答案和详解如下： Answer 1 The correct answer was B) I: Professionalism Yes Lance’s response to Cunningham’s question is covered under Standard I(A) – Professionalism, which requires members to maintain knowledge of and comply with applicable laws and regulations (including the CFA Institute’s Code of Ethics and Standards of Professional Conduct). In this case, Lance specifically references the requirements of securities laws not to discuss IMed’s performance in advance of the quarterly conference call. If he had done so, he would have disclosed material nonpublic information. In addition, Standard I(A) prohibits Lance from knowingly participating or assisting in any violation of such laws. If Lance had responded in any other way to Cunningham’s question he would potentially have assisted Cunningham in violating Standard II(A), Material Nonpublic Information. This question tested from Session 1, Reading 2-I, LOS A.
Answer 2 The correct answer was B) Even though Mell had Allen’s permission to tell prospects that Allen was a client, Mell violated Standard III(E) – Preservation of Confidentiality by disclosing Allen’s financial details. Mell did not guarantee an investment performance for the prospect and thus did not violate Standard I(C) – Misrepresentation. (However, under Standard III(D) – Performance Presentation, Mell’s statement is most likely inadequate for representing reasonably expected performance.) This question tested from Session 1, Reading 2-III, LOS E.
Answer 3 The correct answer was D) must notify his employer of the types of service to be rendered, the expected duration, and the expected compensation. According to Standard IV(A), Loyalty to Employer, a CFA Institute member, undertaking independent practice that could result in compensation or other benefit, must notify his employer of the types of service to be rendered, the expected duration, and the expected compensation. This question tested from Session 1, Reading 2-IV, LOS A.
Answer 4 The correct answer was C) Waiting for a down day in the market to release a ratings downgrade to maximize its impact on a stock’s price. Timing the release of a ratings downgrade for maximum price impact is an attempt to distort market pricing and violates Standard II(B) – Market Manipulation. A limit buy order (an order to buy a stock placed below its current price) does not suggest market manipulation. Transactions carried out for tax purposes are not prohibited by Standard II(B). The Standard prohibits members from disseminating false or misleading information, but not from disseminating factual information as long as the intent is not to distort market pricing or mislead market participants. This question tested from Session 1, Reading 2-II, LOS B.
Answer 5 The correct answer was C) Standard III(C), Suitability, requires members to update a client’s financial situation and investment objectives regularly. Wilmer’s account has existed for more than three years, and an update is long overdue. Generally offering to do an update is not sufficient to meet this expectation. This question tested from Session 1, Reading 2-III, LOS C.
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发表于 2008-11-14 15:46
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