Q9. Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:

A)   use material inside information because Xania legally permits this practice.

B)   not use material inside information.

C)   use material inside information, but only after notifying CFA Institute.

Q10. Which of the following statements about the CFA Institute Code and Standards is most accurate? The Code and Standards:

A)   require members to persuade the perpetrator to cease illegal activities.

B)   do not require that members report legal violations to the appropriate governmental or regulatory organization.

C)   prohibit members from accepting gifts that create a conflict with their employer's interest.

Q11. Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee who researches Japanese stocks. According to the CFA Institute Standards of Professional Conduct, Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:

A)   both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct.

B)   both the U.S. and Japan and the CFA Institute Standards of Professional Conduct.

C)   Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct.

Q12. Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)   In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

B)   A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this information to his client.

C)   A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute code and Standards may impose a higher degree of responsibility or a higher duty on the member.

答案和详解如下：

Q9. Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:

A)   use material inside information because Xania legally permits this practice.

B)   not use material inside information.

C)   use material inside information, but only after notifying CFA Institute.

Correct answer is B)

Because applicable law involving material inside information is less strict than the Code and Standards, Platt must adhere to the Code and Standards. Standard II(A) prohibits against use of material nonpublic information.

Q10. Which of the following statements about the CFA Institute Code and Standards is most accurate? The Code and Standards:

A)   require members to persuade the perpetrator to cease illegal activities.

B)   do not require that members report legal violations to the appropriate governmental or regulatory organization.

C)   prohibit members from accepting gifts that create a conflict with their employer's interest.

Correct answer is B)

The Code and Standards do not require members to report violations to legal authorities, but such disclosure may be prudent or required in certain circumstances. They do not require members to quit their jobs or to persuade violators to cease illegal activities. They do require that members report the activities to the appropriate person(s) in their own firm and disassociate themselves from the illegal actions. Members must obtain written permission to accept gifts that create a conflict with their employer's interest.

Q11. Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee who researches Japanese stocks. According to the CFA Institute Standards of Professional Conduct, Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:

A)   both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct.

B)   both the U.S. and Japan and the CFA Institute Standards of Professional Conduct.

C)   Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct.

Correct answer is B)

To abide by the Standards, employees who work for foreign-based firms are required to apply the stricter of the foreign (here, U.S.) law, the domestic (here, Japanese) law, or CFA Institute standards.

Q12. Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)   In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

B)   A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this information to his client.

C)   A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute code and Standards may impose a higher degree of responsibility or a higher duty on the member.

Correct answer is A)

Members are always, at a minimum, subject to the Code and Standards.

thanks

THX