21、Bob Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements would turn losses into profits. Smith confers with the firm's legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantic's chief operating executive, to change the financial statements, but she refuses to do so. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes what Smith should do in this situation? A) Smith should promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities. B) Smith should immediately make CFA Institute aware of the situation at Atlantic. C) Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation. D) Smith does not have to take any additional action because he is not one of the firm's paid employees. The correct answer was A) Smith should disassociate from any illegal activity by resigning as a director or by reporting the activities to appropriate authorities. Inaction combined with continuing association with Atlantic's illegal conduct may be construed as participation, or assistance, in the illegal conduct. 22、Janet Green, CFA, provides investment advice and other services to clients in several countries. She resides in Country A whose securities laws and regulations are less strict than the Code and Standards. She also conducts business with clients in Country B, which has no securities laws or regulations, and in Country C, which has securities laws and regulations that are stricter than the Code and Standards. Which of the following statements is TRUE? According to CFA Institute Standards of Professional Conduct, Green must adhere to the Code and Standards in: A) Country A but the law in Country B and Country C. B) Country B but the law in Country A and Country C. C) Country A, Country B, and Country C. D) Country A and Country B but the law in Country C. The correct answer was D) Green needs to follow Standard I(A) -- Knowledge of the law. In Country A, Green must adhere to the Code and Standards because Country A’s laws are less strict. In Country B, Green must also adheres to the Code and Standards because Country B has no securities laws. Because Country C’s applicable law is stricter than the requirements of the Code and Standards, Green must adhere to the laws of Country C. 23、Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the Code and Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets consent from his immediate supervisor at Mega to undertake this independent activity for a one-month trial basis. Which of the following statements about Blackwell’s actions involving Standard I, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell: A) did not violate either Standard I or Standard IV(A). B) violated both Standard I and Standard IV(A). C) did not violate Standard I but violated Standard IV(A). D) violated Standard I but did not violate Standard IV(A). The correct answer was D) Blackwell violated Standard I, Professionalism. Because the applicable laws were stricter than the Code and Standards, he must adhere to the more strict applicable law. 24、Josh LeBlanc, a CFA charterholder, is an investment analyst for a small stock brokerage firm. He wants to acquire and maintain knowledge about applicable laws, rules, and regulations relating to his professional activities. According to the CFA Institute Standards of Professional Conduct, which of the following ways is least likely to meet compliance procedures? A) Review written compliance procedures on a regular basis. B) Rely on past practices followed within his firm. C) Maintain current files on applicable statues, rules, and regulations. D) Keep informed about changes in applicable laws, rules, and regulations. The correct answer was B) LeBlanc should follow the compliance procedures under Standard IA -- Knowledge of the law. Relying on his firm’s past practices may be insufficient for LeBlanc to stay current with changes in applicable laws, rules, and regulations. 25、Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee, CFA, who researches Japanese stocks. Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in: A) both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct. B) the U.S., but not Japan, and the CFA Institute Standards of Professional Conduct. C) Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct. D) both the U.S. and Japan and the CFA Institute Standards of Professional Conduct. The correct answer was D) Members who work for foreign-based firms are required to apply the stricter of the foreign (here, U.S.) law, the domestic (here, Japanese) law, or CFA Institute standards. | 
发表于 2008-4-16 15:50
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