Q6. A copyrighted technique for measuring the downside risk of an investment has just been revealed to the public. If an analyst adopts the technique, he must cite the use of the technique in all research reports in which the technique is used EXCEPT:

A)   if the analyst does not modify the technique at all.

B)   Neither of these answers provide grounds for an exception.

C)   if the analyst uses reasonable care and verifies that the technique provides superior results.

Q7. A CFA charterholder gathers the closing prices of a security from a widely read publication. The charterholder uses the data as part of a report she is preparing and fails to report the data source in the report. This is:

A)   a violation of Standard I(C).

B)   not a violation of Standard I(C) if the data can be gathered from several public sources.

C)   not a violation of Standard I(C) if the data cannot be gathered from several public sources.

Q8. At the time of its initial public offering (IPO), a mutual fund is invested primarily in junk bonds. As part of its strategy, it is also invested in some zero-coupon U.S. Treasury bonds. The amount of the investment in the Treasury bonds is such that their maturity value equals 90% of the current value of the fund. Which of the following may a CFA Institute member say to her clients concerning the fund at issuance?

A)   Since the fund is backed by the U.S. government, you know you will get your money back.

B)   A CFA Institute member may not make either of these statements.

C)   The fund is virtually default risk free.

Q9. Wes Smith, CFA, has been working toward the completion of a Master of Science in Finance. He has passed all the necessary courses and written the necessary thesis. He still must defend the thesis in one month. Smith’s thesis advisor assures him that he will pass the thesis defense. Smith has new business cards printed with “M.S. in Finance” after his name. This is a violation of:

A)   none of the Standards if Smith does not make the cards public until after he defends his thesis and receives his degree.

B)   Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program.

C)   Standard I(C), Misrepresentation.

答案和详解如下：

Q6. A copyrighted technique for measuring the downside risk of an investment has just been revealed to the public. If an analyst adopts the technique, he must cite the use of the technique in all research reports in which the technique is used EXCEPT:

A)   if the analyst does not modify the technique at all.

B)   Neither of these answers provide grounds for an exception.

C)   if the analyst uses reasonable care and verifies that the technique provides superior results.

Correct answer is B)

Neither of the answers in this question provide adequate grounds for not citing the source of the methodology. Although “verifying” the technique is a good idea and congruent with the Code and Standards, the analyst still needs to cite the use of the copyrighted technique even after modifying it slightly to avoid violation of Standard I(C), Misrepresentation.

Q7. A CFA charterholder gathers the closing prices of a security from a widely read publication. The charterholder uses the data as part of a report she is preparing and fails to report the data source in the report. This is:

A)   a violation of Standard I(C).

B)   not a violation of Standard I(C) if the data can be gathered from several public sources.

C)   not a violation of Standard I(C) if the data cannot be gathered from several public sources.

Correct answer is B)

Since the security prices represent factual information that can be verified from several sources, there is no violation. It could have been a violation had the information been exclusively published by the source.

Q8. At the time of its initial public offering (IPO), a mutual fund is invested primarily in junk bonds. As part of its strategy, it is also invested in some zero-coupon U.S. Treasury bonds. The amount of the investment in the Treasury bonds is such that their maturity value equals 90% of the current value of the fund. Which of the following may a CFA Institute member say to her clients concerning the fund at issuance?

A)   Since the fund is backed by the U.S. government, you know you will get your money back.

B)   A CFA Institute member may not make either of these statements.

C)   The fund is virtually default risk free.

Correct answer is B)

Standard I(C), Misrepresentation, prohibits making statements that mention a guarantee of returns or misrepresent the true nature of the investment.

Q9. Wes Smith, CFA, has been working toward the completion of a Master of Science in Finance. He has passed all the necessary courses and written the necessary thesis. He still must defend the thesis in one month. Smith’s thesis advisor assures him that he will pass the thesis defense. Smith has new business cards printed with “M.S. in Finance” after his name. This is a violation of:

A)   none of the Standards if Smith does not make the cards public until after he defends his thesis and receives his degree.

B)   Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program.

C)   Standard I(C), Misrepresentation.

Correct answer is A)

If the cards were distributed today he would be in violation of Standard I(C), Misrepresentation. However, if Smith does not make the cards public until after he receives the degree, there is no violation.