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15. Anna, CFA, is a manager for NCC Investment Inc, which plans to issue a new fund in 2007. Anna formed a model of composite based on the performance from 1999 to 2001, and reported the performance of 2001 to 2006, calculated by this model. In the historical performance presentation, only the performance of 2001 to 2006 based on the model has been distributed without claim the calculation method. Did Anna violate the Code and Standards with respect to:
Because the in the 2007 performance representation, he didn’t claim the calculation method, he violate composite performance representation. Meanwhile, the model used to calculate the performance of 2001 to 2006 is based on the performance from 1999 to 2001 and not disclosed, so he violates misrepresentation. |
16. Bradley is a CFA charter holder. He complains that he was very unsatisfied with the CFA regulation. Which of the following statements is right?
A. He violated the standard VII (A) Conduct as Members and Candidates in the CFA program by destroying the reputation of CFA institute.
B. He violated the standard I (C) Misrepresentation
C. He did not violate the Code and Standards.
Correct answer = C
This standard does not cover expressing opinions regarding the CFA program or CFA institute. Members and candidates are free to disagree and express their disagreement with CFA institute on its policies, procedures, or any advocacy positions take by the organization.
17. After extensive research, retired portfolio manager David Sandridge, CFA, purchased 30,000 shares of a small public company. He then posted messages on several Internet bulletin boards. The messages read, "This stock is going up once the pending patents are released. You would be crazy to sell anything below $5 in a few months from now. The stock is a buy at anything below $5. I just bought 30 K shares for my personal account. I have done some close research on these guys." According to the Standards of Practice Handbook, Sandridge most likely violated the Standard or Standards associated with:
A. Conflicts of Interest and Integrity of Capital Markets.
B. Integrity of Capital Markets, but not Conflicts of Interest.
C. Neither Conflicts of Interest nor Integrity of Capital Markets.
Correct answer = B
题目当中买了30K，首先他没有违反conflicts of interest，因为他向客户披露了自己账户上所持有的数额。但是，他是违反市场操纵的，因为他在互联网上发布信息，就会人为地扩大交易量。
如果改成15K，就违反了misconduct。他披露的持股量与实际的持股量是不对的，违反了Misconduct，但没有违反Conflict of interest。注意：You would be crazy to sell anything below $5 in a few months from now.一般我们看到这个人在网络上说“crazy to…”表明此人在散播不实言论（谣言）
18. Which situation is the least likely to allow the analyst to disclosure the clients’ information?
A. The client’s activities are illegal
B. PCP inquire the material of the client
C. The client is dead
Correct answer = C
Members and candidates must keep information about client confidential unless: the information concerns illegal activities, disclosure is required by law or client permits disclosure of the information.
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