-
【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. Both Standard III(C) "Suitability" and Standard V(A) "Diligence and Reasonable Basis."
B. Standard III(C) "Suitability" by failing to consider the appropriateness of the non-investment-grade bonds.
C. Standard V(A) "Diligence and Reasonable Basis" by letting fee structure determine the selection of the submanager.
-
【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. 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. permissible under CFA Institute Standards since some trading errors are a fact of life in the securities industry.
C. a violation of Calaveccio's fiduciary duties.
-
【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】
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. Voting all proxies of stocks the client owns.
C. Neither of these breach fiduciary duties.
-
【单选】Violations with respect to the use of the CFA designation occurred with:
A. both the printing of the business cards by Black and the letters sent by Wood to his friend and cousin.
B. the printing of the business cards by Black but not the letters sent by Wood to his friend and cousin.
C. the letters sent by Wood to his friend and cousin but not with the printing of the business cards by Black.
-
【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】
Ron Taylor, a CFA Level I candidate, trades cotton contracts for a small commodity broker. Taylor convinces a government cotton inspector to issue a warning that the Texas cotton crop is in danger from insect infestation. The price of cotton soars. Taylor immediately shorts cotton futures. Once the position is created, the government inspector issues a second report reversing his original opinion and cotton prices plummet.
Cedric Sims, a CFA Level III candidate, would like to generate a tax loss on a security held in his personal portfolio; however, he believes the security has significant upside potential. To avoid the wash sale provisions of the income tax code, Sims sells the security and simultaneously creates a synthetic long position using derivatives.
With regard to Standard II(B) Market Manipulation, which of the following statements concerning Taylor’s and Sims’s conduct is CORRECT?
A. Taylor is in violation of Standard II(B), but Sims is not in violation.
B. Neither Taylor nor Sims is in violation of Standard II(B).
C. Both Taylor and Sims are in violation of Standard II(B).
-
【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.
-
【单选】
A CFO who is a CFA Institute member is careful to make his press releases—some of them containing material and previously undisclosed information—clear and understandable to his readers. While writing a new release, he often has his current intern proofread rough drafts. He also sends electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard II(A), Material Nonpublic Information, the CFO is:
A. not in violation of the Standard.
B. violating the standard by either showing the pre-release version to his intern or sending it to his brother.
C. only in violation by e-mailing the pre-release version to his brother but not the intern, because the intern is in essence an employee of the firm.
-
【单选】
Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm’s investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the:
A. Wall Street Rule.
B. fire wall.
C. legal list.
-
【单选】
According to CFA Institute Standards of Professional Conduct, which of the following statements about material nonpublic information is NOT correct? Information is:
A. nonpublic until it has been disseminated to a select group of investors.
B. material if reasonable investors would want to know the information before making an investment decision.
C. nonpublic until it has been disseminated to the marketplace in general.
-
【单选】
Which one of the following least accurately describes the CFA Institute Standard about using material nonpublic information?
A. An analyst may use nonmaterial nonpublic information as long as it has been developed under the Mosaic Theory.
B. An analyst using material nonpublic information may be fined by CFA Institute.
C. An analyst may violate this Standard by passing information to others even when it has been obtained from outside the company.
-
【单选】
Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of nonpublic information through her contacts with drug firms. Although no one piece of the information she collected is "material," Waters correctly concluded that the earnings of one of the drug companies would be unexpectedly high in the coming year. According to CFA Institute Standards of Professional Conduct, Waters:
A. can use the information to make investment recommendations and decisions.
B. cannot legally invest or make recommendations based on this information.
C. may use the information, but only after approval from a compliance officer or supervisor.
-
【单选】
A CFA Institute member is a U.S. citizen living and working in a foreign country. That country has no laws against insider trading. Based on this information, the CFA Institute member may:
A. trade using insider information.
B. not trade using insider information based upon the rules of the SEC.
C. not trade using insider information based upon the CFA Institute Standards.
-
【单选】
A stockbroker who is a member of CFA Institute has a part-time housekeeper who also works for the CEO of Festival, Inc. One day the housekeeper mentions to the broker that she saw the CEO of Festival having a conversation at his home with John Tater, who is a nationally known corporate lawyer and consultant. The stockbroker is restricted from trading on this information:
A. if the housekeeper says the meeting concerned a tender offer and the broker knows that it is non-public information.
B. for both of the reasons listed here.
C. only if the broker knows that the meeting is non-public information.
-
【单选】
A stockbroker who is a CFA Institute member is called on the telephone by the CEO of a large company. The CEO asks to buy shares of the CEO’s company for the accounts of the CEO’s children. In the course of the conversation, the CEO says this will really pay off when the upcoming takeover goes through. The stockbroker checks her sources and finds no information about the takeover. In this case the broker should:
A. do neither of the actions listed here.
B. only execute the order in compliance with Standard III(A), Loyalty, Prudence, and Care. Since the client is buying the stock for the children, there is not a problem.
C. execute the order for all clients as required by Standard III(B), Fair Dealing.
-
【单选】
Trude Front, CFA, is a portfolio manager. While in the normal course of her duties, she happens to overhear material non-public information concerning the stock of VTT Bowser. She purchases several exchange traded funds which contain VTT Bowser, while shorting similar exchange traded funds which do not contain VTT Bowser. This is most likely:
A. not a violation of Standard II(A) "Material Non-Public Information."
B. only a violation of Standard II(A) "Material Non-Public Information" because Front is simultaneously shorting the funds which do not contain VTT Bowser.
C. a violation of Standard II(A) "Material Non-Public Information."
-
【单选】
Timothy Hooper, CFA, is a security analyst at an investment firm. In his spare time, Hooper serves as a volunteer for City Pride, which collects clothes for the homeless. Hooper has occasionally given some of the clothes to his friends or sold the clothes instead of returning all of the clothing to City Pride. City Pride discovers what he has been doing and dismisses him. Later, City Pride learns that other volunteer organizations have dismissed Hooper for similar actions. Has Hooper violated Standard I(D) on professional misconduct in the CFA Institute Standards of Professional Conduct?
A. No, because Hooper's conduct is unrelated to his professional activities as a security analyst.
B. Yes.
C. No, because Hooper volunteers his services to City Pride.
-
【单选】
Nancy Hall, a candidate in the CFA program, is an analyst for a mutual fund. As part of her job she makes company visits to interview executives. On a recent trip she stayed with her sister instead of at a hotel. In her expenses Hall included a hotel charge of $100, which was less than the amount allowed by her employer. After receiving a check for her expenses, Hall disclosed to her supervisor that she had stayed with her sister instead of at a hotel. She also returned the $100 to her employer. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes Hall's professional conduct?
A. Hall did not engage in professional misconduct because she eventually disclosed this information and returned the $100 to her employer.
B. Hall did not engage in professional misconduct because she did not meet all of the requirements to use the CFA designation.
C. Hall engaged in professional misconduct.
-
【单选】
A CFA charterholder is caught shoplifting and is sentenced to nine months in prison. Is this a violation of Standard I(D) Misconduct?
A. Yes, because the prison sentence is more than six months.
B. Yes, because the crime involved stealing.
C. No, because the crime does not relate to the investment profession.
-
【单选】
A CFA charterholder who comes to work intoxicated is:
A. in violation of Standard I(D) concerning professional misconduct.
B. in violation of Standard IV(A) concerning duties to employer.
C. not in violation of the standards.
-
【单选】
A CFA charterholder in a managerial position is in the process of hiring new analysts. If the charterholder conducts background checks on the job applicants with respect to their character, the charterholder has:
A. violated the Code of Ethics by invading the applicants' privacy.
B. complied with Standard VII(A) concerning conduct of members and candidates in the CFA Program.
C. complied with Standard I(D) concerning professional misconduct.
-
【单选】With respect to Standard VII(A), Conduct as Members and Candidates in the CFA Program:
A. Braman is in violation of the standard but her assistant is not in violation.
B. Neither Braman nor her assistant are in violation of the standard.
C. Both Braman and her assistant are in violation of the standard.
-
【单选】There was a misuse of the CFA designation by:
A. neither Braman nor the assistant.
B. neither Braman nor the assistant.
C. Braman but not the assistant.
-
【单选】
Sandra Bulow, CFA, is responsible for updating her employing firm’s website to include changes in analysis techniques and trading procedures. She is often very delinquent in making these changes, despite working extensive hours. She is aware clients are using the website to make investment decisions, and has received complaints from the sales department as the information on the website if often different from what is presented in sales meetings. Bulow is most likely:
A. in violation of Standard I(C) "Misrepresentation."
B. in violation of Standard III(B) "Fair Dealing."
C. not in violation of any Standard.
-
【单选】
Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:
A. a violation of the Standard concerning prohibition against misrepresentation.
B. a violation of fiduciary duties owed to clients under the Standards.
C. not in violation of the Code and Standards.
-
【单选】
A CFA charterholder gathers the closing prices of a security from a widely read publication. The charterholder uses the data as part of a report she is preparing and fails to report the data source in the report. This is:
A. not a violation of Standard I(C) if the data can be gathered from several public sources.
B. a violation of Standard I(C).
C. not a violation of Standard I(C) if the data cannot be gathered from several public sources.
-
【单选】
According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct? The prohibition against plagiarism applies to written materials:
A. only.
B. oral communications, and telecommunications.
C. and oral communications only.
-
【单选】
According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?
A. Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.
B. Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.
C. Presenting statistical estimates of forecasts prepared by others with the source identified, but without qualifying statements or caveats that may have been used.
QQ登录
微博登录
微信登录
扫一扫，关注网校动态