Question 16 

A government committee has concluded that investment company fees should be disclosed to clients each quarter and has proposed new legislation to require this. Currently, the legal requirement is to report such data annually. In compliance with current legal requirements, Dolphin Investments discloses its fees annually. Eugene Shin, CFA, Dolphin's compliance officer, learns of the proposed changes but does not convert Dolphin's reporting to a

quarterly basis. Shin's decision not to act:

A) is not a violation of the Code and Standards.

B) constitutes professional misconduct as defined in the Code and Standards.

C) is a violation of his duty to employer as defined in the Code and Standards.

D) is a violation of his responsibilities as a supervisor as defined in the Code and Standards.

Question 17 

A bank trust department has three portfolio managers (Diane Cole, Tomas Bermudez, and Anthony Ring), who have been awarded the right to use the CFA designation, and one other employee (Diane Takao) who has registered for the Level 3 CFA exam. The bank wants to include information about these individuals in a brochure. According to CFA Institute Standards of Professional Conduct, which of the following is the most appropriate use the designation in the brochure? 

A) Anthony Ring is a Chartered Financial Analyst who has had 10 years of experience as a portfolio manager.

B) Diane Takao passed Level 2 of the CFA examination and is currently enrolled to take Level 3.

C) Tomas Bermudez is a CFA-type portfolio manager, who specializes in growth stocks.

D) Diane Cole is one of three CFAs in our trust department.

Question 18 

Midland Investment Banking issues a prospectus for its open-end Midland Gold Fund. In the prospectus, the investment policy is disclosed as, "We will maintain an investment posture of 50% or more in gold stocks and/or bullion, depending upon market conditions." This policy is maintained until the price of gold falls by 20%, leaving the fund 40% invested in gold stocks and bullion. Management decides that since the allocation was affected by market conditions, no action to either change the investment policy or to rebalance the portfolio is required. This decision is: 

A) under the circumstances, not in violation of the Code and Standards.

B) in violation of the Standard concerning disclosure of investment processes.

C) in violation of the Standard concerning fiduciary duties to clients.

D) in violation of the Standard concerning prohibition against misrepresentation.

Question 19 

Given a population of 200, 100, and 300, the coefficient of variation is closest to: 

A) 30%.

B) 60%.

C) 40%.

D) 100%.

Question 20 

The value in 7 years of $500 invested today at an interest rate of 6% compounded monthly is closest to: 

A) $760.

B) $750.

C) $770.

D) $780.

答案和详解如下：

Answer 16 

The correct answer was A) is not a violation of the Code and Standards. 

The potential change in the law is only a proposal at this stage. There is no violation as long as Dolphin is following the regulations currently in force. 

This question tested from Session 1, Reading 2-I, LOS A.

Answer 17 

The correct answer was B) Diane Takao passed Level 2 of the CFA examination and is currently enrolled to take Level 3. 

According to Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program, the CFA and Chartered Financial Analyst designations must always be used as adjectives, never as nouns or common names. The CFA designation should not be altered to create new words or phrases. 

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

Answer 18 

The correct answer was B)  Standard V(B) Communication with Clients and Prospective Clients requires members to disclose "general principles and investment processes" to clients and to "promptly disclose any changes that might significantly affect those processes." Under the Standard, Midland management is required either to: 

  1. rebalance the portfolio in a timely manner so as to maintain compliance with the investment policy or  

  2. communicate an intended change in that policy well in advance of the actual change so as to afford investors time to act prior to the change in investment policy taking place.  

Midland is in violation of the Standard. 

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

Answer 19 

The correct answer was B)

CV = (σ/mean)  mean = (200 + 100 + 300)/3 = 200  σ = √[(200 - 200)² + (100 - 200)² + (300 - 200)² / 3] = √6666.67 = 81.65 (81.65/200) = 40.82% 

This question tested from Session 2, Reading 7, LOS h, (Part 1)

Answer 20 

The correct answer was A) $760. 

PV = -500; N = 7 × 12 = 84; I/Y = 6/12 = 0.5; compute FV = 760.18 

This question tested from Session 2, Reading 5, LOS d, (Part 1)

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