高顿搜索 -第6页

【单选】 Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. Towers has just become a member of CFA Institute. With this development, Towers must:
A. only reveal to the prospects referred by Smith that he performs services for Smith.
B. reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services.
C. discontinue his services for Smith.
【单选】 An analyst who is a member of CFA Institute has composed an introductory information packet for her new clients, which includes information on fees she receives for referring clients to other professionals and those she pays for having clients referred to her. With respect to Standard VI(C), Referral Fees, this action:
A. may not satisfy the Standard if such information is only provided after the receivers of the information have become clients.
B. is not addressed in the Standard.
C. exceeds the requirement of the Standard because she does not need to reveal the fees she pays to those that refer clients to her.
【单选】 Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. With respect to this relationship, Smith:
A. must disclose to his clients that Towers provides services for Smith's personal benefit.
B. is in violation of both Standard V(B) and III(B).
C. is only in violation of Standard III(B), Fair Dealing, by not putting the client first.
【单选】 An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst:
A. is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.
B. must notify his supervisor about the stock according to Standard VI(B), Priority of Transactions, to see if it is appropriate for the portfolio that he manages.
C. may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.
【单选】 Andy Rock, CFA, is an analyst at Best Trade Co. The company is going to announce a sell recommendation on Biomed stock in one hour. Rock was a member of the team who reached the decision on Biomed. Rock’s wife has an account at Best Trade Co. that contains Biomed stock. According to the Code and Standards, trading on Rock’s wife’s account can begin:
A. only after the recommendation is announced to the general public.
B. as soon as the information is disseminated to all clients.
C. only after Rock, as a beneficial owner, has given an appropriate amount of time for clients and his employer to act.
【单选】 Lance Tuipulotu, CFA, is a portfolio manager for an investment advisory firm. He plans to sell 10,000 shares of Park N’Wreck, Inc. to finance his daughter’s new restaurant venture, but his firm recently upgraded the stock to "strong buy." In order to remain in compliance with Standard VI(B) "Priority of Transactions," Tuipulotu must:
A. notify his firm of his intention to sell the shares before selling the shares.
B. not sell the shares of Park N’Wreck.
C. delay selling the shares until a firm client makes an offsetting purchase to avoid having a market impact.
【单选】 Lee Hurst, CFA, is an equity research analyst for a long-term investment fund. His annual bonus is linked to quarterly trading profits. Under a new policy, the quarterly assessment period is switched to a monthly assessment period. According to the Code and Standards, best practices dictate:
A. updating disclosures when the policy change is implemented.
B. requiring Hurst to obtain permission from each client prior to implementation of the new policy.
C. keeping the policy change private as a trade secret.
【单选】 The following scenarios involve two analysts at Dupree Asset Management, a small New York-based company with about $150 million in assets under management. Dupree restricts personal trading of stocks analyzed, corporate directorships, trustee positions, and other special relationships that could reasonably be considered a conflict of interest with their responsibilities to their employer. Ray Bolt, CFA, is a senior investment analyst. Bolt was recently elected to the board of trustees of his alma mater, Midwest University, and was appointed as the chairman of the University's endowment committee. Midwest has more than $2 billion in its endowment. Bolt must travel from New York to Chicago eight times a year to attend meetings of the board of trustees and endowment committee. Bolt did not inform Dupree of his involvement with Midwest University. Wanda Delvecco, a candidate in the CFA Program, is a junior investment analyst. She recently wrote a research report on Aveco Communications and recommended the stock for Dupree's "buy" list. Delvecco bought 200 shares of Aveco stock for her personal account 12 months before she wrote her research report. Over the past 12 months, the stock's price has been in the $20-42 price range. Delvecco has not informed Dupree of her ownership of Aveco stock. According to CFA Institute Standards of Professional Conduct, which the following statements about Bolt and Delvecco's actions is CORRECT?
A. Delvecco violated the Standards, but Bolt did not.
B. Neither Bolt nor Delvecco violated the Standards.
C. Both Bolt and Delvecco violated the Standards.
【单选】 Ryan Brown, CFA, is an analyst with a large insurance company. His personal portfolio includes a significant investment in QRS common stock that his firm does not currently follow. The director of the research department asked Brown to analyze QRS and write a report about its investment potential. Based on CFA Institute Standards of Professional Conduct, Brown is required to:
A. disclose the ownership of the stock to his employer and in the report.
B. sell his shares of QRS before completing the report.
C. decline to write the report without specific approval of his supervisor.
【单选】 Dwight Dawson, a CFA charterholder and portfolio manager at Ascott Investments, was recently appointed to the investments committee at Brightwood College. He will receive no compensation from Brightwood for serving on this committee. Another person at Ascott manages part of Brightwood’s endowment. Dawson does not inform Ascott’s compliance office of his involvement with Brightwood, because he does not believe doing so is necessary. Brenda Hamilton, a CFA candidate, also works for Ascott as an investment analyst. Procedures established at Ascott prohibit personal trading in securities analyzed or recommended by Ascott. One of these securities is Horizon, a telecommunications firm. Hamilton buys 10 shares of Horizon for her infant son’s trust account. She believes that reporting this purchase to Ascott’s compliance officer is unnecessary because the amount of the transaction is small and is not for her own personal account. Did Dawson or Hamilton’s actions violate CFA Institute Standards of Professional Conduct?
A. Dawson: Yes, Hamilton: Yes.
B. Dawson: No, Hamilton: No.
C. Dawson: No, Hamilton: Yes.
【单选】 Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley routinely writes research reports on Pharmaceutical firms. Valley has recently been asked to serve on the board of directors of an organization that promotes the search for a cure of a certain cancer. Serving on the board is an unpaid position without any direct benefits other than meeting new people and potential clients. To comply with Standard VI, Disclosure of Conflicts, Valley needs to:
A. both disclose the position on the board to his supervisor and describe his responsibilities on the board.
B. do nothing.
C. only disclose the position on the board to his supervisor.
【单选】 Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that:
A. both of these choices require disclosure.
B. he has a material beneficial ownership of Burch Corporation through a family trust.
C. his wife owns 2,000 shares of Burch Corporation.
【单选】 Arthur Harrow, CFA, is a pharmaceuticals analyst at Dominion Asset Management. His supervisor directs him to prepare separate research reports on Miracle Drug Company and Wonder Drug Company. Harrow's former college roommate and close friend is the president of Miracle. Harrow owns 2000 shares of Wonder, which currently sells for $25 a share. Harrow's supervisor is unaware of these facts. According to CFA Institute Standards of Professional Conduct, which of the following action, if any, is Harrow required to take if he writes the research reports?
A. Harrow must disclose to Dominion both his relationship with the president of Miracle and his ownership of shares in Wonder.
B. Harrow must disclose to Dominion his ownership of shares in Wonder but not his relationship with the president of Miracle.
C. Harrow must disclose to Dominion his relationship with the president of Miracle but not his ownership of shares in Wonder.
【单选】 Ray Stone, CFA, follows the Amity Paving Company for his employer. Which of the following scenarios is Stone least likely to have to disclose to his employer.
A. Stone's ownership of Amity securities.
B. The fact that Stone's son worked at Amity as a laborer during the summer while in school.
C. Stone's personal relationship with the CEO of Amity.
【单选】 Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:
A. Trobb's research firm has a large stake of ownership in Aneas Lumber.
B. Trobb's cousin repairs machines for Aneas.
C. Aneas hires Trobb as a consultant to analyze Aneas' financial statements.
【单选】Upon her arrival at TFA, as a CFA charterholder, Hernandez:
A. is only required to provide her employer with written notification of her obligation to comply because she has been told her supervisors are aware of the Code and Standards.
B. is not required to deliver a copy of the Code and Standards to her employer.
C. is required to deliver a copy of the Code and Standards to her employer and provide them with written notification of her obligation to comply.
【单选】 Lee Hurst, CFA, is an equity research analyst who has recently left a large firm to start independent practice. He is able to re-create several of his previous recommendation reports from memory, based on sources obtained at his previous employer. He publishes the reports and obtains several new clients. Hurst is most likely:
A. not in violation of any Standard.
B. in violation of Standard V(A) "Diligent and Reasonable Basis."
C. in violation of Standard V(C) “Record Retention.”
【单选】 According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT:
A. analyze the client's investment needs.
B. distribute a detailed, written research report to clients with each recommendation.
C. analyze the investment's basic characteristics before recommending a specific investment to a broad client group.
【单选】 Robert Hamilton, a CFA candidate, is preparing a research report on Pets-R-Us for public distribution. Hamilton's preliminary report contains unfavorable earnings forecasts for the next four quarters. As part of his analysis, Hamilton met with Linda Brisson, the president of Pets-R-Us, and asked her to review the preliminary report for factual inaccuracies. Brisson revised Hamilton's earnings forecasts so that the quarterly earnings showed an upward trend and resulted in positive earnings by the fourth quarter. Hamilton included the revised earnings figures in his report without further review. Although the final report included the basic characteristics of Pets-R-Us, it emphasized certain areas such as projected quarterly earnings but only briefly touched on others. According to CFA Institute Standards of Professional Conduct on research reports, Hamilton:
A. violated the Standard because he did not thoroughly review and analyze any information provided by Brisson.
B. violated the Standard because the report did not give similar attention to all areas but instead emphasized quarterly earnings at the expense of other areas.
C. did not violate the Standard.
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to:
A. make sure that the change is identical for both clients.
B. inform the clients of the change and tell them it is based upon an opinion and not a fact.
C. perform both of these functions.
【单选】 Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?
A. Halpert can make his report in person, by telephone, or by computer on the Internet.
B. Halpert can transmit his report by computer on the Internet.
C. Halpert can make his report in person.
【单选】 Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:
A. violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.
B. not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.
C. violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.
【单选】 Janet Coleman, a CFA Institute member, is an analyst at a regional brokerage firm. She is preparing a research report on Standard Power and Light. Due to deregulation, utility companies face increased competition. During the past year, three of the five utility companies in her region have cut their dividends by 50%, on average, to provide more internal funds for investment purposes. In a discussion with Standard's chief executive officer, Coleman learned that Standard expects to have a record amount of capital expenditures during the next year. Although Standard subsequently issued a press release about its capital expenditure plans, it did not make any public statements about a change in dividend policy. Coleman reasons that the management of Standard will be under pressure to cut its dividends within the next year to remain competitive. Coleman issues a research report in which she states: "We expect Standard Power and Light will experience an initial decrease of $3 a share in its stock price when it cuts its dividend from $2 to $1 a share by the second quarter. We expect that Standard will strengthen its competitive position by using more internally generated funds to finance its investment opportunities. If investors buy the stock now at around $50 a share, their total return should be at least 20% on the stock." Based on CFA Institute Standards of Professional Conduct, which of the following statements about Coleman's actions is CORRECT?
A. Coleman violated the Standards because she used material inside information.
B. Coleman violated the Standards because she failed to separate opinion from fact in her research report.
C. Coleman did not violate the Standards.
【单选】 In the preparation of a research report, a CFA Institute member may emphasize certain matters, touch briefly on others, and omit some altogether:
A. provided that the analyst both has a reasonable basis and is unconstrained by the Mosaic theory.
B. under no circumstances.
C. provided that the analyst has a reasonable basis for his or her actions.
【单选】 Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:
A. may send out the report as written as long as a follow up is disseminated within a reasonable amount of time reflecting the changes in management.
B. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.
C. should revise the recommendation based on this new information.
【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. have a reasonable and adequate basis for the recommendation.
B. support a recommendation with appropriate research and investigation.
C. do both of these.
【单选】 Susan Tigra, CFA, is a portfolio co-manager for the Sandia Energy pension fund. Sandra Bulow, a research analyst under Tigra’s supervision, creates a new trading model and immediately begins to trade. Susan stops Bulow from trading, but notes that the firm has no guidelines for testing new models. Tigra should most likely:
A. encourage her firm to develop detailed, written guidance that establishes minimum levels of testing for all computer-based models as required by Standard III(C) "Suitability."
B. encourage her firm to develop detailed, written guidance that establishes minimum levels of testing for all computer-based models as recommended by Standard V(A) "Diligence and Reasonable Basis."
C. report Bulow to the firm’s compliance department for violation of Standard V(A) "Diligence and Reasonable Basis."
【单选】 The following scenarios refer to recommendations made by two analysts. Jean King, CFA, is a quantitative analyst at Quantlogic, Inc. King uses computer-generated screens to differentiate value and growth stocks based on accounting numbers such as sales, cash flow, earnings, and book value. Based on her analysis of all domestically traded stocks in the U.S. over the past year, King concludes that value stocks as a class have underperformed growth stocks over that period. Using only this analysis, she recommends that account executives at Quantlogic sell all value stocks from the portfolios for which they have discretionary authority to trade and replace these stocks with growth stocks. James Capelli, CFA, is a fundamental analyst at Wheaton Capital Management, which focuses on regional stocks. His analysis of Branson Wireless includes the investment's basic characteristics such as information about historical earnings, ownership of assets, outstanding contracts, and other business factors. In addition to conducting both a general industry analysis and a company financial analysis, Capelli interviews key executives at Branson. Based on his analysis, he concludes that the company's future prospects are strong and issues a "buy" recommendation. According to CFA Institute Standards of Professional Conduct, did King and Capelli have a reasonable and adequate basis for making their recommendations?
A. Capelli has a reasonable basis for his recommendation, but King does not.
B. Both King and Capelli have a reasonable basis for their recommendations.
C. King has a reasonable basis for his recommendation, but Capelli does not.
【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】 A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:
A. insist that the supervisor change the earnings forecast or remove his (the analyst's) name from the report.
B. both insist that a follow up report be issued and take up the issue with regulatory authorities.
C. only insist that the first report be followed up by a revision.

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