CFA Level 1 － Mock Exam 2 模拟真题－Q6-10 face, style, black, class

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6、According to the Standards of Practice Handbook, members are least likely required to disclose to clients their:

Select exactly 1 answer(s) from the following:

A. service as directors.

B. beneficial ownership of stock.

C. firm's market-making activities.

D. responsibilities as CFA charterholders.

 

7、According to the Standards of Practice Handbook, a member with supervisory responsibilities violates the CFA Institute Standards of Professional Conduct when:

Select exactly 1 answer(s) from the following:

A. delegating supervisory duties.

B. failing to prevent violations of the law.

C. failing to prevent violations of the CFA Code and Standards.

D. failing to establish and implement written compliance procedures.

 

8、Rachel Pederson, CFA, has managed the account of Olga Stefansson for the past decade and has a very good relationship with her client. Stefansson has a beach house in the Bahamas and offers Pederson and her family two free weeks at the house as a reward for the excellent returns generated in her account. Pederson is so busy at work she does not tell anyone where she is going for vacation. When accepting Stefansson's offer, Pederson least likely violates the CFA Institute Standard relating to:

Select exactly 1 answer(s) from the following:

A. Loyalty to Employer.

B. Disclosure of Conflicts.

C. Independence and Objectivity.

D. Additional Compensation Arrangements.

 

9、Vera Abel, CFA, is the research director for ZigZag Investments. Abel discovers one of her top analysts trading in stocks in advance of client transactions and repeatedly warns him that this activity is not appropriate. Does Abel violate any CFA Institute Standards of Professional Conduct?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to fair dealing.

C. Yes, with respect to responsibilities of supervisors.

D. Yes, with respect to diligence and reasonable basis.

 

10、After work each day, Shinichi Takada, CFA, runs a popular Internet blog where he comments on micro-cap stocks. The blog includes a bio of Takada with his education and employment history. He receives no compensation for the blog. On the blog, Takada recommends purchases and sales of stocks based upon astrology. When blogging, Takada least likely violates CFA Institute Standard relating to:

Select exactly 1 answer(s) from the following:

A. Fair Dealing.

B. Duty to Employer.

C. Loyalty, Prudence, and Care.

D. Diligence and Reasonable Basis.

 

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答案和详解如下：

6 Correct answer is D

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, p. 90
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
Members are not required to disclose their responsibilities as CFA charterholders to clients. They are, however, required to disclose all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Service as a director, market-making activities, and beneficial ownership of stock are three examples of such matters.

 

7 Correct answer is D

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, pp. 76-78
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
Members with supervisory responsibility must make reasonable efforts to detect violations of laws, rules, regulations, and the Code and Standards. They exercise reasonable supervision by establishing and implementing written compliance procedures.

 

8 Correct answer is D

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 15-16, 83, 91, 113
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 21-22, 69, 75, 89
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
The Standards require that members not accept gifts or compensation that might reasonably compete with their employer’s interest unless they obtain written consent from all parties involved. Arrangements such as that offered to Pederson may cause a conflict of interest or result in partiality that could impede Pederson’s independence and objectivity.

 

9 Correct answer is C

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 93-94
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 76-77
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
The Standards require that members make reasonable efforts to detect and prevent violations of applicable laws, rules, and regulations. Supervisors exercise reasonable supervision by establishing and implementing written compliance procedures and ensuring the procedures are followed through periodic review. Once a supervisor learns of a possible violation, the supervisor must promptly initiate an investigation. Warning the employee to cease the activity, as Abel has done, is not enough. Pending the outcome of the investigation, Abel may need to place limits on the employee’s activities to ensure the violations will not be repeated.

 

10 Correct answer is A

Guidance for Standards I-VII, Standards of Practice Handbook
2008 Modular Level I, Vol. 1, pp. 50-53, 69-70, 80-81
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
Takada’s use of astrology as a research methodology violates the Standards relating to Loyalty, Prudence, and Care as well as Diligence and Reasonable Basis. His research methodology and blog may also reflect poorly on his employer and cause the employer harm. Takada is least likely to violate the Standard relating to Fair Dealing because the blog is a method of mass communication that makes Takada’s investment recommendations available to all readers simultaneously.

 

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