Institute Research Objectivity Standards (ROS)?

A)   No, the ROS support the establishment of laws to assure independent and objective research but do not support a regulatory body.

B)   Yes.

C)   No, the ROS are intended to promote self-regulation to assure independent and objective research.

Correct answer is C)

Among the objectives of the CFA Institute Research Objectivity Standards is the goal of promoting industry self-regulation through the voluntary adoption of standards that promote and reward independent and objective research.

Q3. In a meeting with her firm’s research director, Janice Mitchell, a proponent of the CFA Institute Research Objectivity Standards (ROS), stated that two of the key objectives of the ROS were to:

1. Assist in meaningful, fair, specific, and complete disclosure of both possible and real conflicts of interest.

2. Create voluntary reporting of research practices that promote independent and objective research to CFA Institute on an annual basis.

Determine whether Mitchell is correct or incorrect with regard to her statements about the objectives of the ROS.

     Objective 1                               Objective 2

A)            Correct                                 Incorrect

B)            Correct                                 Correct

C)            Incorrect                              Correct

Correct answer is A)

Mitchell’s first statement is correct. Objectives of the CFA Institute Research Objectivity Standards include assisting in full, fair, meaningful, and specific disclosure of potential and actual conflicts of interest. Mitchell’s second statement is incorrect. The ROS do not intend to create any sort of reporting to CFA Institute on the research practices of any firm.