1、An analyst receives a research report from a colleague. The colleague’s report has an elaborate table with performance data on publicly traded stocks. The colleague says the data in the table consists of measures provided by Standard & Poor’s. The analyst finds the table a useful reference for a report she is writing. She uses several pieces of data from the table. The analyst is potentially in violation of:

A)   no particular standard because this is appropriate activity.

B)   Standard II concerning the obligations to the capital markets.

C)   Standard I(C) concerning the use of the work of others.

D)   Standard V(A) if she does not first verify the data in the table is accurate.

2、Susan Plumb is the supervisor of her firm’s research department. Her firm has been seeking the mandate to underwrite Wings Industries’ proposed secondary stock offering. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report. After reasonable effort, Dawson produces a favorable report on Wings stock. Plumb then adds a footnote describing the underwriting relationship with Wings and disseminates the report to the firm’s clients. According to CFA Institute Standards of Professional Conduct, these actions are:

A)   a violation of Standard V(A), Diligence and Reasonable Basis.

B)   a violation of Standard VI(A), Disclosure of Conflicts.

C)   a violation of Standard IV(A), Loyalty to Employer.

D)   not a violation of any Standard.

3、In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must:

A)   do all of these.

B)   have a reasonable and adequate basis for the recommendation.

C)   support a recommendation with appropriate research and investigation.

D)   exercise independence and thoroughness.

4、Bill Fox, CFA, has been preparing a research report on New London Wire and Cable, one of his major investment clients. He had completed much of his analysis and had planned on having his report typed and bound today. Unfortunately, his briefcase was stolen while he ate breakfast, and he lost all his notes and working papers. The lost materials included his notes from management interviews, conversations with suppliers and competitors, dates of company visits, and his computer diskette containing much of his quantitative analysis. Fox's client needs this report tomorrow. In a panic, Fox called New London's vice president of finance and was faxed a copy of the company's most recent financial projections. Fox remembered that his own analysis showed that management's estimates were too high. He did not remember the exact amount, so he revised New London's figures downward 10 percent. Fox also incorporated some charts and graphs on New London from a research report he had received last week from a small regional research firm and used some information from a Standard & Poor's reference work. With the help of his secretary, a Xerox machine, and some creative word processing, Fox got the report done in time for the evening Fedex pick up. On the way home from the office that night, Fox wondered if he had violated any CFA Institute Standards of Professional Conduct. Fox has:

A)   violated none of the Standards.

B)   violated the requirement to have a reasonable basis for a recommendation, the prohibition against plagiarism, and the requirement to maintain appropriate records.

C)   violated the requirement to have a reasonable basis for a recommendation.

D)   violated the requirement to have a reasonable basis for a recommendation and the prohibition against plagiarism.

5、Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:

A)   violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.

B)   has violated CFA Institute Standards of Professional of Conduct because she did not have a reasonable and adequate basis for making this recommendation.

C)   is in full compliance with CFA Institute Standards of Professional Conduct.

D)   has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.

答案和详解如下：

1、An analyst receives a research report from a colleague. The colleague’s report has an elaborate table with performance data on publicly traded stocks. The colleague says the data in the table consists of measures provided by Standard & Poor’s. The analyst finds the table a useful reference for a report she is writing. She uses several pieces of data from the table. The analyst is potentially in violation of:

A)   no particular standard because this is appropriate activity.

B)   Standard II concerning the obligations to the capital markets.

C)   Standard I(C) concerning the use of the work of others.

D)   Standard V(A) if she does not first verify the data in the table is accurate.

The correct answer was D)

Since the data in the table supposedly comes from Standard & Poor’s, a recognized data source, the analyst does not have to cite the source of the data. However, the analyst needs to use reasonable care and verify that the data is accurate by going back to the source. Had the analyst printed the table prepared by her colleague without acknowledgement, the analyst would have violated Standard I(C), Misrepresentation.

2、Susan Plumb is the supervisor of her firm’s research department. Her firm has been seeking the mandate to underwrite Wings Industries’ proposed secondary stock offering. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report. After reasonable effort, Dawson produces a favorable report on Wings stock. Plumb then adds a footnote describing the underwriting relationship with Wings and disseminates the report to the firm’s clients. According to CFA Institute Standards of Professional Conduct, these actions are:

A)   a violation of Standard V(A), Diligence and Reasonable Basis.

B)   a violation of Standard VI(A), Disclosure of Conflicts.

C)   a violation of Standard IV(A), Loyalty to Employer.

D)   not a violation of any Standard.

The correct answer was  D)

The fact that the firm is seeking the mandate does not preclude the research department from performing analytical work on the security. As long as the final recommendation is based upon reasonable facts, not the desire to obtain the mandate, there is no violation.

3、In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must:

A)   do all of these.

B)   have a reasonable and adequate basis for the recommendation.

C)   support a recommendation with appropriate research and investigation.

D)   exercise independence and thoroughness.

The correct answer was A)

All of these are explicitly required by Standard V(A).

4、Bill Fox, CFA, has been preparing a research report on New London Wire and Cable, one of his major investment clients. He had completed much of his analysis and had planned on having his report typed and bound today. Unfortunately, his briefcase was stolen while he ate breakfast, and he lost all his notes and working papers. The lost materials included his notes from management interviews, conversations with suppliers and competitors, dates of company visits, and his computer diskette containing much of his quantitative analysis. Fox's client needs this report tomorrow. In a panic, Fox called New London's vice president of finance and was faxed a copy of the company's most recent financial projections. Fox remembered that his own analysis showed that management's estimates were too high. He did not remember the exact amount, so he revised New London's figures downward 10 percent. Fox also incorporated some charts and graphs on New London from a research report he had received last week from a small regional research firm and used some information from a Standard & Poor's reference work. With the help of his secretary, a Xerox machine, and some creative word processing, Fox got the report done in time for the evening Fedex pick up. On the way home from the office that night, Fox wondered if he had violated any CFA Institute Standards of Professional Conduct. Fox has:

A)   violated none of the Standards.

B)   violated the requirement to have a reasonable basis for a recommendation, the prohibition against plagiarism, and the requirement to maintain appropriate records.

C)   violated the requirement to have a reasonable basis for a recommendation.

D)   violated the requirement to have a reasonable basis for a recommendation and the prohibition against plagiarism.

The correct answer was B)    

New London's report is potentially self serving, so Fox did not exercise diligence or have an adequate basis for his recommendation. In addition, Fox did not acknowledge his source of the charts and graphs. Finally, he did not maintain adequate records.

5、Peggy Green, CFA, is a research analyst following Brown Co. All the information she has gathered suggests the stock should be rated a weak "hold." During a recent lunch, Green overheard another analyst say that the stock should be rated a "buy." Green returns to her office and issues a "buy" recommendation. Green:

A)   violated CFA Institute Standards of Professional Conduct because she did not seek approval of the change from her firm's compliance director.

B)   has violated CFA Institute Standards of Professional of Conduct because she did not have a reasonable and adequate basis for making this recommendation.

C)   is in full compliance with CFA Institute Standards of Professional Conduct.

D)   has violated CFA Institute Standards of Professional Conduct because she failed to distinguish between fact and opinion.

The correct answer was B)    

Analysts are required to have a reasonable and adequate basis, supported by appropriate research and investigation, for their recommendations.