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ibmtracy

[em57]

mayanfang1

答案和详解如下：

Q9. Correct answer is B)

This question is related to Disclosure of Conflicts, Standard VI(A). Black’s relationship with ATX Corporation must be disclosed in the research report because it could impair Black’s ability to make an unbiased judgment. Under the same standard, the position of ATX in the children’s trust fund must be mentioned because it is beneficial ownership that could reasonably impair Wood’s judgment. Even though Wood is the one writing the report, both potential conflicts need to be disclosed since Black is supervising Wood. The fact Black requires Wood to get her approval, which is congruent with Standard IV(C), is simply a routine firm policy that does not need reporting. It is not required to mention that an analyst does not have the CFA designation.

Q10. Correct answer is B)

This question relates to Standard III(A), Loyalty, Prudence, and Care. Black’s fiduciary duty is to the participants and beneficiaries of the pension plan according to ERISA. Black should act in their best interest in managing the funds.

Q11. Correct answer is B)

According to Standard I(A), Knowledge of the Law, members and candidates must know the law and not knowingly assist in breaking the law. When questionable activities occur like Black’s option trading, the best course of action for an associate is distance him/herself and seek legal counsel.

Q12. Correct answer is B)

Wood violated Standard IV(A), Loyalty to Employer by contacting his cousin and advising him because the cousin could potentially be a client for his current firm. Since the friend had said he would not do business with Black, and Wood gave him no instructions, that was not a violation. Note that Standard IV(A) covers competing with an employer, not preparing to compete. Preparing to compete by setting up an office and other related activities are not a violation of the Standards.

Q13. Correct answer is B)

Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, limits the use of the CFA designation to those who have passed all three levels of the CFA Program, have received their charters, and are charter holders in good standing. Wood may not put “CFA (expected 200X)” following his name because it is a violation of the Standard. However, he may state that he is a Level III candidate in the CFA program if he wishes. The printing of the business cards was not a prudent move, but since they are taking care not to distribute them until the appropriate time, no violation has occurred. In some sense, it is like a research report written in advance of an anticipated event. As long as the report is not released until after the event, no violation has occurred.