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【单选】All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:
A. token gifts received from clients.
B. air transportation paid by a corporate issuer for travel to a major metropolitan airport.
C. use of an issuer’s corporate aircraft when commercial transportation is not available.
【单选】 In order to comply with the CFA Institute Standards, an analyst should:
A. use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.
B. use outside research only after verifying its accuracy.
C. use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.
【单选】 Luis Rodriguez, CFA, is an analyst at XYZ Investments. He covers a company that is located in a region that is not easily accessible. The company invites analysts for their annual analyst meeting and pays for the transportation to the remote location. Rodriguez is:
A. allowed to accept the payment for transportation as long as it does not exceed $100.
B. allowed to accept the payment for transportation because the trip was all business and was out of the way.
C. not allowed to accept the payment for transportation because this is a considered a “perk” and may influence his independent judgment.
【单选】 Joshua Rosenberg, CFA, is an equity analyst who covers Northwest Implements, a farm implement manufacturer. Northwest's main factory is located in a sparsely inhabited region six hours by automobile from the nearest airport. Northwest has its own corporate jet and a landing strip is located near the facility. When Rosenberg contacts Northwest’s management to gather information for a report he is preparing on the company, Northwest’s chief financial officer, Thomas Blake, invites Rosenberg to visit Northwest’s headquarters and meet with management. Blake offers to send Northwest’s corporate jet to pick up Rosenberg from an airport near Rosenberg’s home and to return him home the same evening. Rosenberg estimates that it would require three days for him to make the visit using commercial travel. If Rosenberg accepts Blake’s offer and makes the trip to Northwest’s headquarters on the corporate jet, Rosenberg:
A. has not violated the Code and Standards.
B. has violated the Code and Standards unless he discloses the trip and the payment of his travel expenses in his report on Northwest.
C. has violated the Code and Standards unless he reimburses Northwest for the cost of the trip.
【单选】 The CFA Institute Standards of Practice Handbook requires CFA Institute members to do all the following EXCEPT:
A. receive written permission from both their employer and outside clients to engage in investment consulting outside the firm.
B. to inform employer, clients, and potential clients of benefits received for recommending products or services.
C. to disclose in writing to the proper regulatory authority all observed violations of the securities laws and regulations.
【单选】 Shortly after becoming employed by Valco & Co., an investment banking firm, Stan McDowell, CFA, learns that most of Valco's initial public offerings (IPO) are really effected in order to profit management via price manipulation of the shares. McDowell observes an illegal act, sanctioned by senior management, in progress and refuses to sign off on his responsibility. Instead, McDowell takes the documentation to his supervisor and tells him he should sign it in his place. This action is:
A. an overreaction. Senior management's sanctioning of the act absolves McDowell from his ordinary responsibility as a CFA Institute member.
B. a suitable reaction, and he is in compliance with the Code and Standards.
C. a violation of the Code and Standards since he is required not to knowingly participate or assist in such an act.
【单选】Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should:
A. determine the legality of the activity, possibly by consulting counsel.
B. take no action.
C. disassociate himself from the client, if the activity is illegal or unethical.
【单选】 Sometimes a CFA Institute member simply feels a law has been violated by his firm, and sometimes the member knows a law has been violated. Which of the following pairs of guidelines is CORRECT with respect to the first step a member should take in each case? The member should first contact:
A. the firm's counsel if he feels a law has been violated and the SEC if he knows a law has been violated.
B. his supervisor in the firm if he feels a law has been violated and contact the firm's counsel if he knows a law has been violated.
C. the firm's counsel if he feels a law has been violated and contact his supervisor if he knows a law has been violated.
【单选】 Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee, CFA who researches Japanese stocks. According to the CFA Institute Standards of Professional Conduct, Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:
A. both the U.S. and Japan and the CFA Institute Standards of Professional Conduct.
B. both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct.
C. Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct.
【单选】 Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow’s first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm’s highly competent general counsel and follows the advice given without deviation. Based on the general counsel’s advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellow’s supervisor explains why NewCo’s calculations of its earnings are correct. Bellow realizes that his inexperience and exuberance initially led him to an incorrect conclusion about NewCo’s earnings. Which of the following statements about Bellow’s actions involving Standard I(A), Knowledge of the law, and Standard I(C), Misrepresentation, is CORRECT? Bellow:
A. did not violate either Standard I(A) or Standard I(C).
B. violated both Standard I(A) and Standard I(C).
C. violated Standard I(A) but did not violate Standard I(C).
【单选】 Allen Parsons, a CFA candidate, suspects a colleague at his firm of engaging in an illegal activity. Which of the following statements about procedures for compliance involving Standard I(A), Knowledge of the law is NOT correct? Parsons:
A. should urge his firm to attempt to persuade the perpetrator to cease such conduct.
B. is required to report this legal violation to the appropriate governmental or regulatory organizations.
C. should consult counsel to determine whether the conduct is, in fact, illegal.
【单选】A CFA Institute member is also a member and the portfolio manager of an environmentalist group. In its charter, the environmentalist group lists a group of companies its members should boycott. The CFA Institute member would violate Standard I(A) concerning obeying all rules and regulations if the member:
A. purchases stock of a boycotted firm for the group's portfolio.
B. performs either of the activities listed here.
C. actively protests against a publicly traded firm boycotted by the group.
【单选】 Mega Securities, a multinational investment advisor based in the United States, employs the following analysts who practice in multiple jurisdictions. Melissa Black, CFA, resides in Country N, which has no securities laws or regulations, but does business in Country L, which has securities laws and regulations that are less strict than the Code and Standards. Tom White, a CFA Institute member, resides in Country L, but does business in Country S, which has securities laws and regulations that are stricter than the Code and Standards. According to the CFA Institute Code and Standards, which of the following statements about Black and White is CORRECT? Black must adhere to the White must adhere to the
A.

law of Country L law of Country S

B.

Code and Standards law of Country S

C.

law of Country N law of Country L
【单选】The SEC’s new stock-trading rule has just gone into effect. The SEC will give brokers a 10-day grace period, during which violators of the rule will be immediately notified and given a chance to remedy their situation to comply with the new rule. If a CFA Institute member unknowingly violates the rule and then remedies the situation within the 10-day grace period, has the member violated Standard I(A)?
A. No, because the member remedied the situation.
B. No, because the member unknowingly broke the rule.
C. Yes, because the member did not maintain knowledge and know of the rule.
【单选】 If a CFA Institute member knows that a fellow employee has violated a law, according to Standard I(A) the member is NOT required to do which of the following?
A. Seek legal advice.
B. Report the employee violating the law to the appropriate supervisor in the firm.
C. Report the employee violating the law to the appropriate governmental authority.
【单选】 Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:
A. disassociate herself from the activity.
B. seek legal advice to determine what actions should be taken.
C. both of these choices are correct.
【单选】For an employee with the CFA designation who works for a firm, which of the following is NOT necessary to meet the requirements of the Code and Standards?
A. It is recommended that their employer is aware of the Code and Standards.
B. Recommend notifying their employer of their responsibility to follow the Code and Standards.
C. Deliver a copy of the Code and Standards to their employer.
【单选】 Kenny Barrett, CFA, is working in the Australian office of American Investments Co. From an informal conversation, Barrett learns that the company’s most recent investment report was based on misappropriated information. No one at the Australian office expresses concern, however, because there has been no breach of Australian law. Barrett should:
A. do nothing because the branch is outside of U.S. jurisdiction.
B. disassociate himself from the case with a written report to his supervisor.
C. seek advice from company counsel to determine appropriate action.
【单选】 CFA Institute believes:
A. that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.
B. that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.
C. that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.
【单选】 CFA Institute members should encourage their employers to do all of the following EXCEPT:
A. require employees to write personal ethics statements.
B. make clear that dishonest personal behavior reflects poorly on the profession.
C. conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.
【单选】 What is the rule of thumb for members, CFA charterholders and candidates in the CFA program when weighing the requirements of the CFA Institute Code and Standards and the requirements of local laws? If the applicable laws are:
A. less strict, they should make a judgment call on which to follow, the Code and Standards or the local laws and requirements.
B. more strict, they must still follow the Code and Standards.
C. more strict, they must adhere to the applicable laws.
【单选】 A CFA Institute member works for Secure Securities, Inc., and plays rugby on the firm’s rugby team. Secure Securities’ team recently played the team of a rival firm. During the game, a fight broke out and the CFA Institute member was the instigator, but no one was seriously hurt. Is this a violation of I(A) concerning maintaining knowledge and complying with laws, rules, and regulations?
A. Yes, because the member is bound by the Code of Ethics.
B. No, because a fight at a rugby game is not a professional activity.
C. Yes, because the member could have hurt someone in the fight.
【单选】 Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250. Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been receiving gifts from vendors in excess of US $250. Valdes is obligated to:
A. disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute of the violation.
B. disassociate herself from the activity, and urge Venture to persuade Martinez to cease the activity.
C. disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute and regulatory authorities of the violation.
【单选】 A CFA Institute member conscientiously maintains records of changes in security regulations. The member notices that his colleagues do not, and does NOT say anything. Is this a violation of Standard I(A)?
A. Yes, and the member should disassociate from these colleagues.
B. No, as long as the colleagues do not violate the new rules.
C. Yes, because the member is bound by the Code of Ethics.
【单选】 Which of the following statements about the responsibilities of CFA charterholders is CORRECT? CFA charterholders:
A. must comply with the laws and rules governing their profession and must not engage in any individual behavior that reflects adversely on the entire profession.
B. are only obligated to comply with securities laws in the U.S.
C. need not comply with the laws and rules governing their profession or must not engage in any individual behavior that reflects adversely on the entire profession.
【单选】 Janet Green, CFA, provides investment advice and other services to clients in several countries. She resides in Country A whose securities laws and regulations are less strict than the Code and Standards. She also conducts business with clients in Country B, which has no securities laws or regulations, and in Country C, which has securities laws and regulations that are stricter than the Code and Standards. Which of the following statements is CORRECT? According to CFA Institute Standards of Professional Conduct, Green must adhere to the Code and Standards in:
A. Country A, Country B, and Country C.
B. Country A and Country B but the law in Country C.
C. Country A but the law in Country B and Country C.
【单选】Mary Kim, CFA, practices in the established country of Oldasia as well as in the emerging country of Newasia. By regulation, Oldasia prohibits licensed investment advisors from trading in securities ahead of their clients. Newasia has no laws or regulations in this area. Mary Kim may:
A. trade ahead of her clients in Newasia only.
B. trade ahead of her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this.
C. not trade ahead of her clients in either country.
【单选】 Benito Salvatore, CFA, is licensed in the established country of Oldworld but has clients and makes investments in the emerging country of Newworld. The regulations of Oldworld prohibit licensed investment professionals from taking gifts or gratuities in any amount from vendors or persons connected with potential investments. The laws of Newworld are silent on this issue. Unsolicited, Salvatore is offered a vase worth US $75 by a Newworld trust company and a bronze statue worth US $200 by a Newworld company that Salvatore is considering as a potential investment. Salvatore is:
A. permitted to accept both gifts.
B. not permitted to accept either gift.
C. permitted to accept the vase but not the statue.
【单选】 Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:
A. not use material inside information.
B. use material inside information because Xania legally permits this practice.
C. use material inside information, but only after notifying CFA Institute.
【单选】 An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is CORRECT? The analyst is:
A. governed by the laws and standards of the country in which he is living and working.
B. governed by CFA Institute's Code and Standards.
C. covered by the strictest of the following laws and rules: his own country's, the foreign country's or CFA Institute's Code and Standards.

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