高顿搜索 -第20页

【单选】 In the process of recommending an investment, in order to comply with Standard V(A), Diligence and Reasonable Basis, a CFA Institute member must:
A. do both of these.
B. have a reasonable and adequate basis for the recommendation.
C. support a recommendation with appropriate research and investigation.
【单选】 Several years ago, Hilton and Ross, a full service investment firm, managed the initial public offering of eCom, Inc. Now, eCom wants Hilton and Ross to underwrite its secondary public offering. A senior manager at Hilton and Ross asks Brent Whitman, CFA, one of its equity analysts, to write a favorable research report on eCom to help make the underwriting a success. Whitman conducts a thorough analysis of eCom and concludes that the company has serious problems that do not suggest a favorable financial outlook. Nevertheless, Whitman writes a favorable report because he is fearful of losing his job. Hilton and Ross publicly distribute a report that only contains a buy recommendation and a brief description of the basic characteristics of eCom. Whitman has violated:
A. Both Standard I(B) Independence and Objectivity and Standard V(A) Diligence and Reasonable Basis.
B. Standard V(A) Diligence and Reasonable Basis only.
C. Standard I(B) Independence and Objectivity, only.
【单选】 Wes Smith, CFA, works for Advisors, Inc. In order to remain in compliance with Standard V(A), Diligence and Reasonable Basis, Smith may recommend a security in which of the following situations?
A. Advisors' research department recommends a stock.
B. Smith reads a favorable review of the security in a widely read periodical.
C. For either of the reasons listed here.
【单选】 Bill Fence, CFA, supervises a group of research analysts, none of whom have earned the CFA designation or are CFA candidates. On several occasions he has attempted to get his firm to adopt a compliance system to ensure that applicable laws and regulations are followed. However, the firm's principals have never adopted his recommendations. Fence should most appropriately:
A. decline in writing to accept supervisory responsibility until reasonable compliance procedures are adopted.
B. resign from the firm, because no other alternative will keep him in compliance with the Code and Standards.
C. take no further action, because by encouraging his firm to adopt a compliance system he has fulfilled his obligations under the Code and Standards.
【单选】 Carmen Jorgensen, CFA, is the chief compliance officer for Dalton Financial Network, a regional brokerage firm. Dalton is divided into three regions, each of which has a regional compliance officer. Martin Lund, CFA, is the regional compliance officer for Dalton’s South Region. Dalton has established procedures for proper allocation of trades to all clients. In October, Fred Curry, CFA, a broker in the South Region, misallocated a trade in favor of certain of his clients and to the detriment of others. It became evident that Lund had failed to review the trades on a timely basis as called for in Dalton’s Procedures Manual. After an investigation, it was concluded that Curry violated the Code and Standards by failing to allocate trades properly and Lund violated the Code and Standards by failing to supervise appropriately. It should also conclude that Jorgensen:
A. did not violate the Code and Standards because adequate procedures were in place, even though they weren't being followed.
B. violated the Code and Standards by failing to establish proper procedures.
C. violated the Code and Standards by failing to adequately supervise her regional compliance officer, Lund.
【单选】 Karen Dalby, CFA, is a rising star at a major investment bank and has an extremely demanding schedule. To avoid "burning out" new hires, the bank has instituted a mandatory vacation policy which requires employees to take at least 5 days of vacation per year. At the end of the year, Dalby has taken no vacation, but is scheduled to travel to Fiji to take the mandatory 5 days. The bank’s most important client is suddenly targeted in a hostile takeover and asks specifically for Dalby to join the takeover defense team. Her supervisor, Hank Lone, CFA, asks Dalby to cancel her vacation and she complies. Lone is most likely:
A. in violation of Standard IV(C) "Responsibilities of Supervisors."
B. not in violation of the Code and Standards.
C. in violation of Standard IV(A) "Loyalty."
【单选】 Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:
A. incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.
B. issue periodic reminders of the procedures to all analysts under his supervision.
C. disseminate the contents of the compliance program to the eight analysts.
【单选】 The following scenarios describe two members of CFA Institute who have supervisory responsibility. The president of Hawthorne Investments, a newly founded money management firm with five investment professionals, asked Rebecca Long, CFA, to be the company's compliance officer and to develop the company's compliance procedures. Long has an in-depth knowledge of the Code and Standards, but she was too busy to develop a compliance manual herself. Therefore, she copied, with written permission, the compliance manual of a large money management firm. This manual was comprehensive and covered many areas not part of Hawthorne's operations. Long gave the manual to Hawthorne's president, but did not distribute the contents of the program to other appropriate personnel. A co-worker at Barksdale Capital mentions to Stephen Luck, CFA, that George Trout, a candidate in the CFA Program, may have violated the CFA Institute standard involving priority of transactions. As Trout's supervisor, Luck decided to investigate this allegation but did not begin the investigation until a month after the alleged incident. Luck continued to maintain the same amount of supervision on Trout during the month before he began his investigation of Trout. According to the CFA Institute Standards of Professional Conduct, which of the following statements about whether Long and Luck followed appropriate compliance procedures involving their responsibilities as supervisors is CORRECT?
A. Luck violated the procedures for compliance, but Long did not.
B. Neither Luck nor Long violated the procedures for compliance.
C. Both Luck and Long violated the procedures for compliance.
【单选】 Susan Tigra, CFA, is a portfolio co-manager for the Sandia Energy pension fund. She has been contacted by Ted Garnet, a former classmate. Garnet has started his own investment management firm and would like Sandia Energy to move a portion of its assets to be managed by his firm. Tigra moves 5% of the pension fund to Garnet’s firm to help him build his assets under management. Kurt Show, CFA, is Tigra’s supervisor. Show notes the move, but does not investigate. Show is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard IV(C) "Responsibilities of Supervisors."
C. in violation of Standard V(A) "Diligence and Reasonable Basis."
【单选】 Wanda Kirby, CFA, recently joined Allegheny Investments as a senior analyst. Because of her extensive experience in the investments business and knowledge of the Code and Standards, Allegheny's management asked her to assume supervisory responsibility. Kirby reviewed Allegheny's existing compliance system and determined that it was inadequate to allow her to clearly discharge her supervisory responsibility. According to CFA Institute Standards, Kirby should:
A. decline in writing to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.
B. agree to accept supervisory responsibility provided that Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.
C. agree to accept supervisory responsibility and to develop reasonable procedures to allow her to adequately exercise such responsibility.
【单选】 Which of the following statements about Standard IV(C), Responsibilities of Supervisors, is NOT correct? CFA Institute members with supervisory authority:
A. may delegate supervisory duties, which relieves them of their supervisory authority.
B. are expected to bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action.
C. are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.
【单选】 For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard IV(C), Responsibilities of Supervisors, Berger:
A. must both develop written procedures concerning Chennings and routinely evaluate his performance.
B. assumes no extra responsibility with the hiring of Chennings.
C. must develop a set of written procedures to prevent violations derived from his mentoring Chennings.
【单选】 Martin Tripp, CFA, is vice-president of the equity department at Walker Financial, a large money management firm. Of the twenty analysts in his department for whom he has supervisory responsibility, eight are subject to CFA Institute Standards of Professional Conduct. Tripp believes that he cannot personally evaluate the conduct of the twenty analysts on a continuing basis. Therefore, he plans to delegate some of his supervisory duties to Sarah Green, who is subject to the Standards, and some to Bob Brown, who is not subject to the Standards. According to CFA Institute Standards of Professional Conduct, which of the following statements about Tripp's ability to delegate supervisory duties is most correct?
A. Tripp cannot delegate any of his supervisory duties to either Green or Brown.
B. Tripp can delegate some or all of his supervisory duties only to Green because she is subject to the Standards.
C. Tripp can delegate some or all of his supervisory duties to Brown, even though Brown is not subject to the Standards.
【单选】 A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:
A. only send out a petition to fellow workers asking for a change in the procedures.
B. both submit a petition to fellow workers and inform the SEC.
C. refuse supervisory responsibilities in writing until the company adopts an adequate system.
【单选】 According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?
A. Both of these.
B. A graduate degree.
C. An in-depth knowledge of the Code and Standards.
【单选】 Jill Fiedler, CFA, is a portfolio manager for Aspire Investments, Inc. She has agreed to help manage the endowment fund for her children’s private day school. She believes it will only take a couple of hours each weekend, and she will receive a discount on tuition for her two children. To comply with the Standards of Practice, Fiedler must:
A. do nothing; it’s her own time and won’t interfere with her work.
B. inform her employer of the arrangement but need not get permission as the work is on her own time.
C. inform her employer of all the details of this arrangement and receive permission before beginning.
【单选】 Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should:
A. make written disclosure to all parties involved before she accepts this offer.
B. turn down the offer because it represents a clear conflict between this client and Babcock's other clients.
C. make written disclosure to her other clients before she accepts this offer.
【单选】 Karen Dalby, CFA, volunteers on her church’s finance board but receives no cash compensation so she does not report the arrangement to her employer. Board compensation is limited to an annual retreat to Hawaii, but the accommodations are modest. Dalby does not enjoy the retreat and often considers skipping the event entirely. Dalby is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard IV(B) "Additional Compensation Arrangements."
C. in violation of Standard IV(A) "Loyalty."
【单选】 Sharon West is a CFA charterholder and trust officer for REO Trust Company. Soon after beginning work for REO, West finds that REO has been conducting all its securities transactions through her brother who is a registered representative. West's brother charges REO commissions that are equal to the lowest available from another broker. West's brother tells her that if she continues doing business with him, he will give her a substantial discount on all personal transactions she conducts through him. West:
A. must inform her employer of the arrangement because she is doing business with a member of her immediate family.
B. must inform her employer of the arrangement because it provides her with additional compensation.
C. does not need to inform her employer of the arrangement because the commissions her brother charges the firm are the lowest possible.
【单选】 Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:
A. have her godfather cease doing her taxes.
B. do neither of the actions listed here.
C. liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.
【单选】 David Saul, CFA, heads the trust department at Savage National Bank. Fairway Enterprises invites Saul to sit on its Board of Directors. In return for his services on the Board, Fairway offers to provide Saul and his family with access to the facilities at Wilmont Country Club at no cost. Saul will not receive any monetary compensation for his services on the Board. According to CFA Institute Standards of Professional Conduct, which of the following actions must Saul take?
A. Saul must obtain written consent from all parties to only if he decides to accept the offer to serve on the Board of Directors.
B. Saul must disclose in writing to Savage Bank the terms of the offer whether or not he accepts the offer to serve on the Board of Directors.
C. Saul must reject the offer to serve on the Board of Directors.
【单选】 Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley’s sister just received a large bonus in the form of stock options in Zephyr, Inc. Valley’s sister knows nothing about financial assets and offers Valley a week at her holiday home each year in exchange for Valley monitoring Zephyr and the value of her stock options. In order to comply with the Code and Standards, Valley needs to inform Advisors of:
A. both the use of the holiday home and his sister's options.
B. nothing since no money is involved and it is a favor for a family member.
C. the compensation in the form of the use of the holiday home only.
【单选】 A CFA Institute member, undertaking independent practice that could result in compensation or other benefit:
A. must notify his employer of the types of service to be rendered, the expected duration, and the expected compensation.
B. must notify the entities for whom he plans to undertake independent practice of the compensation he receives from his employer.
C. must notify his employer and clients of the types of service to be rendered and the expected compensation.
【单选】 The CFA Institute Standards of Professional Conduct are most likely to include:
A. Integrity of the Investment Profession.
B. Investment Analysis, Recommendations, and Actions.
C. Maintaining and Improving Professional Competence.
【单选】 Fernando Abrea, CFA was an analyst for Pacific Investments. In October he left Pacific and joined Global Securities as manager of a local office. Abrea’s change of employment came about in the following manner: In April, Abrea contacted Global about a possible position he saw advertised in a financial publication and had exploratory meetings with Global. In July, Abrea submitted a strategic plan to Global and signed an agreement to join Global. He then contracted for office space on behalf of Global. On October 15, Abrea's resignation from Pacific became effective. He did not take any client lists from Pacific. On October 16, Abrea mailed a letter that explained his new undertaking with Global to prospective clients, including his former clients at Pacific. With respect to Standard IV(A) Loyalty, Abrea:
A. violated the Standard by contracting for office space on behalf of Global.
B. did not violate the Standard.
C. violated the Standard by contacting his former clients at Pacific.
【单选】 May Frost, CFA, is concerned about the comments and activities of several of her coworkers and feels both ethical and legal violations are routinely overlooked. According to the Code and Standards, a recommended first step would least likely be to:
A. provide her supervisor with a copy of the Code and Standards.
B. review the company’s policies and procedures for reporting ethical violations.
C. contact industry regulators.
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund but has had trouble hiring analysts who are CFA charterholders as well as with finding clients. She offers a $15,000 incentive bonus to any charterholder who joins the firm with over $1 million in committed client investments. Which of the following interpretations of the Code and Standards is most accurate?
A. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided the member or candidate refuses to accept the incentive bonus.
B. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided clients are informed of the incentive bonus.
C. A member or candidate may not solicit current clients away from their current employer.
【单选】 Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust?
A. No, because Bellow received no monetary compensation for his services.
B. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.
C. No, because Bellow provided no ongoing investment advice.
【单选】 Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pay for her children’s college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. She is currently only in the preparation stage and has not started independent practice yet. Which of the following statements about Standard IV(A), Loyalty to Employer, is most accurate? Standard IV(A):
A. does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions.
B. requires Parsons to obtain written consent from both Malloy and the persons from whom she undertakes independent practice.
C. requires Parsons to notify Malloy in writing about her intention to undertake an independent practice.
【单选】 Grant Starks, CFA, has been working for Advisors, Inc., for eight years. Starks is about to start his own money management business and has given his two-week notice of his resignation. A few days before his resignation takes effect, a current client of Advisors calls him at his office to inquire about some services for her account at Advisors. During the conversation, Starks tells the client that his new business will have lower commissions than Advisors. Starks has most likely violated:
A. Standard VI(B), Priority of Transactions, by violating the priority of transactions.
B. none of these Standards.
C. Standard IV(A), Loyalty to Employer, by competing with his current employer.

CPA 会计从业初级职称中级职称 ACCA CMA USCPA CFA FRM 基金从业银行从业证券从业期货从业