CFA L1 Notes

R91 练习: Standards I-VII

19分钟阅读

R91 练习: 七大准则详解

考纲范围

  • Standard I: Professionalism — Knowledge of the Law, Independence & Objectivity, Misrepresentation, Misconduct, Competence
  • Standard II: Integrity of Capital Markets — Material Nonpublic Information, Market Manipulation
  • Standard III: Duties to Clients — Loyalty/Prudence/Care, Fair Dealing, Suitability, Performance Presentation, Preservation of Confidentiality
  • Standard IV: Duties to Employers — Loyalty, Additional Compensation Arrangements, Responsibilities of Supervisors
  • Standard V: Investment Analysis, Recommendations, and Actions — Diligence and Reasonable Basis, Communication with Clients, Record Retention
  • Standard VI: Conflicts of Interest — Avoid or Disclose Conflicts, Priority of Transactions, Referral Fees
  • Standard VII: Responsibilities as a CFA Member or Candidate — Conduct as Participants, Reference to CFA Institute

Q1.

Kelly Zhang, CFA, is an equity research analyst of Golden Finance. Recently, Zhang has a different opinion on a recommendation report with the group consensus and she believes her group members’ view is not objective. According to the CFA Standards of Professional Conduct, Zhang should:

A. attach her own independent and objective opinion to the group’s report.

B. not take any action.

C. dissociate with the current group.

Q2.

Jay Yuan, CFA, a newly promoted team leader in a financial analysis team, was confident in his financial knowledge and analytical skills. However, he lacked experience in team management and effective communication with senior executives and clients. Believing that high-quality investment advice could be provided as long as team members followed his analytical logic, Yuan did not spend any time in improving his management and communication skills in the early stages of his promotion. According to the CFA Institute Standards of Conduct, which of the following statements is most likely to be correct?

A. Yuan violates the I(E) Competence.

B. Yuan does not violate any standards as long as he maintains his financial knowledge and analytical skills.

C. Yuan demonstrates Professionalism by focusing primarily on his analytical skills.

Q3.

Franklin Lee, CFA, a portfolio manager, works at Hahn Capital Management for more than 10 years and is planning to start his own business next month. Before his resignation is effective, he begins soliciting his current clients to whom he can continue to offer asset management services at his new firm. Lee also deals with the registration of his new firm in his spare time. Which of the following actions by Lee is a violation of the Code and Standards?

A. Soliciting his current clients.

B. Handling some registration affairs for his new firm before leaving.

C. Both A and B.

Q4.

James, CFA, a research analyst working in research department of an investment bank, just makes a decision to change his recommendation for the common stock of Blue Company, Inc., from a “sell” to a “buy.” He emails this change to all the firm’s clients on Friday. Just the day after the recommendation, Steven, one of his client calls with a sell order for 1,000 shares of Blue Company. Based on the CFA Codes and Standards, what should James do?

A. Give the customer the advice about the change in recommendation before accepting the order.

B. Directly accept the order.

C. Do not accept the order.

Q5.

Jack Hoover, CFA, is a junior research analyst working in a research company, currently he is responsible for following Z Company. Based on the information he has accumulated, he believes that the outlook for the company’s new products is poor, so he plans to give a “sell” rating to the stock. During the morning tea, Hoover meets Steven Adam, a famous analyst, he has an opposite opinion about Z company. Hoover simply adores Adam’s profession, after returning the office, Hoover releases a “buy” recommendation to his clients. Hoover:

A. fails to distinguish between facts and opinions in his recommendation, then violated the Standards.

B. does not have a reasonable and adequate basis for his recommendation, then violated the Standards.

C. does not violate the Standards.

Q6.

Felix Zhao, CFA, works as investment consultant in Golden Finance. Recently a new client, Eric, switched his account from another investment advisory firm to Zhao’s firm. After spending a few minutes getting acquainted, Zhao recommends Eric to buy a stock that he believes is highly undervalued. Zhao thoroughly explains the characteristics of the company to Eric. Does Zhao most likely violate the CFA Institute Code and Standards?

A. No, since Zhao has thoroughly explained the characteristics of the investment to the client.

B. Yes, since Zhao should explain his qualifications and areas of expertise before making a recommendation.

C. Yes, since Zhao should determine Eric’s needs, objectives and risk tolerance before making a recommendation.

Q7.

When a client asks him about how he makes investment analysis, Victor Garcia, CFA, replies that he usually draws his conclusion using mosaic theory. The information covered by his analysis is public and nonmaterial nonpublic information gathered from different sources, including his evaluation of statements made by company insiders in personal conversations, where company management discusses earning projections which are not yet released to the public. Besides, Garcia also includes in his analysis the general industry information which he gathers from industry experts. Garcia most likely violates the CFA Institute Standards of Professional Conduct because of his use of:

A. nonmaterial nonpublic information.

B. statements in personal conversations.

C. industry expert information.

Q8.

XYZ Asset Management runs a private equity fund. It charges fees for providing structuring advice to invested companies, with a policy to refund fees if the investment value drops. This arrangement isn’t disclosed in the fund’s documents. CEO David Beta justifies this as common practice beneficial to investors. Regarding to the CFA Code and Standards, which of the following statements is most accurate?

A. Beta does not violate V (B) Communication with Clients and Prospective Clients, because common industry practices excuse non-disclosure in this case.

B. By withholding disclosure, Beta violates V (B) Communication with Clients and Prospective Clients.

C. Disclosure of the fee arrangement is not necessary because it’s beneficial to clients.

Q9.

Dominic Diaz, CFA, is the chief investment officer at Sunflower fund management firm which is a well-established superannuation fund. The fund is well diversified and always uses external sub-advisors for its alternative investments. Recently, John Smith, Diaz’s high school classmate, left his employer and set up his own investment management firm specialized in real estate investments. In order to build up the business, Smith approaches to Diaz and asks him to refer some new clients. As the performance of Sunflower’s real estate investments has long been unsatisfying, Diaz decides to move the fund’s real estate allocation to Smith’s firm and also discloses the change of sub-advisors in the fund’s next annual report. Diaz’s actions least likely violate:

A. V(A) Diligence and Reasonable Basis

B. V(B) Communication with Clients and Prospective Clients

C. VI(C) Referral Fee

Q10.

Julia Kate, CFA, is a junior research analyst working in Stone Securities, an investment banking firm. Stone Securities’ mergers and acquisitions department has a close relationship with Firehole Company, as Stone Securities has been responsible for all of Firehole’s acquisitions for the past 15 years. Kate has been assigned a task to write a research report on Firehole company. Based on the requirement of the Code and Standards of CFA Institute, what is the best course of action for her to follow?

A. Kate may not express any negative opinions on Firehole because of the close relationship between the two companies.

B. Kate should refuse to accept the task because the relationship between Stone Securities and Firehole Company.

C. Kate may write the report if the close relationship with the Firehole is disclosed in the report.

关系图谱

反向链接