答案和详解如下： 21、Sallie Reid, CFA, is asked by her boss, also a CFA charterholder, to use a research report of a competing firm, change a few details, sign it and send it to a large client. He says their firm’s researchers will draw the same conclusions but haven’t gotten to them yet. If she complies, she is doing all of the following EXCEPT: A) violating CFA Institute standards dealing with plagiarism. B) complying with CFA Institute standards because she cannot disobey her boss. C) violating CFA Institute standards regarding misrepresentation. D) obeying her boss, a CFA charterholder, but violating several of the CFA Institute Code and Standards. The correct answer was If Sallie complies, she is violating Standard I(C) Misrepresentation, because copying the report is plagiarism. Sallie should attempt to disassociate from any activity that she knows is in violation of the standards. 22、The use of client brokerage by an investment manager to obtain certain products and services to aid the manager in the investment decision-making process is called: A) quid pro quo practices. B) soft dollar practices. C) trading practices. D) barter practices. The correct answer was B) Directing client brokerage for research and/or services is called soft dollar practices. 23、Which of the following would be the least important proxy issue? A) Compensation plans for officers. B) Takeover defense and related actions. C) Election of internal auditors. D) Corporate governance. The correct answer was Election of internal auditors is not a major proxy issue. 24、Brian Williams is a portfolio manager with Santo Capital and works on the Banks Company's account. Santo has a policy against accepting gifts over $500 from clients. The Banks' portfolio has a fantastic year, and in appreciation, a Banks manager sends Williams a rare bottle of wine that he estimates is worth $300. Williams must: A) report the pension fund manager to the CFA Institute Professional Conduct Program. B) return the bottle to the client. C) donate the wine to charity. D) inform his supervisor in writing that he received additional compensation in the form of the wine. The correct answer was D) The Standards require that he inform his supervisor in writing about the gift. 25、Victor Logan is a portfolio manager for McCoy Advisors, and Jack Brisco is the Director of Research for McCoy. Brisco has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the McCoy model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. Brisco frequently alters the model based on rigorous research—an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are indicated as "buys" by the model. Logan has conducted very thorough research on his own, using the same process that Brisco uses to validate his findings. Logan feels the model is missing some key elements that would further reduce the list of acceptable securities to purchase, however, Brisco has refused to look at Logan's research. Frustrated by this, Logan applies his own version of the model, with the justification that he is still only purchasing securities on the buy list. Because of the conflict with Brisco, he does not disclose the use of the model to anyone at McCoy or to clients. Which of the following statements regarding Logan and Brisco is TRUE? Logan is: A) violating the Standards by applying his version of the model and by not disclosing it to clients. Brisco is not violating the Standards. B) violating the Standards by applying his version of the model, but not by failing to disclose it to clients. Brisco is not violating the Standards. C) not violating the Standards by applying his version of the model, but is violating the Standards by not disclosing it to clients. Brisco is not violating the Standards. D) violating the Standards by applying his version of the model and by not disclosing it to clients. Brisco is violating the Standards by failing to consider Logan's research. The correct answer was C) Because the research is thoroughly conducted, and Logan has authority to make individual security selection decisions, Logan is not violating the Standards by applying his model. However, Logan is violating the Standard on communication with clients and prospective clients by excluding relevant factors of the investment process. The use of his model is an important aspect of the investment process and should be disclosed to clients. Brisco is not violating the Standards by not considering Logan’s research. | 
发表于 2008-4-2 11:16
|