Q5. A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:

A)   none of the Standards listed here.

B)   Standard V(A), Diligence and Reasonable Basis.

C)   Standard III(C), Suitability.

Q6. An analyst has found an investment with what appears to be a great return-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has:

A)   violated the Standard if he does not verify whether the investment is appropriate for all the clients.

B)   violated the Standard by communicating the recommendation via e-mail.

C)   fulfilled all obligations.

Q7. An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of:

A)   Standard V(A), Diligence and Reasonable Basis, only.

B)   Standard V(A), Diligence and Reasonable Basis, and Standard V(B), Communication with Clients and Prospective Clients.

C)   none of the Standards listed here.

Q8. Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:

A)   has violated CFA Institute Standards of Professional of Conduct because she did not have a reasonable and adequate basis for making this recommendation.

B)   violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.

C)   has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.

答案和详解如下：

Q5. A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:

A)   none of the Standards listed here.

B)   Standard V(A), Diligence and Reasonable Basis.

C)   Standard III(C), Suitability.

Correct answer is A)

The money manager has done his duty. He has warned the client of the risk and made no explicit promises concerning what he can and cannot do.

Q6. An analyst has found an investment with what appears to be a great return-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has:

A)   violated the Standard if he does not verify whether the investment is appropriate for all the clients.

B)   violated the Standard by communicating the recommendation via e-mail.

C)   fulfilled all obligations.

Correct answer is C)

If the analyst had been an investment manager, it would have been inappropriate for him to make a blanket recommendation for all of his clients without considering the unique needs of each. However, the analyst is merely stating that given the qualities of the investment, it is an attractive buy. He has kept adequate records, and made fair disclosure of his rating decision.

Q7. An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of:

A)   Standard V(A), Diligence and Reasonable Basis, only.

B)   Standard V(A), Diligence and Reasonable Basis, and Standard V(B), Communication with Clients and Prospective Clients.

C)   none of the Standards listed here.

Correct answer is B)

The analyst should verify that the research department has interpreted the chairman’s speech correctly. The analyst must make it clear that the statement concerning inflation is only an opinion. No one knows if that is true or not at any point in time. Based upon the given information, we cannot say that the analyst is violating only one standard. The analyst may also be violating plagiarism in accordance with Standard I(C), Misrepresentation. Hence, the answer citing the two standards and not limiting violations to just those two standards is the best answer.

Q8. Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:

A)   has violated CFA Institute Standards of Professional of Conduct because she did not have a reasonable and adequate basis for making this recommendation.

B)   violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.

C)   has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.

Correct answer is A)

Analysts are required to have a reasonable and adequate basis, supported by appropriate research and investigation, for their recommendations.