Reading 2-I: Standards of Professional Conduct & Guidanc - Ethical and Standards - 【CFA二级试题精选】 - CFA论坛

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发表于 2010-3-31 13:54 | 只看该作者

A CFA Institute member works for Secure Securities, Inc., and plays rugby on the firm’s rugby team. Secure Securities’ team recently played the team of a rival firm. During the game, a fight broke out and the CFA Institute member was the instigator, but no one was seriously hurt. Is this a violation of I(A) concerning maintaining knowledge and complying with laws, rules, and regulations?

A)	No, because a fight at a rugby game is not a professional activity.

B)	Yes, because the member is bound by the Code of Ethics.

C)	Yes, because the member could have hurt someone in the fight.

Standard I(A) covers members' professional activity only. Violations outside professional activity that involve fraud, theft or deceit would potentially be violations.

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32^#

发表于 2010-3-31 13:54 | 只看该作者

CFA Institute members should encourage their employers to do all of the following EXCEPT:

A)	require employees to write personal ethics statements.

B)	make clear that dishonest personal behavior reflects poorly on the profession.

C)	conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.

There is no reason to have employees write personal ethics statements. CFA Institute encourages all of the other actions.

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33^#

发表于 2010-3-31 13:55 | 只看该作者

Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should:

A)	determine the legality of the activity, possibly by consulting counsel.

B)	take no action.

C)	disassociate himself from the client, if the activity is illegal or unethical.

Because Blanford suspects Shanti of engaging in ongoing illegal activities, Blanford should take action by determining the legality of the suspected action, disassociating from any illegal activity, and urging his firm to attempt to persuade Shanti to cease such conduct if such an activity is illegal or unethical.

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34^#

发表于 2010-3-31 13:55 | 只看该作者

Jane Dawson, CFA, an analyst at a New York brokerage firm, suspects that Bob Boatman, CFA, another analyst at the same firm, has violated a state securities law. According to the CFA Institute Standards of Professional Conduct, Dawson is:

A)	required to report the suspected violation to CFA Institute.

B)	NOT required to report the violation to the appropriate governmental or regulatory organizations.

C)	required to report the suspected violation to the appropriate state regulatory agency.

The Code and Standards do not require that members report legal violations to the appropriate governmental or regulatory organizations, but such disclosure may be prudent in certain circumstances. Dawson should consult legal counsel and disassociate from the activity.

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35^#

发表于 2010-3-31 13:55 | 只看该作者

Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:

A)	both of these choices are correct.

B)	disassociate herself from the activity.

C)	seek legal advice to determine what actions should be taken.

Standard I(A), Knowledge of the Law. Prohibition against knowingly practicing or assisting in violation of laws, rules, and regulations. If White knows that someone has engaged in a possible illegal activity, she should: (1) report the finding to the appropriate supervisory person at her firm, (2) if the situation is not remedied, disassociate herself from the situation, and (3) seek legal advice to see what other actions, such as notifying the proper regulatory agency, should be taken.

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发表于 2010-3-31 13:56 | 只看该作者

What is the rule of thumb for members, CFA charterholders and candidates in the CFA program when weighing the requirements of the CFA Institute Code and Standards and the requirements of local laws? If the applicable laws are:

A)	less strict, they should make a judgment call on which to follow, the Code and Standards or the local laws and requirements.

B)	more strict, they must adhere to the applicable laws.

C)	more strict, they must still follow the Code and Standards.

The rule of thumb for members, CFA charterholders and candidates in the CFA program requires that they adhere to the applicable laws if the applicable laws are more strict than the requirements of the Code and Standards. If there are no laws or the laws are less strict, they must adhere to the Code and Standards.

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37^#

发表于 2010-3-31 13:56 | 只看该作者

Benito Salvatore, CFA, is licensed in the established country of Oldworld but has clients and makes investments in the emerging county of Newworld. The regulations of Oldworld prohibit licensed investment professionals from taking gifts or gratuities in any amount from vendors or persons connected with potential investments. The laws of Newworld are silent on this issue. Unsolicited, Salvatore is offered a vase worth US $75 by a Newworld trust company and a bronze statue worth US $200 by a Newworld company that Salvatore is considering as a potential investment.

Salvatore is:

A)	not permitted to accept either gift.

B)	permitted to accept both gifts.

C)	permitted to accept the vase but not the statue.

Under Standard I(A), Salvatore must, as a CFA charterholder, apply the CFA Institute Code and Standards or the controlling law, whichever is stricter. In this instance the stricter laws of Oldworld, where Salvatore is licensed, apply to prohibit the gifts, even though the gifts are offered in Newworld.

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38^#

发表于 2010-3-31 13:56 | 只看该作者

Don Roberts, a CFA Institute member, resides in Country L, where the securities laws and regulations are less strict than the CFA Institute Code and Standards. Roberts also does business in Country N, which has no securities laws or regulations. Thus, Country N has no laws prohibiting the use of material nonpublic information. Roberts has clients in both Country L and N. Country L's law states that the law of the locality where business is conducted governs. According to CFA Institute Standards of Professional Conduct about the use of material nonpublic information, Roberts may:

A)	take investment action based on this information for clients in both Country N and Country L and for himself.

B)	not take investment action on the basis of this information.

C)	take investment action based on this information only for his clients in Country N but not for his clients in Country L or himself.

Because applicable law states that the law of the locality where the business is conducted governs and local law is less strict than the Code and Standards, the member must adhere to the Code and Standards. Standard II(A) prohibits the use of material nonpublic information.

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39^#

发表于 2010-3-31 13:56 | 只看该作者

An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):

A)	refuse the invitation if the associate is from a firm he analyzes for his employer.

B)	obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.

C)	do both of the actions listed here.

According to Standard I(B) Independence and Objectivity, the analyst should refuse the invitation if it is from a firm the analyst covers for his employer. The analyst can accept the invitation if it is from a client but the analyst must get written consent from his employer if the offer is contingent on future performance, to comply with Standard IV(B) Additional Compensation Arrangements.

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40^#

发表于 2010-6-2 15:15 | 只看该作者

THANKS