Q1. 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.

Q2. According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   Both of these.

B)   A graduate degree.

C)   An in-depth knowledge of the Code and Standards.

Q3. A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

B)   only send out a petition to fellow workers asking for a change in the procedures.

C)   both submit a petition to fellow workers and inform the SEC.

Q4. Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:

A)   issue periodic reminders of the procedures to all analysts under his supervision.

B)   disseminate the contents of the compliance program to the eight analysts.

C)   incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.

Q5. A firm recently hired Jill Taylor to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to:

A)   neither of these choices.

B)   rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards.

C)   review the compliance system for its adequacy.

答案和详解如下：

Q1. 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.

Q2. According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   Both of these.

B)   A graduate degree.

C)   An in-depth knowledge of the Code and Standards.

Correct answer is C)         

The only requirement for a supervisor is an in-depth knowledge of the Code and Standards. Neither of the other choices are required.

Q3. A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:

A)   refuse supervisory responsibilities in writing until the company adopts an adequate system.

B)   only send out a petition to fellow workers asking for a change in the procedures.

C)   both submit a petition to fellow workers and inform the SEC.

Correct answer is A)

If Crane believes the current procedures are not adequate, Crane must refuse the supervisory responsibilities in writing until an adequate system is adopted. There is nothing in the Standards about circulating a petition.

Q4. Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:

A)   issue periodic reminders of the procedures to all analysts under his supervision.

B)   disseminate the contents of the compliance program to the eight analysts.

C)   incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.

Correct answer is C)

Green should incorporate a professional conduct evaluation as part of his review of all eight analysts under his supervision, not just the three CFA charterholders.

Q5. A firm recently hired Jill Taylor to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to:

A)   neither of these choices.

B)   rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards.

C)   review the compliance system for its adequacy.

Correct answer is C)

According to Standard IV(C), Responsibilities of Supervisors, Taylor must make reasonable efforts to detect violations of law, rules, regulations, and Code and Standards. This responsibility is not eliminated because the Taylor’s subordinates are CFA Charterholders. Taylor should review the compliance system and report any inadequacies to senior management.

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