CFA Level 1 －模考试题(3)（PM）－Q11-15

考试题, style, class

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.