答案和详解如下： LOS A.: Knowledge of the Law 1、According to the CFA Institute Standards of Professional Conduct, Standard I(A), Knowledge of the Law, members shall not knowingly participate or assist in any violations of laws, rules, or regulations. An analyst: A) must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law. B) is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation. C) is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it. D) is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation. The correct answer was
C) If you suspect someone is planning or engaging in illegal activities, you should: 1. Determine the legality of the activities. Consult your supervisor and legal counsel. 2. Take appropriate action. Disassociate, attempt to persuade the perpetrator to stop. CFA Institute does not require you to report them to the authorities, but the law might. 2、Don Roberts, a CFA Institute member, resides in Country L, where the securities laws and regulations are less strict than the CFA Institute Code and Standards. Roberts also does business in Country N, which has no securities laws or regulations. Thus, Country N has no laws prohibiting the use of material nonpublic information. Roberts has clients in both Country L and N. Country L's law states that the law of the locality where business is conducted governs. According to CFA Institute Standards of Professional Conduct about the use of material nonpublic information, Roberts may: A) not take investment action on the basis of this information. B) take investment action based on this information for clients in both Country N and Country L and for himself. C) take investment action based on this information only for his clients in Country N and Country L but not for himself. D) take investment action based on this information only for his clients in Country N but not for his clients in Country L or himself. The correct answer was A) Because applicable law states that the law of the locality where the business is conducted governs and local law is less strict than the Code and Standards, the member must adhere to the Code and Standards. Standard II(A) prohibits the use of material nonpublic information. 3、WEB, an investment-banking firm, is the principal underwriter for MTEX's upcoming debenture issue. Wendy Berry, CFA, an analyst with WEB, has found out from an employee in MTEX's programming department that a serious glitch was recently discovered in the software program of their major new product line. In fact, the glitch is so bad that most of their orders have been canceled. Berry checked the debenture's prospectus and found no mention of this development. The red herring prospectus has already been distributed. Berry's best course of action is to: A) inform her immediate supervisor at WEB of her discovery. B) keep quiet since this is material non-public inside information. C) notify potential investors of the omission on a fair and equitable basis. D) report her discovery to the Division of Corporation Finance of the SEC. The correct answer was A) Berry should report this information only to her immediate supervisor. Subsequently, she and her supervisor may consult with legal counsel concerning the competing issues in this situation. For the present, she should avoid disclosure to colleagues who do not need to know the information and she should also avoid disclosure to clients. 4、The CFA Institute Standards of Practice Handbook requires CFA Institute members to do all the following EXCEPT:
A) to inform employer, clients, and potential clients of benefits received for recommending products or services. B) receive written permission from both their employer and outside clients to engage in investment consulting outside the firm. C) to disclose to their employer in writing all monetary compensation or benefits received for services performed in addition to their company compensation. D) to disclose in writing to the proper regulatory authority all observed violations of the securities laws and regulations. The correct answer was
D) Members are not required to report violations of others to regulatory authorities, either verbally or in writing, but such reporting may be prudent. 5、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) 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. D) In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions. The correct answer was
D) The Code and Standards represent a minimum level of guidance for members’ actions, not a maximum level. The key to remember here is that whether the local area does or does not have standards governing member’s actions, one must follow the stricter standard environment. | 
发表于 2008-4-3 16:40
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