R90 练习: 职业伦理规范与行为准则
考纲范围
- 描述 CFA 协会职业行为调查流程 (Professional Conduct Program)
- 解释 Code of Ethics 与 Standards of Professional Conduct 的结构与内容
- 理解 Professional Conduct Statement (PCS) 的披露要求
Q1.
Adam Davis, CFA, is the general manager of Nextera Energy. He is under investigation by the compliance department for an anonymous complaint about Davis’ fraudulent expenses for senior management related to a government program. According to the CFA Institute Code and Standards, Davis should most likely disclose the complaint:
A. to CFA Institute if the accusation is proven to be true.
B. to CFA Institute when the result of the investigation comes out.
C. on his annual Professional Conduct Statement.
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答案：C
解析：本题考查 Code of Ethics 中 Professional Conduct Statement (PCS) 的披露要求。会员和考生如果在过去一年中涉及了违法违规的行为或者因此被调查，即使这些行为不属实，也需要将相关情况在年度职业行为陈述表中披露。
选项 判断 解析 A ✗ 无论指控是否被证实属实，都需要在 PCS 中披露，而不是等确认后才向 CFA 协会披露 B ✗ 不是在调查结果出来以后才向 CFA 协会披露，而是在年度 PCS 中及时披露 C ✓ 会员和考生必须在年度 PCS 中披露所有涉及违法违规行为或被调查的情况，无论结果如何
Q2.
SBS Bank (SBS) serves as a custody bank for a wide range of clients. SBS offers a variety of services to its clients, including custody, clearing, payment, settlement, and record keeping. SBS charges its clients an asset-based fee for these services. Pursuant to the bank’s client agreement, custody clients agree to reimburse the bank for out-of-pocket expenses for items paid by the custodian on their behalf. The majority of these expenses are for messages sent via the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a secure messaging network used by banks and other financial institutions. Although SBS charges custody clients an established rate for SWIFT messages, the rate is greater than the actual cost of providing this service.
Mandracken, CFA, a vice president at SBS who oversees client service responsibilities, recognizes this discrepancy and brings it to the attention of his supervisor. In an email, Mandracken states that “although disclosure of charging for SWIFT fees is noted in the clients’ fee schedules, the fees have always included an increase over actual cost, so the charge to clients is not a true pass-through because we add a margin.”
Mandracken’s supervisor instructs him to reduce the SWIFT fee rate for new clients and to revisit the rate for existing clients when their contracts are renewed.
To meet his obligations under the CFA Institute Code and Standards, Mandracken should
A. implement the corrective procedures as directed by his supervisor.
B. implement the corrective procedures as directed by his supervisor, but report his objections to the bank’s board of directors.
C. refuse to participate in any client interactions using the fee schedule until the bank revises the SWIFT rate to reflect the actual cost of the service.
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答案：C
Mandracken 发现 SWIFT 费用高于实际成本，虽然已向上级反映，但上级仅要求对新客户降低费率、对现有客户在续约时才调整。这不足以解决当前对现有客户的不公正收费问题。根据 Code and Standards，Mandracken 应拒绝参与使用该不公正收费表的客户交互，直到银行将 SWIFT 费率修正为反映实际成本。
Q3.
Pellie, CFA, is CEO of Kwaume Investment Group (KIG), an investment adviser that is a wholly owned subsidiary of Kwaume Bank. A longtime bank customer that Pellie and some of the bank’s board members know personally recently opened an investment account at KIG with a stated investment objective of earning income. The client made a few investments over the course of the next year, but most of the activity in the account involved several hundred bank transactions that totaled 84 million in withdrawals. The transactions included electronic transfers to and from individuals and entities located in bank secrecy havens and countries identified by the government as at risk for money-laundering activity. Pellie knew that the client was engaged in international business pursuits involving transactions with a higher risk potential for corruption and bribery.
Given the client’s longstanding relationship with the bank, Pellie assumes the transactions have a legitimate business purpose and accepts vague descriptions, such as “for services provided,” “consulting fees,” and “commissions.”
When he receives the daily anti-money-laundering (AML) reports, which are required by law when transactions trigger red flags of potentially suspicious activity, he approves them without further inquiry.
Pellie’s actions are
A. a violation of the CFA Institute Code and Standards.
B. appropriate because Pellie is protecting the confidentiality of client information.
C. appropriate because Pellie can rely on the account’s clearing firm to report suspicious activity for the account.
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答案：A
Pellie 作为 CEO，面对明显的洗钱红旗信号（大量资金进出、涉及银行保密天堂国家、模糊的交易描述），仅因客户与银行的长期关系就假定交易合法，且未经进一步调查就批准 AML 报告。这违反了 CFA Institute Code and Standards 中关于合规（Knowledge of the Law）的要求，成员不能以保护客户信息保密性为由忽视法律义务。
Q4.
Mwangi, CFA, works for a firm that sells insurance products. Three of Mwangi’s clients purchase one type of product (Class A) but later change their minds and ask to switch to another, lower priced product (Class B).
For Mwangi to complete the transaction, the law requires that she have her clients sign new sale and purchase documents for the Class B product. Given that not all the documents are ready for signing at the time of the clients’ request, Mwangi advises her clients to wait to sign until the complete set of documents has been prepared. When the full set of documents is ready, Mwangi tries unsuccessfully to reach her clients for their signatures.
Because of the missing signatures, Mwangi’s manager threatens to cancel the exchange, which, because of other investment purchases, would place the clients’ accounts into an overdraft position. Under the firm’s policies, account shortfalls are covered by selling account assets once the shortfall has been outstanding for two weeks.
To prevent this from happening, Mwangi signs the necessary documents on behalf of her clients.
Mwangi’s actions are
A. a violation of the CFA Institute Code and Standards.
B. acceptable because her clients had already given their permission for the exchange to be made.
C. acceptable if the clients gave Mwangi explicit permission to sign the documents on their behalf.
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答案：A
尽管 Mwangi 的出发点是保护客户利益（避免账户透支和资产被卖出），但法律要求客户本人签署文件。Mwangi 代替客户签署文件违反了法律规定，也违反了 CFA Institute Code and Standards。即使客户已口头同意转换产品，未经明确书面授权代签仍构成违规。
Q5.
Which of the following is a most likely correct statement of a member’s or candidate’s duty under the Code and Standards?
A. In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member’s or candidate’s actions.
B. A member or candidate is required to comply only with applicable local laws, rules, regulations, or customs, even though the Code and Standards may impose a higher degree of responsibility or a higher duty on the member or candidate.
C. A member or candidate who trades securities in a securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on material nonpublic information.
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答案：A
当没有具体适用的法律或监管要求时，Code and Standards 将约束成员或候选人的行为。成员应遵守法律与 Code and Standards 中更严格的那个。B 选项错误：不能仅遵守当地法律而忽视更严格的 Code and Standards。C 选项错误：即使当地无相关法规，成员仍不得基于重大非公开信息进行交易。
Q6.
Linda Chin, CFA, is a member of a political group advocating lower governmental regulation in all aspects of life. She works in a country where local securities laws are minimal and insider trading is not prohibited. Chin’s politics are reflected in her investment strategy where she follows her country’s mandatory legal and regulatory requirements. Which of the following actions by Chin is most likely consistent with the CFA Institute Standards of Professional Conduct?
A. Follow the CFA Code and Standards.
B. Continue her current investment strategy.
C. Disclose her political advocacy to clients.
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答案：A
尽管 Chin 所在国家的证券法律宽松且不禁止内幕交易，但作为 CFA 持证人，她必须遵守 CFA Code and Standards，因为 Code and Standards 对内幕交易等行为的要求比当地法律更严格。当法律与 Code and Standards 存在冲突时，应遵守更严格的标准。
Q7.
Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro-cap stock that included a “buy” recommendation: Pacific traders purchased the stock for Pacific’s proprietary account and then purchased the same stock for all client accounts; and Pacific marketing department employees disseminated positive, but false, information about this stock in widely read Internet forums.
Liu notes the stock’s price increased more than 50% within a period of two days and was then sold for Pacific’s account. Which of the following steps is most likely appropriate for Liu to take to avoid violating the CFA Institute Code of Ethics and Standards of Professional Conduct?
A. Report the observed activities to her employer.
B. Remove her name from the micro-cap stock research report.
C. Publicly refute the false information posted on Internet forums.
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答案：A
Liu 观察到公司存在明显的 front-running（先为自营账户买入再为客户买入）和市场操纵行为（在论坛散布虚假正面信息拉升股价后卖出）。根据 Code and Standards，Liu 最应该做的是向雇主（如合规部门）报告所观察到的活动。仅删除自己名字或公开反驳信息都不足以履行其义务。
Q8.
James Woods, CFA, is a Portfolio Manager at ABC Securities. Woods has reasonable grounds to believe his colleague, Sandra Clarke, a CFA Level II Candidate, is engaged in unethical trading activities that may also be in violation of local securities laws. Woods is not Clarke’s supervisor, and her activities do not impact Woods or any of the portfolios for which he is responsible. Based on the Code and Standards, the recommended course of action is for Woods to:
A. not take any action because he is not directly involved.
B. report Sandra Clarke to ABC’s trading supervisor or compliance department.
C. report Sandra Clarke to the appropriate governmental or regulatory organization.
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答案：B
即使 Woods 不是 Clarke 的上级，也不受其行为直接影响，他仍有义务采取行动。根据 Code and Standards 的建议，最恰当的做法是向公司内部的交易主管或合规部门报告，而非直接向外部监管机构举报。内部报告是第一步行动。