46、Regarding Hartsburg’s report on the health-care industry, his actions: A) fail to conform to Standard II(A) concerning the use of nonpublic information; and conform to Standard V(A) concerning diligence and reasonable basis. B) fail to conform to Standard I(C) concerning misrepresentation; but conform to Standard I(B) concerning independence and objectivity. C) fail to conform to Standard I(C) concerning misrepresentation; but conform to Standard V(A) concerning diligence and reasonable basis. D) conform to Standard I(C) concerning misrepresentation; and conform to Standard II(A) concerning the use of nonpublic information. The correct answer was D) While Hartsburg used Houston’s ideas in his report, he did not quote or paraphrase Houston. That is not a violation of the plagiarism standard. Houston’s statement was innocently overheard in a public place, and as such is not material nonpublic information. Hartsburg has a reasonable basis for his research, and the conversation he overheard merely confirmed his own analysis. The independence standard does not apply in this situation. 47、Which statement about Hartsburg’s actions prior to his leaving Reynolds is most accurate? His actions regarding the factor model: A) do not conform to Standard IV(A): Loyalty to Employer, but his actions regarding the investment-policy statements do. B) conform to Standard IV(A): Loyalty to Employer, as do his actions regarding the investment-policy statements. C) conform to Standard IV(A): Loyalty to Employer, but his actions regarding the investment-policy statements do not. D) do not conform to Standard IV(A): Loyalty to Employer, nor do his actions regarding the investment-policy statements. The correct answer was D) According to Standard IV(A): Loyalty to Employer, Hartsburg cannot, without the consent of Reynolds, his current employer, take with him any property that rightfully belongs to Reynolds. Merely disclosing to his supervisor his intention to take the model and the investment policy statements with him does not constitute consent on the part of Reynolds, and as such could be considered misappropriation. Therefore his actions regarding both the model and the policy statements fail to conform to Standard IV(A). 48、In order to conform to the Code and Standards with relation to Northern Lights stock, Hartsburg should: A) sell the shares before issuing the report. B) not disclose his holdings if company policy calls for a generic disclaimer about analyst stock ownership. C) transfer the Northern Lights shares to his stepdaughter’s account before publishing the report. D) ask the company to assign another analyst to cover the stock in an effort to avoid the conflict of interest. The correct answer was B) If the brokerage uses language related to the analysts’ potential stock ownership, that should satisfy the requirements of Standard VI(A): Disclosure of Conflicts. All of the other answers are incorrect. Requiring the selling of shares or requesting another analyst is overkill, as analysts are not prohibited from owning stocks they cover. Transferring the shares to a relative may not eliminate Hartsburg’s beneficial ownership. 49、Reynolds’ promotional material conforms to: A) Standard I(C) regarding misrepresentation, but not Standard III(D) concerning performance presentation. B) Standard III(D) concerning performance presentation, but not Standard I(C) regarding misrepresentation. C) all Standards. D) Standard I(C) regarding misrepresentation and Standard III(D) concerning performance presentation, but violates at least one other standard. The correct answer was D) The material fails to conform to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program. The Chartered Financial Analyst designation should always be used as an adjective, never as a noun. It would be proper, for instance, to print, “Greg Hartsburg is a CFA charterholder.” The statements about industry experience and the all-star analyst list are statements of fact. Reynolds has not misrepresented the services the company or Hartsburg is capable of performing, its qualifications, or Hartsburg’s professional credentials. Hence they conform to Standard I(C). The statement also does not contradict Standard III(D) concerning performance presentation in any way. 50、Hartsburg’s efforts to help Voltaire pass the CFA exam: A) violate Standard I(D): Misconduct, but conform to Standard VII(A): Conduct as Members and Candidates in the CFA Program. B) conform to Standard I(D): Misconduct, but violate Standard VII(A): Conduct as Members and Candidates in the CFA Program. C) conform to all relevant standards. D) violate both Standard I(D): Misconduct and Standard VII(A): Conduct as Members and Candidates in the CFA Program. The correct answer was C) Hartsburg is not in violation of the Standards as long as he does not discuss the content of specific questions. | 
发表于 2008-4-8 11:23
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