CFA Level 1 － 模考试题(3)（PM）－Q11-15 考试题, style, class

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Question 11 

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) Restrict special cost arrangements related to travel.

B) Maintain files to support investment recommendations.

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

D) Limit gifts to token items only.

 

Question 12 

Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Canadian Brokerage. Canadian provides Calaveccio with soft dollars to purchase research. He uses these soft dollars to get research reports from Canadian's research department regarding the issues currently held in the small cap portfolio, and also for firms he is contemplating adding to the portfolio. By using soft dollars in this manner, Calaveccio has: 

A) violated the Code and Standards by acquiring research on currently held issues and by acquiring research on issues contemplated for purchase.

B) not violated the Code and Standards.

C) violated the Code and Standards by acquiring research on issues contemplated for purchase but not by acquiring research on currently held issues.

D) violated the Code and Standards by acquiring research on currently held issues but not by acquiring research on issues contemplated for purchase.

 

Question 13 

Bjorn Sandvik, CFA, completes a research report with a buy recommendation for Acorn Properties. In the early afternoon, Sandvik e-mails this recommendation to his clients who had responded to his request that they provide Sandvik with their e-mail addresses. Later that afternoon, the printed recommendation is forwarded to the postal service for normal delivery to all customers, who receive the mailing 1 to 3 days later. Sandvik has: 

A) not violated the Code and Standards because he acted fairly in disseminating research information to his clients.

B) not violated the Code and Standards because members may disseminate research recommendations to their clients in any order. 

C) violated the Code and Standards by sending the e-mail recommendation in advance of the printed report. 

D) violated the Code and Standards by sending the e-mail recommendation to only some of his clients. 

 

Question 14 

Gordon McKinney, CFA, works in the trust department of a bank. The bank's trust account holds a large block of a particular company. McKinney learns that this company is going to buy back one million shares at a 15% premium to the market price on a first-come-first-served basis. McKinney immediately tells his mother-in-law to tender her shares but waits until the end of the day to tender the trust's shares. McKinney has most likely violated: 

A) Standard VI(B), Priority of Transactions.

B) Standard I(B), Independence and Objectivity.

C) Standard II(A), Material Nonpublic Information.

D) Standard IV(A), Loyalty to Employer.

 

Question 15 

Which of the following is most likely a violation of the CFA Institute Standards of Professional Conduct?

A) A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio's trades to XYZ. She does not inform her manager since there is no cash involved.

B) After informing her client, a portfolio manager engages in a soft dollar arrangement with a broker to aid in the investment making process for her client.

C) A portfolio manager is offered a free vacation to increase performance, and accepts the offer after receiving written consent from his employer.

D) A portfolio manager is unexpectedly offered a vacation at year-end from a client who was pleased with their portfolio's performance. The manager accepts the vacation after informing her manager of the fact.

 

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答案和详解如下：

Answer 11 

The correct answer was B) Maintain files to support investment recommendations. 

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. 

This question tested from Session 1, Reading 2-I, LOS B.

 

Answer 12 

The correct answer was B)

The issue at hand is the member's fiduciary responsibilities in handling "soft dollars" which are the property of the client (in this case the holders of the shares of the Small Cap Venture Fund). Standard III(A) Loyalty, Prudence, and Care delineates the member's responsibilities. Since he is clearly using the soft dollars to obtain research that is directly applicable to his professional duties, there is no violation of the Standard. 

This question tested from Session 1, Reading 2-III, LOS A.

 

Answer 13 

The correct answer was A) not violated the Code and Standards because he acted fairly in disseminating research information to his clients. 

Standard III(B) Fair Dealing requires that members deal fairly with all clients in disseminating investment recommendations. It does not require uniform or equal treatment. Sandvik’s approach in sending e-mail correspondence to those of his clients who had given him their e-mail addresses, having made the request to all of his clients, and sending regular mail correspondence the same day, is fair to all of his clients. 

This question tested from Session 1, Reading 2-III, LOS B.

 

Answer 14 

The correct answer was A) Standard VI(B), Priority of Transactions. 

Standard VI(B), Priority of Transactions, applies. If an analyst decides to make a recommendation about the purchase or sale of a security, he must give his customers or employer adequate opportunity to act on this recommendation before acting on his own behalf. Personal transactions include those made for the member's own account and family accounts. Here, McKinney violated Standard VI(B) by acting on his mother-in-law's behalf and then waiting until the end of the day to act on his employer's behalf.  

Explanations for other responses: 

  ♣ Standard IV(A), Loyalty to Employer, does not apply. This standard concerns a member competing with his/her employer (independent practice), for example a member who engages in outside consulting. 

  ♣ Standard I(B), Independence and Objectivity, does not apply. This standard covers concepts such as gifts, perks, and corporate relationships. 

  ♣ Standard II(A), Material Nonpublic Information, does not apply. The question does not indicate that the information is not public.

This question tested from Session 1, Reading 2-VI, LOS B.

 

Answer 15 

The correct answer was A) A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio's trades to XYZ. She does not inform her manager since there is no cash involved. 

Standard IV(B) requires you to inform your supervisor of all additional compensation arrangements. Standard I(B) requires you to maintain your independence and objectivity. You cannot accept gifts designed to influence your behavior from non-clients. Accepting gifts from a client for past good performance and accepting a gift from a client to achieve performance are allowed (although your manager may not allow it). 

This question tested from Session 1, Reading 2-IV, LOS B.

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