Reading 2-V: Standards of Professional Conduct & Guidan

答案和详解如下：

1、Janet Coleman, a CFA Institute member, is an analyst at a regional brokerage firm. She is preparing a research report on Standard Power and Light. Due to deregulation, utility companies face increased competition. During the past year, three of the five utility companies in her region have cut their dividends by 50 percent, on average, to provide more internal funds for investment purposes. In a discussion with Standard's chief executive officer, Coleman learned that Standard expects to have a record amount of capital expenditures during the next year. Although Standard subsequently issued a press release about its capital expenditure plans, it did not make any public statements about a change in dividend policy. Coleman reasons that the management of Standard will be under pressure to cut its dividends within the next year to remain competitive. Coleman issues a research report in which she states:

"We expect Standard Power and Light will experience an initial decrease of $3 a share in its stock price when it cuts its dividend from $2 to $1 a share by the second quarter. We expect that Standard will strengthen its competitive position by using more internally generated funds to finance its investment opportunities. If investors buy the stock now at around $50 a share, their total return should be at least 20 percent on the stock."

Based on CFA Institute Standards of Professional Conduct, which of the following statements about Coleman's actions is TRUE?

A)   Coleman did not violate the Standards.

B)   Coleman violated the Standards because she used material inside information.

C)   Coleman violated the Standards because she failed to use reasonable care and judgment to achieve and maintain independence and objectivity in making investment recommendations.

D)   Coleman violated the Standards because she failed to separate opinion from fact in her research report.

The correct answer was D)    

Coleman's statement that Standard will cut its dividend from $2 to $1 a share is an opinion, not a fact. She should distinguish between facts and opinions in research reports.

2、An analyst finds a stock with historical returns that are not correlated with interest rate changes. The analyst writes a report for his clients that have large allocations in fixed-income instruments and emphasizes the observed lack of correlation. The clients with allocations of fixed income instruments are the only clients to see the report. According to Standard V(B), Communication with Clients and Prospective Clients, the analyst has:

A)   not violated the Standard.

B)   violated the Standard concerning fair dealings with all clients.

C)   violated the Standard by emphasizing the information concerning the correlation.

D)   violated the article in the Standard concerning facts and opinions.

The correct answer was A)

Recommending a stock whose return is uncorrelated with interest rate changes is appropriate for the clients described in the problem. Emphasizing the lack of correlation is appropriate as long as the analyst makes no guarantees concerning the relationship in the future. Reporting historical correlation is a presentation of fact, and is not in violation. The analyst is free to show the report only to investors for whom the investment is appropriate.

3、Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?

A)   Halpert can transmit his report by computer on the Internet.

B)   Halpert can make his report by telephone.

C)   Halpert can make his report in person.

D)   Halpert can make his report in person, by telephone, or by computer on the Internet.

The correct answer was D)

A report can be made via any means of communication, including in-person recommendation, telephone conversation, media broadcast, and transmission by computer such as on the Internet.

4、An analyst has several groups of clients who are categorized according to their specific needs. Compared to research reports distributed to all of the clients, reports for a specific group:

A)   will definitely include more basic facts.

B)   will not be allowed because it violates the Standard V(A), Diligence and Reasonable Basis.

C)   will not be allowed because it violates the Standard III(B), Fair Dealing.

D)   may generally exclude more basic facts.

The correct answer was D)

According to Standard V(B), an analyst can use reasonable judgment regarding the exclusion of some facts and should include more basic facts for reports to wider audiences. The key issue is that analysts should tailor their reports to the intended audience.

5、An analyst belongs to a nationally recognized charitable organization, which requires dues for membership. The analyst has worked out a deal that he provides money management advice in lieu of paying dues. For this arrangement to comply with the standards, the analyst needs consent from:

A)   his supervisor in the organization only.

B)   both his supervisor in the organization and his regular place of work.

C)   his supervisor in his regular place of work only.

D)   no one since it is a volunteer organization.

The correct answer was B) 

An employee/employer relationship does not necessarily mean monetary compensation for services. If the analyst is performing services for the organization, then the analyst must treat the position as if he were an employee and obtain consent from both his supervisor in the organization and in his regular place of work.