答案和详解如下： Q6. Which of the following is least accurate regarding the promotional announcement of Patel passing the Level 3 exam? A) The promotional announcement uses the letters “CFA” as a noun and hence is an improper use of the designation. B) The announcement violates the Code of Ethics because it implies that obtaining a CFA charter leads to superior performance. C) The fact that a promotional announcement was made violates the restrictions on misrepresenting the meaning of the CFA designation. Correct answer is C) An announcement that a member of a firm has received the right to use the CFA® designation is not a violation of the Code or Standards. However, Standard VII(B) requires that any reference to the Charter must not misrepresent or exaggerate the meaning or implications of the CFA designation. A Charterholder cannot claim that holding a Charter leads to superior performance results. The letters “CFA” can only be used as an adjective (never a noun, as in “he is a CFA”). Finally, passing all three exams does not give one the right to use the designation. All criteria must be met (e.g., experience requirements) before Patel can use the designation. Q7. With respect to the choice of broker, did Patel violate any CFA Institute Standards of Professional Conduct? A) Yes, since Patel is obligated to seek the best possible price and execution for all clients. B) Yes, since Patel failed to properly notify Singh that using TradeRight would lead to higher commissions and opportunity costs. C) No. Correct answer is C) Since Singh directed Patel to use TradeRight, this should be considered client-directed brokerage. While Patel should inform Singh of the implications of that choice, Patel has no option but to follow the client’s direction according to Standard III(A) Loyalty, Prudence, and Care. Singh was fully aware of the fees charged by TradeRight relative to other brokerage firms and elected to use TradeRight anyway. Investment managers are obligated to seek the best price and execution in the absence of client direction. Q8. According to CFA Institute Standards of Professional Conduct, when a client asks her portfolio manager to change the current investment strategy of the client’s portfolio, the manager should: A) explain the implications of the new strategy after the member manager implements the strategy. B) examine whether the strategy is appropriate for the client and explain the implications of the new strategy before implementing the strategy. C) obey the client's request without question. Correct answer is B) According to Standard III(C), Suitability, the member manager must determine that an investment is suitable given the client’s objectives/constraints and within the context of the client’s total portfolio. In this case, the member manager must examine the new strategy to see if it is appropriate for the client, even if the client asked for the change. The member should also explain the implications of the strategy to avoid any misrepresentations that may result from omitting details. Q9. Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. One of the clients gets married and the assets of the new spouse and the client are combined. With the larger portfolio of the now married client, Hatfield determines that they can assume a higher level of risk and begins a change in the policy concerning that portfolio. Which of the following would violate Standard III(C), Suitability? A) Implement a similar policy for the other client who did not just get married. B) Assess the return objectives of the newly married client and his spouse. C) Assess the time horizon of the newly married client and his spouse. Correct answer is A) According to Standard III(C), Suitability, the analyst must assess the time horizon, return objectives, tax considerations, and liquidity needs of a client before changing an investment policy. The analyst must notify the client of the new policy. Implementing the policy for the other client may be a violation of the Standard unless that client’s needs are totally reassessed and determined to be identical to the needs of the newly married client. | 
发表于 2009-1-8 15:30
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