高顿搜索 -第21页

【单选】 John Hill, CFA, has been working for Advisors, Inc., for eight years. Hill is about to start his own money management business and has given his two-week notice of his resignation from Advisors. A few days before his resignation takes effect, a former client of Advisors calls Hill at his home about his new firm. The former client says that he is very happy that Hill is leaving Advisors because now he and Hill can resume a professional relationship. The client says that he would never become a client of Advisors again. Hill promises to call the client back after he has left Advisors. Hill does not tell his employer about the call. Hill has most likely:
A. violated the Standard concerning disclosure of conflicts.
B. violated the Standard concerning loyalty to employer.
C. not violated the Standards.
【单选】 Janet Thompson, CFA, is employed as an analyst by Nationwide Securities. According to CFA Institute Standards of Professional Conduct, which of the following statements about Thompson's duty to Nationwide is NOT correct? Thompson must refrain from:
A. making arrangements to go into a competitive business before terminating her relationship with Nationwide.
B. engaging in any conduct that would injure Nationwide.
C. engaging in independent competitive activity that could conflict with the business of Nationwide unless she receives written consent.
【单选】 Michel Marchant, CFA, recently became an independent money manager. After six months, he has only ten clients, who are family and friends. To supplement his income, Marchant accepted part-time employment as an advisor at Middleton Financial Advisors. According to CFA Institute Standards of Professional Conduct, which of the following statements about Marchant's duty to his new employer is CORRECT?
A. Marchant need not inform Middleton about his existing clients but must inform his existing clients about his new part-time employment at Middleton.
B. Marchant must inform Middleton to keep his existing clients and must inform his existing clients of his new part-time employment at Middleton.
C. Marchant must inform Middleton about his existing clients but need not inform his existing clients about his new part-time employment with Middleton.
【单选】 Nick O'Donnell, CFA, unsuspectingly joins the research team at Wickett & Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, O'Donnell begins making preparations for independent practice. He knows he will be terminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that "if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own." This action is:
A. a violation of his fiduciary duties.
B. a violation of his duty to disclose conflicts to his employer.
C. not a violation of his duty to employer.
【单选】 Francisco Perez, CFA, is an equity research analyst for a long-term investment fund. The fund is seeking new clients, so Perez contacts old clients he knew through his former employer. Which of the following is most accurate?
A. Perez cannot solicit clients from a former employer.
B. Perez can only solicit clients after notifying his former employer.
C. Perez is not prevented from soliciting clients as long as he is working from memory and publically available information rather than a list generated while he was still with the former employer.
【单选】 John Hill, CFA, has been working for Advisors, Inc., for eight years. Hill is about to start his own money management business and has given his two-week notice of his resignation from Advisors. A few days before his resignation takes effect, on his lunch hour, he takes out a loan from a bank on behalf of his new business and uses the money to buy some office equipment for his new business. Since he engaged in these transactions while still an employee of Advisors, Hill violated Standard IV(A), Loyalty to Employer, by:
A. neither of these actions.
B. engaging in a financial transaction, like taking out a loan, only.
C. both taking out the loan and purchasing the office equipment.
【单选】 Dave Kline, CFA, is a personal investment advisor with 200 individual, family, and corporate accounts. After a dispute with a coworker on margin policy, he formally resigns his position by giving suitable notice. However, he does not follow his firm’s established "Transition and Exit Policies" regarding his accounts. The firm’s stated policies require him to notify each client of his planned departure and personally introduce them to their new account representative, Greg Potter. Kline sees Potter as a rival and states "...let Potter do his own work and find his own clients." Kline is most likely:
A. in violation of Standard I(D) "Misconduct" for leaving clients subject to an account representative he does not find suitable.
B. not in violation of the Code and Standards.
C. in violation of Standard IV(A) "Loyalty" for failing to follow the employer’s policies and procedures related to notifying clients of his departure.
【单选】 A CFA charterholder may disclose confidential information about a client when:
A. it is a necessary step in proceeding with research on client preferences.
B. the CFA Institute Professional Conduct Program requests it.
C. the information is nonmaterial.
【单选】 Alvin Mell, CFA, is an investment advisor whose clients include Jack Allen, a famous professional athlete. Allen permits Mell to tell prospective clients that he is one of Mell’s clients. In a meeting with a new prospect, Mell truthfully states, “I was able to earn a 15% return for Jack Allen last year.” Mell has least likely violated the Standard concerning:
A. performance presentation.
B. preservation of confidentiality.
C. misrepresentation.
【单选】 Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt. Doggett will:
A. violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.
B. not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.
C. not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.
【单选】 While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?
A. Contact CFA Institute about the determination.
B. Contact the appropriate governmental authorities about the determination.
C. There are no exceptions in this list.
【单选】 Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?
A. Hiring a company outside the firm to perform the task.
B. Sending a gift along with the card.
C. The mere act of sending a birthday card each year.
【单选】 Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:
A. for neither of the reasons listed.
B. only if Stiles is a relative of the client.
C. only if Stiles has a special confidentiality agreement with the client.
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund and is actively soliciting clients from competitor’s firms. Client presentations are necessarily brief and often take place with the prospective client’s current investment advisor in the room. The Code and Standards require that:
A. a prospective client’s current investment advisor not participate in meetings.
B. all client presentations provide a thorough review of all elements of the investment management process. Abbreviated presentations are forbidden.
C. member or candidate provide (on request) additional detail information which supports the abbreviated presentation.
【单选】 Janet Reilly has just approached Betty Miller, CFA, about purchasing 10,000 shares of Brookshire Co., a newly incorporated real estate development firm. Reilly is a retired schoolteacher living off the income from her late husband's life insurance policy. This investment will represent a significant shift in her investment portfolio. Brookshire Co. is a local firm that has recently received a lot of press concerning some exciting, but speculative projects that they have undertaken in the region. Consistent with the Standards, Miller should:
A. not accept the order, because it is not a suitable investment for Reilly.
B. accept Reilly's order, but have her sign a disclaimer absolving Miller of any potential losses.
C. accept Reilly's order after she acquaints Reilly with the downside risks associated with a risky investment of this type.
【单选】 Gerri Kocimski, CFA, manages the portfolio of Alfred Tomba. Kocimski sends Tomba a letter requesting an update of Tomba’s financial situation. Tomba declines to answer the update questions but sends a check for $1 million, requesting that it be invested in growth stocks. If growth stocks are not suitable for Tomba according to the information Kocimski has on file, Kocimski should most appropriately:
A. execute the request because it is an unsolicited trade.
B. not take any action in Tomba’s account unless he receives the updated financial situation.
C. purchase the growth stocks if Tomba states that suitability is not a concern for this purchase.
【单选】 Lance Tuipulotu, CFA, manages investments for 400 individuals and families and often finds his resources stretched. When his largest investors petition him to include a 5% to 7% allocation of non-investment-grade bonds in their portfolios, he decides he needs additional help to meet the request. He considers various independent advisors to use as submanagers, but determines that the most qualified advisors would be too expensive. Reasoning that a lower-cost provider would enable him to pass the savings along to his clients, he chooses that provider to invest the new bond allocation. Tuipulotu has violated:
A. Standard III(C) "Suitability" by failing to consider the appropriateness of the non-investment-grade bonds.
B. Standard V(A) "Diligence and Reasonable Basis" by letting fee structure determine the selection of the submanager.
C. Both Standard III(C) "Suitability" and Standard V(A) "Diligence and Reasonable Basis."
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients’ behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is:
A. congruent with Standard III(C), Suitability.
B. a violation of Standard III(C), Suitability.
C. a violation of Standard III(B), Fair Dealing.
【单选】 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.
【单选】With respect to the choice of broker, did Patel violate any CFA Institute Standards of Professional Conduct?
A. No.
B. Yes, since Patel is obligated to seek the best possible price and execution for all clients.
C. Yes, since Patel failed to properly notify Singh that using TradeRight would lead to higher commissions and opportunity costs.

【单选】Did Patel violate any CFA Institute Standards of Professional Conduct when she purchased the NetWin stock for Singh’s portfolio or for the other clients’ portfolios?

A. B.
C.

Yes

【单选】According to CFA Institute Standards of Professional Conduct, may Patel reallocate Singh’s portfolio toward technology stocks after his Uncle dies, but before the meeting with Singh?

A. Yes—the total value of the municipal bonds received into the account will be too large relative to the other assets in the portfolio.
B. No—Patel and Singh must meet and revise the IPS and portfolio strategy before reallocating.
C. No—Patel must wait until the next annual meeting to reallocate.

【单选】In light of Singh’s comments during his telephone call to Patel prior to his uncle’s death, which of the following actions that Patel can take comply with CFA Institute Standards of Professional Conduct?

A. Patel must adhere to the existing portfolio strategy until she meets with Singh to develop a new portfolio strategy based upon updated financial information, but may place trades which are consistent with the existing strategy.
B. Patel must not place any trades in the account until she meets with Singh to develop a new portfolio strategy based on the updated information.
C. Patel may change the current portfolio strategy and begin trading based upon Singh’s expectations because he advised her to do so.

【单选】 Jason Reynolds meets Jack Parker, CFA, at a social engagement and asks for some "hot stock tips." Parker declines, but sets up an appointment to review Reynolds’ risk and return objectives and financial constraints. At the conclusion of their appointment, Parker recommends three securities he has thoroughly researched: ACK, D-Wing, and Ophus-Littbinger. Parker is least likely:

A. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to consider the three securities in the context of the whole portfolio.
B. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to make a reasonable inquiry into the client’s investment experience.
C. not in violation.

【单选】 Alan Cramer, CFA, practices in a country that does not regulate the investment of company retirement plans. He was retained by Bingham Companies to manage their corporate pension plan. Bingham’s management has approached Cramer and requested that Cramer invest the entire plan in Bingham stock. Cramer may:

A. invest a portion of the retirement plan in Bingham Company stock if the investment is prudent and if he keeps the overall portfolio properly diversified.
B. not invest any of Bingham Company's retirement plan in its own stock regardless of the stock's prospects and in spite of management's request.
C. invest all of the retirement plan assets in Bingham Company stock according to management's request only if Cramer can document that the investment is more prudent than any other investment opportunity he finds.

【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. Calaveccio places a trade with Quantco Brokerage. While Calaveccio's part of the transaction was conveyed correctly to Quantco, there was a trading error made in Calaveccio's account due to a slip up within Quantco. Calaveccio realizes that the error has taken place, and informs his contact at Quantco. Calaveccio allows Quantco to cover the error, with no cost to TrustCo. This is:

A. a violation of Calaveccio's duty to his employer.
B. a violation of Calaveccio's fiduciary duties.
C. permissible under CFA Institute Standards since some trading errors are a fact of life in the securities industry.

【单选】 Which of the following is a possible breach of fiduciary duties by a CFA Institute member who manages assets on behalf of a client?

A. Using directed brokerage.
B. Neither of these breach fiduciary duties.
C. Voting all proxies of stocks the client owns.

【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Canadian Brokerage. Canadian provides Calaveccio with soft dollars to purchase research. He uses these soft dollars to get research reports from Canadian's research department regarding the issues currently held in the small cap portfolio, and also for firms he is contemplating adding to the portfolio. By using soft dollars in this manner, Calaveccio has:

A. violated the Code and Standards by acquiring research on currently held issues and by acquiring research on issues contemplated for purchase.
B. not violated the Code and Standards.
C. violated the Code and Standards by acquiring research on issues contemplated for purchase but not by acquiring research on currently held issues.

【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River City provides Calaveccio with soft dollars to purchase research. River City also deals in municipal bonds, some of which Calaveccio holds in his personal portfolio. He periodically uses the soft dollars to request research reports on various small cap stocks and also on the status of the municipal bond market and issues that he holds. These actions are:

A. not in violation of the Code and Standards.
B. in violation of his fiduciary duties regarding both the small cap research and the municipal bond research.
C. in violation of his fiduciary duties regarding the municipal bond research but not so regarding the research on the small cap issues.

【单选】 Steve Waters, a CFA Level I candidate, has decided to enter into a long position of Farmco stock. Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of Farmco and the price will surge. Waters engages in a series of block trades in order to accomplish the purchase. According to Standard II(B), Market Manipulation, Waters has engaged in:

A. transaction-based manipulation, but not information-based manipulation.
B. neither transaction-based manipulation nor information-based manipulation.
C. both transaction-based manipulation and information-based manipulation.

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