CFA Level 1 － Mock Exam 1 模拟真题－Q6-10 face, normal, style, class

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6、David Gunard, CFA, is an equity analyst at Curry Securities. He receives an assignment to analyze Enterloch Corporation, a stock owned by several of Curry's clients. Gunard completes a thorough, fundamental analysis of Enterloch. Given his analysis and the sharp rise in the company's stock price during the past year, Gunard concludes that the shares are substantially overvalued. After the report is approved by Gunard's supervisor, but prior to the release of the report, Gunard calls his father to suggest that he sell his Enterloch shares immediately. Gunard's father informs him that he has already disposed of his holdings in Enterloch. According to the Standards of Practice Handbook, has Gunard violated the CFA Institute Standards of Professional Conduct relating to:

	duties to clients?	reasonable basis?
A.	No	No
B.	No	Yes
C.	Yes	No
D.	Yes	Yes

Select exactly 1 answer(s) from the following:

A. Answer A.

B. Answer B.

C. Answer C.

D. Answer D.    

 

7、According to the Standards of Practice Handbook, may a member who inadvertently learns about an unannounced tender offer:

	trade on the information?	cause others to trade on the information?
A.	No	No
B.	No	Yes
C.	Yes	No
D.	Yes	Yes

Select exactly 1 answer(s) from the following:

A. Answer A.

B. Answer B.

C. Answer C.

D. Answer D.

 

8、According to the Standards of Practice Handbook, do candidates violate the CFA Institute Standards of Professional Conduct by cheating on:

	the CFA examination?	any other examination?
A.	No	No
B.	No	Yes
C.	Yes	No
D.	Yes	Yes

Select exactly 1 answer(s) from the following:

A. Answer A.

B. Answer B.

C. Answer C.

D. Answer D.

 

9、According to the Standards of Practice Handbook, a member who copies employer records in violation of the employer's policies may violate CFA Institute Standards unless the member's clear intent is to protect:

Select exactly 1 answer(s) from the following:

A. clients.

B. colleagues.

C. his reputation.

D. the employer's reputation.

 

10、Buta Singh, CFA, has a large extended family and manages the portfolios of several family members. Singh does not charge the family members a management fee, but receives a small percentage of each portfolio's profits. Singh accepts a position as portfolio manager for Bhotmange Investments to manage high net worth accounts. Because the family portfolios are not normal client relationships, Singh does not inform his new employer of his side activity. With respect to the family portfolios, does Singh violate any CFA Institute Standards of Professional Conduct?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, because he failed to obtain consent from his employer.

C. Yes, because he failed to disclose his new employment to his existing clients.

D. Yes, because he violated his duty to his employer by not requiring his relatives to transfer their accounts to his new employer.

 

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6 Correct answer is C

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, pp. 48-51, 53-58, 80-82
Study Session 1-2-b
distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and the Standards
By communicating this information to his father prior to release of the report, Gunard failed to put the firm’s clients’ interests above his own. Nothing in the question indicates that he did not have a reasonable basis for his recommendation; he conducted a thorough fundamental analysis and his report was approved. The fact that Gunard’s father had already disposed of the shares does not negate the fact that Gunard violated a duty to the firm’s clients.

7 Correct answer is A

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, pp. 36-39
Study Sessions 1-1-c, 1-2-b
explain the ethical responsibilities required by the Code and Standards, including the multiple subsections of each Standard;
distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and the Standards
A member in possession of material nonpublic information that could affect the value of an investment may not act or cause others to act on the information.

8 Correct answer is D

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, p. 101
Study Sessions 1-1-c, 1-2-b
explain the ethical responsibilities required by the Code and Standards, including the multiple subsections of each Standard;
distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and the Standards
Conduct covered and prohibited under Standard VII (A) includes cheating on the CFA examination or any other examination.

9 Correct answer is A

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, p. 71
Study Sessions 1-1-c, 1-2-b
explain the ethical responsibilities required by the Code and Standards, including the multiple subsections of each Standard;
distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and the Standards
Activities that would normally violate a member’s duty to his employer (such as copying employer records) may be justified. Such action would be permitted only if the intent is clearly aimed at protecting clients or the integrity of the market and not for personal gain.

10 Correct answer is B

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 83-85, 91
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 69-71, 75
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Members who plan to engage in independent practice for compensation should not render services until receiving written consent from their employer.

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