| 答案和详解如下： 21、Which of the following is a CORRECT statement of a member's duty under the Code and Standards? A) A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute code and Standards may impose a higher degree of responsibility or a higher duty on the member. B) A member who trades securities in a foreign securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on this information. C) In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions. D) A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this information to his client. The correct answer was
C) Members are always, at a minimum, subject to the Code and Standards. 22、Janet Green, CFA, provides investment advice and other services to clients in several countries. She resides in Country A whose securities laws and regulations are less strict than the Code and Standards. She also conducts business with clients in Country B, which has no securities laws or regulations, and in Country C, which has securities laws and regulations that are stricter than the Code and Standards. Which of the following statements is TRUE? According to CFA Institute Standards of Professional Conduct, Green must adhere to the Code and Standards in: A) Country A but the law in Country B and Country C. B) Country B but the law in Country A and Country C. C) Country A, Country B, and Country C. D) Country A and Country B but the law in Country C. The correct answer was
D) Green needs to follow Standard I(A) -- Knowledge of the law. In Country A, Green must adhere to the Code and Standards because Country A’s laws are less strict. In Country B, Green must also adheres to the Code and Standards because Country B has no securities laws. Because Country C’s applicable law is stricter than the requirements of the Code and Standards, Green must adhere to the laws of Country C. 23、Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets consent from his immediate supervisor at Mega to undertake this independent activity for a one-month trial basis. Which of the following statements about Blackwell’s actions involving Standard I, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell: A) did not violate either Standard I or Standard IV(A). B) violated both Standard I and Standard IV(A). C) violated Standard I but did not violate Standard IV(A). D) did not violate Standard I but violated Standard IV(A). The correct answer was
C) Blackwell violated Standard I, Professionalism. Because the applicable laws were stricter than the Code and Standards, he must adhere to the more strict applicable law. 24、Josh LeBlanc, a CFA charterholder, is an investment analyst for a small stock brokerage firm. He wants to acquire and maintain knowledge about applicable laws, rules, and regulations relating to his professional activities. According to the CFA Institute Standards of Professional Conduct, which of the following ways is least likely to meet compliance procedures? A) Review written compliance procedures on a regular basis. B) Maintain current files on applicable statues, rules, and regulations. C) Rely on past practices followed within his firm. D) Keep informed about changes in applicable laws, rules, and regulations. The correct answer was
C) LeBlanc should follow the compliance procedures under Standard IA -- Knowledge of the law. Relying on his firm’s past practices may be insufficient for LeBlanc to stay current with changes in applicable laws, rules, and regulations. 25、Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee, CFA, who researches Japanese stocks. Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in: A) both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct. B) the U.S., but not Japan, and the CFA Institute Standards of Professional Conduct. C) both the U.S. and Japan and the CFA Institute Standards of Professional Conduct. D) Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct. The correct answer was
C) Members who work for foreign-based firms are required to apply the stricter of the foreign (here, U.S.) law, the domestic (here, Japanese) law, or CFA Institute standards. | 
发表于 2008-4-3 17:38
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