Reading 2-I: Standards of Professional Conduct & Guidanc style, white, country

mayanfang1

Q21.Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250. Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been receiving gifts from vendors in excess of US $250.

Valdes is obligated to:

A)  disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute of the violation.

B)  disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute and regulatory authorities of the violation.

C)  disassociate herself from the activity, and urge Venture to persuade Martinez to cease the activity.

Q22. A CFA Institute member works for Secure Securities, Inc., and plays rugby on the firm’s rugby team. Secure Securities’ team recently played the team of a rival firm. During the game, a fight broke out and the CFA Institute member was the instigator, but no one was seriously hurt. Is this a violation of I(A) concerning maintaining knowledge and complying with laws, rules, and regulations?

A)  No, because a fight at a rugby game is not a professional activity.

B)  Yes, because the member is bound by the Code of Ethics.

C)  Yes, because the member could have hurt someone in the fight.

 

Q23.What is the rule of thumb for members, CFA charterholders and candidates in the CFA program when weighing the requirements of the CFA Institute Code and Standards and the requirements of local laws? If the applicable laws are:

A)  more strict, they must adhere to the applicable laws.

B)  less strict, they should make a judgment call on which to follow, the Code and Standards or the local laws and requirements.

C)  more strict, they must still follow the Code and Standards.

 

Q24.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)  require employees to write personal ethics statements.

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

 

 Q25. CFA Institute believes:

A)  that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

B)  that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

C)  that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.

 

mayanfang1

Q21-23答案和详解如下：

Q21.Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250. Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been receiving gifts from vendors in excess of US $250.

Valdes is obligated to:

A)  disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute of the violation.

B)  disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute and regulatory authorities of the violation.

C)  disassociate herself from the activity, and urge Venture to persuade Martinez to cease the activity.

 Correct answer is C)

Standard I(A), Knowledge of the Law requires members who have knowledge of colleagues engaging in illegal activities to disassociate from the activity and urge their firms to persuade the individual to cease such activity. Reporting to regulatory authorities may be prudent in certain circumstances, but is not required. Reporting to CFA Institute is not required.

Q22. A CFA Institute member works for Secure Securities, Inc., and plays rugby on the firm’s rugby team. Secure Securities’ team recently played the team of a rival firm. During the game, a fight broke out and the CFA Institute member was the instigator, but no one was seriously hurt. Is this a violation of I(A) concerning maintaining knowledge and complying with laws, rules, and regulations?

A)  No, because a fight at a rugby game is not a professional activity.

B)  Yes, because the member is bound by the Code of Ethics.

C)  Yes, because the member could have hurt someone in the fight.

 Correct answer is A)

Standard I(A) covers members' professional activity only. Violations outside professional activity that involve fraud, theft or deceit would potentially be violations.

Q23.What is the rule of thumb for members, CFA charterholders and candidates in the CFA program when weighing the requirements of the CFA Institute Code and Standards and the requirements of local laws? If the applicable laws are:

A)  more strict, they must adhere to the applicable laws.

B)  less strict, they should make a judgment call on which to follow, the Code and Standards or the local laws and requirements.

C)  more strict, they must still follow the Code and Standards.

 Correct answer is A)

The rule of thumb for members, CFA charterholders and candidates in the CFA program requires that they adhere to the applicable laws if the applicable laws are more strict than the requirements of the Code and Standards. If there are no laws or the laws are less strict, they must adhere to the Code and Standards.

 

mayanfang1

Q24-25答案和详解如下：

Q24.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)  require employees to write personal ethics statements.

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

 

 Correct answer is B)

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

Q25. CFA Institute believes:

A)  that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

B)  that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

C)  that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.

 Correct answer is A)

CFA Institute’s Code and Standards dictate a minimum level of conduct. Standards should not be based on ethics of upper management and the board of directors of a company. Firms must comply with the strictest applicable standards, whether they be foreign or domestic laws and regulations.

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