Q1. The proper system for compliance with CFA Institute Standards and requirements:

A)     should incorporate the professional conduct evaluation of the employees into their performance review.

B)     should incorporate professional conduct evaluation of the employees into their performance review only for those employees who are CFA charterholders.

C)     cannot incorporate the professional conduct evaluation of the employees into their performance review, because not all of the employees are CFA charterholders.

Q2. Dixie Miller, CAIA, and Level II CFA candidate, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subjected to the CFA Institute Code of Ethics and Standards of Professional Conduct. If Miller delegates some of her supervisory duties, which statement best describes her responsibilities under the CFA Institute Code and Standards?

A)   CFA Institute Standards prevent Miller from delegating supervisory duties to subordinates.

B)   Miller retains supervisory responsibilities for those duties delegated to her subordinates.

C)   Miller's supervisory responsibilities do not apply to those subordinates who are not subjected to the CFA Institute Code and Standards.

Q3. For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger:

A)   is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.

B)   is relieved of his obligation to supervise the employees under the mid-level supervisors.

C)   has violated Standard IV(C), Responsibilities of Supervisors.

答案和详解如下：

Q1. The proper system for compliance with CFA Institute Standards and requirements:

A)     should incorporate the professional conduct evaluation of the employees into their performance review.

B)     should incorporate professional conduct evaluation of the employees into their performance review only for those employees who are CFA charterholders.

C)     cannot incorporate the professional conduct evaluation of the employees into their performance review, because not all of the employees are CFA charterholders.

Correct answer is A)

Once a compliance system is established, it should prohibit all employees, including those who are not CFA charterholders, from violating CFA Institute Standards. The incorporation of the professional conduct evaluation into the employee’s performance review is one of the recommended features of the compliance system.

Q2. Dixie Miller, CAIA, and Level II CFA candidate, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subjected to the CFA Institute Code of Ethics and Standards of Professional Conduct. If Miller delegates some of her supervisory duties, which statement best describes her responsibilities under the CFA Institute Code and Standards?

A)   CFA Institute Standards prevent Miller from delegating supervisory duties to subordinates.

B)   Miller retains supervisory responsibilities for those duties delegated to her subordinates.

C)   Miller's supervisory responsibilities do not apply to those subordinates who are not subjected to the CFA Institute Code and Standards.

Correct answer is B)

Even though members may delegate supervisory duties, such delegation does not relieve members of the supervisory responsibility.

Q3. For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger:

A)   is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.

B)   is relieved of his obligation to supervise the employees under the mid-level supervisors.

C)   has violated Standard IV(C), Responsibilities of Supervisors.

Correct answer is A)

Berger has not violated any of the Standards. He has the right to delegate supervisory duties. This delegation does not relieve him of the responsibility of making sure that procedures are in place to prevent violations of the Code and Standards.