答案和详解如下： Q5. In order for Clampett Securities to claim compliance with CFA Institute Soft Dollar Standards, the company must: A) re-evaluate mixed-use research at least once a year. B) comply with all recommended provisions of the Soft Dollar Standards. C) send all purchased research to the client whose brokerage was used to pay for it. Correct answer is A) Mixed-use research must be evaluated at least annually. Companies that claim soft-dollar compliance must follow the mandatory provisions, but can forgo some of the recommended provisions. If research only benefits some clients, it is acceptable to use just their brokerage to pay for it. The Standards do not require sending research to clients. Q6. When Jones produced the research report on Sunrise Technologies before it went public, she violated: A) Standard V(A): Diligence and Reasonable Basis because her research was not thorough, and Standard I(B): Independence and Objectivity because of her obedience to her CEO. B) Standard V(B): Communication with Clients and Prospective Clients by leaving relevant facts out of the report, but not Standard III(A): Loyalty, Prudence, and Care because the CEO cannot pass his fiduciary duty on to her. C) Standard I(B): Independence and Objectivity because of her obedience to her CEO, and Standard II(A): Material Nonpublic Information because of Karloff’s involvement. Correct answer is A) Jones’ research was not thorough, and her report did leave out salient facts. Thus, she violated Standards V(A) and V(B). Her objectivity was certainly in question, so she violated Standard I(B). She also has a fiduciary duty to the clients regardless of what the boss says, so she violated Standard III(A). No nonpublic information was used in this report, so Standard V(A) was not violated. Q7. A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of: A) Standard V(A), Diligence and Reasonable Basis. B) Standard III(C), Suitability. C) none of the Standards listed here. Correct answer is C) The money manager has done his duty. He has warned the client of the risk and made no explicit promises concerning what he can and cannot do. Q8. In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must: A) do both of these. B) have a reasonable and adequate basis for the recommendation. C) support a recommendation with appropriate research and investigation. Correct answer is A) Both of these are explicitly required by Standard V(A). Q9. An analyst has found an investment with what appears to be a great return-to-risk ratio. The analyst double-checks the data for accuracy, keeps careful records, and is careful to not make any misrepresentations as he simultaneously sends an e-mail to all his clients with a “buy” recommendation. According to Standard V(A), Diligence and Reasonable Basis, the analyst has: A) fulfilled all obligations. B) violated the Standard if he does not verify whether the investment is appropriate for all the clients. C) violated the Standard by communicating the recommendation via e-mail. Correct answer is A) If the analyst had been an investment manager, it would have been inappropriate for him to make a blanket recommendation for all of his clients without considering the unique needs of each. However, the analyst is merely stating that given the qualities of the investment, it is an attractive buy. He has kept adequate records, and made fair disclosure of his rating decision. | 
发表于 2009-1-12 17:02
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