Q32. CFA Institute members should encourage their employers to do all of the following EXCEPT:

A)   make clear that dishonest personal behavior reflects poorly on the profession.

B)   conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.

C)   require employees to write personal ethics statements.

Q33. Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should:

A)      take no action.

B)      determine the legality of the activity, possibly by consulting counsel.

C)      disassociate himself from the client, if the activity is illegal or unethical.

Q34. Jane Dawson, CFA, an analyst at a New York brokerage firm, suspects that Bob Boatman, CFA, another analyst at the same firm, has violated a state securities law. According to the CFA Institute Standards of Professional Conduct, Dawson is:

A)   NOT required to report the violation to the appropriate governmental or regulatory organizations.

B)   required to report the suspected violation to CFA Institute.

C)   required to report the suspected violation to the appropriate state regulatory agency.

Q35. Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:

A)   disassociate herself from the activity.

B)   both of these choices are correct.

C)   seek legal advice to determine what actions should be taken.

答案和详解如下：

Q32. CFA Institute members should encourage their employers to do all of the following EXCEPT:

A)   make clear that dishonest personal behavior reflects poorly on the profession.

B)   conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.

C)   require employees to write personal ethics statements.

Correct answer is C)

There is no reason to have employees write personal ethics statements. CFA Institute encourages all of the other actions.

Q33. Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should:

A)      take no action.

B)      determine the legality of the activity, possibly by consulting counsel.

C)      disassociate himself from the client, if the activity is illegal or unethical.

Correct answer is A)

Because Blanford suspects Shanti of engaging in ongoing illegal activities, Blanford should take action by determining the legality of the suspected action, disassociating from any illegal activity, and urging his firm to attempt to persuade Shanti to cease such conduct if such an activity is illegal or unethical.

Q34. Jane Dawson, CFA, an analyst at a New York brokerage firm, suspects that Bob Boatman, CFA, another analyst at the same firm, has violated a state securities law. According to the CFA Institute Standards of Professional Conduct, Dawson is:

A)   NOT required to report the violation to the appropriate governmental or regulatory organizations.

B)   required to report the suspected violation to CFA Institute.

C)   required to report the suspected violation to the appropriate state regulatory agency.

Correct answer is A)

The Code and Standards do not require that members report legal violations to the appropriate governmental or regulatory organizations, but such disclosure may be prudent in certain circumstances. Dawson should consult legal counsel and disassociate from the activity.

Q35. Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:

A)   disassociate herself from the activity.

B)   both of these choices are correct.

C)   seek legal advice to determine what actions should be taken.

Correct answer is B)

Standard I(A), Knowledge of the Law. Prohibition against knowingly practicing or assisting in violation of laws, rules, and regulations. If White knows that someone has engaged in a possible illegal activity, she should: (1) report the finding to the appropriate supervisory person at her firm, (2) if the situation is not remedied, disassociate herself from the situation, and (3) seek legal advice to see what other actions, such as notifying the proper regulatory agency, should be taken.

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