Q5. An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)   in violation of Standard I(B), Independence and Objectivity.

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

C)   in violation of Standard V(A), Diligence and Reasonable Basis.

Q6. According to CFA Institute Standards of Professional Conduct, which of the following is least likely a compliance procedure for maintaining independence and objectivity in making investment recommendations or taking investment action?

A)   Create a restricted list so that the firm disseminates only factual information about a controversial company.

B)   Restrict special cost arrangements related to travel.

C)   Maintain files to support investment recommendations.

Q7. All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)   air transportation paid by a corporate issuer for travel to a major metropolitan airport.

B)   token gifts received from clients.

C)   use of an issuer’s corporate aircraft when commercial transportation is not available.

答案和详解如下：

Q5. An analyst is told by his supervisor that when he feels he should write a buy recommendation he is free to do so, and when he feels he should write a sell recommendation he should check with the supervisor first. This practice is:

A)   in violation of Standard I(B), Independence and Objectivity.

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

C)   in violation of Standard V(A), Diligence and Reasonable Basis.

Correct answer is A)

The policy dictated by the supervisor would infringe upon the analyst’s independence and objectivity . It would probably discourage the analyst from making sell recommendations and, furthermore, present the opportunity for the supervisor to try and change the analyst’s mind.

Q6. According to CFA Institute Standards of Professional Conduct, which of the following is least likely a compliance procedure for maintaining independence and objectivity in making investment recommendations or taking investment action?

A)   Create a restricted list so that the firm disseminates only factual information about a controversial company.

B)   Restrict special cost arrangements related to travel.

C)   Maintain files to support investment recommendations.

Correct answer is C)

Maintaining files to support investment recommendations is not a compliance procedure for Standard I(B): Independence and Objectivity, but it is a compliance procedure for Standard V(C): Record Retention.

Q7. All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:

A)   air transportation paid by a corporate issuer for travel to a major metropolitan airport.

B)   token gifts received from clients.

C)   use of an issuer’s corporate aircraft when commercial transportation is not available.

Correct answer is A)

In order to maintain independence and objectivity, members and candidates should restrict special reimbursement arrangements concerning commercial transportation and hotel charges. Use of corporate aircraft is permitted when commercial transportation is not available.