Q4.Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:

A)   immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.

B)   not do anything because to do so would violate his obligation to preserve confidentiality.

C)   not do anything to avoid a violation of fair dealing.

Q5.Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:

A)   is appropriate since Stiles keeps the information in the firm.

B)   is appropriate since Stiles only tells a licensed salesman.

C)   violates the Standard unless the client asks Stiles to tell the licensed salesman.

Q6.Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?

A)   Sending a gift along with the card.

B)   Hiring a company outside the firm to perform the task.

C)   The mere act of sending a birthday card each year.

Q7.Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:

A)   for neither of the reasons listed.

B)   only if Stiles is a relative of the client.

C)   only if Stiles has a special confidentiality agreement with the client.

Q8.While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?

A)   Contact CFA Institute about the determination.

B)   There are no exceptions in this list.

C)   Contact the appropriate governmental authorities about the determination.

答案和详解如下：

Q4.Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:

A)   immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.

B)   not do anything because to do so would violate his obligation to preserve confidentiality.

C)   not do anything to avoid a violation of fair dealing.

Correct answer is B)

Under Standard III(E), members are bound to preserve the confidentiality of information that they receive in the scope of their employment. There is nothing in the information to suggest that any illegal act had occurred. He is, therefore, obligated not to disclose the information to others until it becomes public.

Q5.Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:

A)   is appropriate since Stiles keeps the information in the firm.

B)   is appropriate since Stiles only tells a licensed salesman.

C)   violates the Standard unless the client asks Stiles to tell the licensed salesman.

Correct answer is C)         

According to Standard III(E), Preservation of Confidentiality, Stiles must keep client information confidential and limit the information to those people directly related to servicing the client. Merely working in the same firm does not qualify a person for learning about the client of a fellow analyst.

Q6.Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?

A)   Sending a gift along with the card.

B)   Hiring a company outside the firm to perform the task.

C)   The mere act of sending a birthday card each year.

Correct answer is B)

According to Standard III(E), an analyst should limit the number of persons who have access to clients’ personal information. Allowing a company outside the firm to send birthday cards could be a violation. Sending a birthday card is not a violation, nor is sending a gift of reasonable value.

Q7.Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:

A)   for neither of the reasons listed.

B)   only if Stiles is a relative of the client.

C)   only if Stiles has a special confidentiality agreement with the client.

Correct answer is A)

According to Standard III(E), Preservation of Confidentiality, Stiles may not withhold information under any of the listed reasons. The reason is that CFA Institute will keep the information confidential.

Q8.While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?

A)   Contact CFA Institute about the determination.

B)   There are no exceptions in this list.

C)   Contact the appropriate governmental authorities about the determination.

Correct answer is B)         

Standard III(E) allows an analyst to reveal information about a client to CFA Institute since CFA Institute will keep the information confidential. If the analyst is reasonably certain a law has been violated, an analyst may have an obligation to report the activities to the appropriate authorities. Therefore, neither of the listed actions are exceptions from the analyst’s options.

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