66、Greg Allen is a security analyst and visits David Dawson, the Chief Financial Officer of Edmonds Company. Dawson reveals a great deal of nonmaterial financial data to Allen, data that Dawson routinely reveals to all security analysts who visit him. From this data and other industry information, Allen conjectures that Edmonds is likely to make a tender offer for another company in the industry, a fact that if true would be considered material to the value of the company. Allen:

A)   can publish his conclusion in a research report.

B)   should send a copy of the report to Dawson for verification before disseminating the report to clients.

C)   must not disseminate the information or use it for trading purposes until the tender offer is announced.

D)   can trade in the stock, but must not publish the information until the tender offer is announced.

A)   can answer the question orally but cannot state the numbers in writing.

B)   cannot answer the question, nor can she discuss potential future market returns with the prospective client.

C)   must surrender her Charter immediately.

D)   cannot answer the question because it would be misleading.

A)   All performance results that are presented must comply with the CFA Institute Global Investment Performance Standards.

B)   The firm must present an historical composite.

C)   The firm must comply with the CFA Institute Global Investment Performance Standards only if it states that it follows the Standards.

D)   The firm can only use sub-advisors who comply with the CFA Institute Global Investment Performance Standards.

A)   violating the Standards by not considering the appropriateness of the recommendations to clients.

B)   violating the Standards by not having a reasonable and adequate basis for his investment recommendation.

C)   violating the Standards by not being objective.

D)   not violating the Standards.

A)   violated the Standards by soliciting business over the Internet.

B)   violated the Standards by stating she has a CFA designation over the Internet.

C)   not violated the Standards.

D)   violated the Standards by misrepresenting her experience.

答案和详解如下：

66、Greg Allen is a security analyst and visits David Dawson, the Chief Financial Officer of Edmonds Company. Dawson reveals a great deal of nonmaterial financial data to Allen, data that Dawson routinely reveals to all security analysts who visit him. From this data and other industry information, Allen conjectures that Edmonds is likely to make a tender offer for another company in the industry, a fact that if true would be considered material to the value of the company. Allen:

A)   can publish his conclusion in a research report.

B)   should send a copy of the report to Dawson for verification before disseminating the report to clients.

C)   must not disseminate the information or use it for trading purposes until the tender offer is announced.

D)   can trade in the stock, but must not publish the information until the tender offer is announced.

The correct answer was A)  

Releasing information to analysts does not constitute a public release of information. Dawson's information should be considered nonpublic until it is released to the public. Allen has used this information, along with other industry information, to come to his conclusion of a pending tender offer which he can use to trade upon based on the mosaic theory.

67、Brenda Clark is an investment advisor. Two years ago Clark decided to stop calculating a return composite because of the time required to make those calculations. A prospective client asks Clark what she thinks her performance would have been over the past two years. Clark:

A)   can answer the question orally but cannot state the numbers in writing.

B)   cannot answer the question, nor can she discuss potential future market returns with the prospective client.

C)   must surrender her Charter immediately.

D)   cannot answer the question because it would be misleading.

The correct answer was D)  

Any discussion of past performance would imply that Clark had made some calculations, which would be misleading. However, Clark need not calculate historical performance to be an advisor. She can also talk about her view on the future of capital markets.

68、If the Chief Investment Officer of an investment advisory firm also is a CFA charterholder, which of the following statements is TRUE?

A)   All performance results that are presented must comply with the CFA Institute Global Investment Performance Standards.

B)   The firm must present an historical composite.

C)   The firm must comply with the CFA Institute Global Investment Performance Standards only if it states that it follows the Standards.

D)   The firm can only use sub-advisors who comply with the CFA Institute Global Investment Performance Standards.

The correct answer was C)  

Global Investment Performance Standards (GIPS) are the best way to comply with the Standard on performance presentation; however, adoption of GIPS is voluntary.

69、Scott LaRue is a portfolio manager for Washington Advisors. Washington has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the Washington model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The director of research frequently alters the model based on rigorous research—an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are indicated as "buys" by the model. La Rue feels the model would be improved by adding some factors but he has not fully tested this new version of the model. LaRue discloses his model to his own clients but not to his supervisor. LaRue is:

A)   violating the Standards by not considering the appropriateness of the recommendations to clients.

B)   violating the Standards by not having a reasonable and adequate basis for his investment recommendation.

C)   violating the Standards by not being objective.

D)   not violating the Standards.

The correct answer was B)

The ad hoc model is not part of the formal research process and does not formulate an adequate basis for a recommendation.

70、Jennifer Gates is an individual portfolio manager who only uses mutual funds for her clients; she has therefore never created a portfolio of stocks. She enters an Internet chat room on investments and starts answering questions about investments. She states in the chat room that she has a CFA designation. One woman in particular is interested and questions her about the viability of creating her own stock portfolio. Gates feels that this would be a mistake because she only has $150,000 to invest, and states, "I have experience creating stock portfolios, and it does not make sense to do so with only $150,000." The woman she has chatted with sends her an e-mail and eventually becomes a client of hers. Gates has:

A)   violated the Standards by soliciting business over the Internet.

B)   violated the Standards by stating she has a CFA designation over the Internet.

C)   not violated the Standards.

D)   violated the Standards by misrepresenting her experience.

The correct answer was D)  

One cannot misrepresent their experience, even over the Internet.