Question 1

According to CFA Institute's Standards of Professional Conduct, members shall not knowingly participate or assist in legal and ethical violations. An analyst:

A)    must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law.

B)   is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.

C)   is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it.

D)   is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.

Question 2

When a local or country-specific law conflicts with Global Investment Performance Standards (GIPS), a firm that wishes to present GIPS-compliant performance must:

A)    comply with local law and may not claim compliance with GIPS.

B)   comply with local law and disclose the conflict.

C)   comply with GIPS or local law, whichever is stricter.

D)   present its performance to domestic clients according to local law, but must present GIPS-compliant performance to foreign clients.

Question 3

Which of the following statements about the CFA Institute’s Professional Conduct Program (PCP) is least accurate?

A)    PCP staff may initiate an inquiry based on a written complaint against a member, evidence of misconduct received through public sources, a report by a CFA Exam proctor, or self-disclosure by a member.

B)   Possible sanctions include condemnation by a member’s peers or suspension of a candidate’s participation in the CFA Program.

C)   Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.

D)   If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.

Question 4

Recommended procedures for compliance with Standard IV(C), Responsibilities of Supervisors, are least likely to include:

A)    designating a compliance officer and defining the officer's authority and responsibility.

B)   outlining permissible conduct.

C)   providing for mechanisms to report violations to the regulatory authorities.

D)   writing clear and easy-to-understand compliance procedures and distributing them to the proper employees.

Question 5

Jason Jones, a stock broker who has completed Level 1 of the CFA program and is registered for Level 2, may:

A)    use the CFA designation since he has passed the Level 1 exam.

B)   claim the partial designation that CFA Institute allows for those who have partially completed the program.

C)   refer to his participation in the CFA program but must state that he is a Level 2 candidate in the program.

D)   only mention that he is involved in the CFA program when he has passed all three levels.

[此贴子已经被作者于2008-11-8 14:31:04编辑过]

Question 1

According to CFA Institute's Standards of Professional Conduct, members shall not knowingly participate or assist in legal and ethical violations. An analyst:

A)    must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law.

B)   is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.

C)   is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it.

D)   is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.

The correct answer was C) is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it.

If you suspect someone is planning or engaging in illegal activities you should:

1. Determine the legality of the activities. Consult your supervisor and legal counsel.

2. Take appropriate action. Dissociate, attempt to persuade the perpetrator to stop. CFA Institute does not require you to report them to the authorities, but the law might.

This question tested from Session 1, Reading 2, LOS a, b, c

Question 2

When a local or country-specific law conflicts with Global Investment Performance Standards (GIPS), a firm that wishes to present GIPS-compliant performance must:

A)    comply with local law and may not claim compliance with GIPS.

B)   comply with local law and disclose the conflict.

C)   comply with GIPS or local law, whichever is stricter.

D)   present its performance to domestic clients according to local law, but must present GIPS-compliant performance to foreign clients.

The correct answer was B) comply with local law and disclose the conflict.

When local law conflicts with GIPS, the firm must comply with local law and disclose the conflict in its performance presentation.

This question tested from Session 1, Reading 4, LOS a, (Part 1)

Question 3

Which of the following statements about the CFA Institute’s Professional Conduct Program (PCP) is least accurate?

A)    PCP staff may initiate an inquiry based on a written complaint against a member, evidence of misconduct received through public sources, a report by a CFA Exam proctor, or self-disclosure by a member.

B)   Possible sanctions include condemnation by a member’s peers or suspension of a candidate’s participation in the CFA Program.

C)   Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.

D)   If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.

The correct answer was D) If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.

A member can accept or reject a disciplinary sanction proposed by the Designated Officer. If the member rejects the sanction, the matter is referred to a hearing by a panel of CFA Institute members. The other statements are accurate.

This question tested from Session 1, Reading 1, LOS a

Question 4

Recommended procedures for compliance with Standard IV(C), Responsibilities of Supervisors, are least likely to include:

A)    designating a compliance officer and defining the officer's authority and responsibility.

B)   outlining permissible conduct.

C)   providing for mechanisms to report violations to the regulatory authorities.

D)   writing clear and easy-to-understand compliance procedures and distributing them to the proper employees.

The correct answer was C) providing for mechanisms to report violations to the regulatory authorities.

Providing for mechanisms to report violations to the regulatory authorities is not among the recommended procedures for compliance with Standard IV(C) Responsibilities of Supervisors.

This question tested from Session 1, Reading 2-IV, LOS C.

Question 5

Jason Jones, a stock broker who has completed Level 1 of the CFA program and is registered for Level 2, may:

A)    use the CFA designation since he has passed the Level 1 exam.

B)   claim the partial designation that CFA Institute allows for those who have partially completed the program.

C)   refer to his participation in the CFA program but must state that he is a Level 2 candidate in the program.

D)   only mention that he is involved in the CFA program when he has passed all three levels.

The correct answer was C) refer to his participation in the CFA program but must state that he is a Level 2 candidate in the program.

Jason may refer to his participation in the program but must state that he is a candidate and specify the level of the exam for which he is registered. There is no partial designation.

This question tested from Session 1, Reading 2-VII, LOS B.

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