2015年CFA 一级(Level 1) 阶段测试-道德阶段(Ethics)测试30题

Jacky

【免费测】2024年CFA模拟题库

第 1 题
3 y" c* q: {, _$ kHolly Baker, CFA is explaining the CFA Institute Code of Ethics to a client. Which of the following statements could Baker make to  most likely   reflect disciplinary sanctions the CFA Institute may impose? Sanctions include:   
A. fines for violations   
B. revocation of membership   
C. banishment from the industry   
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第 2 题
( D) f+ c7 R1 M6 w9 K' bSato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisors license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisors license but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisors license and an asset management license in addition to upholding a fiduciary responsibility towards clients. In which of the three countries does Kashangaki have the duty to adhere to the CFA Code and Standards over local laws?     
A. Country A      
B. Country B      
C. Country C
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, b& \0 C" H2 h7 G. j8 P6 @$ f第 3 题
4 N( ^& m4 E9 {7 WJimmy Lee, CFA, is an investment banker in a country with strict confidentiality laws. He is working on an acquisition for Panda Mining Co. (PMC). While performing due diligence, Lee notices that PMC has a number of questionable offshore partnerships. He investigates the legality of the partnerships and finds evidence of illegal activity. According to the Standards of Professional Conduct, Lee’s best course of action would be to:   
A. alert CFA Institute   
9 }; a% [* f, [5 I3 d+ T) V* a# IB. consult outside counsel   
! @9 @3 q$ l+ e  k% ?3 c. LC. notify regulatory authorities

第 4 题
8 h. V' S4 c6 x8 \( R& w# ^Jiro Sato, CFA, deputy treasurer for May College, manages the Student Scholarship Trust. Sato issued a Request for Proposal (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to representatives from Capital Investments, who submitted a proposal. Sato selected Capital as a manager based on the firm’s excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which of the CFA Charterholders violated CFA Institute Standards of Professional Conduct?   
A. Both violated Standards   
0 F) _0 }7 B1 y" |B. Peters violated Standards   
C. Neither violated Standards   
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( `5 O" G$ G+ M1 U  g  b# l第 5 题
# {, @/ k3 E8 t' h& yJean-Luc Schlumberger, CFA, is an independent research analyst providing equity research on companies listed on exchanges in emerging markets. He often incorporates statistical data he obtained from the web sites of the World Bank and the Central Banks of the various countries into the body of his research reports. While not indicated within the reports, whenever his clients ask where he gets his information he informs them the information is in the public domain, so he doesn’t keep his own records. When the clients ask for the specific web site addresses he provides the information. Which Standard has Schlumberger  most likely violated?   
# T- k' X& q# bA. Misconduct   
B. Record Retention   
C. Misrepresentation   

第 6 题
Bryan Barrett, CFA has an investment advisory service providing advice on gold and other commodities to several large retail banks. Barrett advertises his services in widely read publications to broaden his business to include retail clients. Because the client base for the institutions that Barrett serves is large, he is comfortable stating in the ads that thousands of his clients have benefited from his advice. Does Barrett's advertisement  most likely violate any CFA Institute Standards of Professional Conduct?   
A. No   
B. Yes, related to Misrepresentation   
C. Yes, related to Communication with Clients
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6 m+ ^+ v' Y  L- o第 7 题
Gabrielle Gabbe, CFA has been accused of professional misconduct by one of her competitors. The allegations concern Gabbe's personal bankruptcy filing ten years ago when she was a college student and had a large amount of medical bills she could not pay. By not disclosing the bankruptcy filing to her clients, did Gabbe  most likely   violate any CFA Institute Standards of Professional Conduct?
A. No   
B. Yes, related to Misconduct   
C. Yes, related to Misrepresentation
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Jacky

【免费测】2024年CFA模拟题库

高顿CFA名师Jie：《Level1-Ethics-习题精讲》[习题+直播视频+讲义下载]
http://bbs.cfa.cn/forum.php?mod= ... 8&fromuid=25905

* N9 f* A, [8 d/ M0 N4 k5 K8 ]这里可以看老师讲解视频和讲义下载，抱走吧~

Jacky

【免费测】2024年CFA模拟题库

来补上~
8-18题~
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1 {; {( U" ?. x* O( A: g. Y8. David Donnigan enrolled to take the Level II CFA examination in the current year, however he did not take the exam. Donnigan advised his employer he passed Level II. Subsequently, he registered to take the Level II exam the next year. Which CFA Institute Standard of Professional Conduct did Donnigan least likely violate?
A. Duty to employer
6 }7 c1 v! G" R" ]+ `* j2 l4 VB. Professional misconduct
C. Referencing Candidacy in the CFA Program
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9. Darden Crux, CFA, a portfolio manager at SWIFT Asset Management Ltd., (SWIFT) calls a friend to join him for dinner. The friend, a financial analyst at Cyber Kinetics (CK) declines the invitation and explains she is performing due diligence on Orca Electronics, a company CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying Orca is on SWIFT’s approved stock list, Crux purchases Orca’s common stock and call options for selective SWIFT clients. Two weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $3 million. What action should Crux most likely take to avoid violating any CFA Institute Standards of Professional Conduct?
A. Refuse to trade based on the information
: v' ]5 M" g+ }9 |7 Z7 H* Y# ?( y, {B. Purchase the stock and call options for all clients
' i9 s8 y5 w3 ]2 TC. Trade only after analyzing the stock diligently and thoroughly


10. While waiting in the business class lounge before boarding an airplane, Becca Msafari, CFA, an equity analyst, overhears a conversation by a group of senior managers, including members of the Board, from a large publicly listed bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari heard several staff names mentioned. Under what circumstances could Msafari most likely use this information when making an investment recommendation to her clients?
A. Under no circumstances
B. If she does not breach the confidentiality of names of staff
. H; s. o+ k$ P% I2 RC. If the discussed changes are unlikely to affect the public perception of the bank


11. According to the Standards of Practice Handbook, a member who is an investment manager is least likely to breach his duty to clients by:
3 ]/ d7 L7 d; gA. disclosing confidential client information to the CFA Institute Professional Conduct Program
. d7 E% e8 Z8 q; I" A5 M$ AB. using client brokerage to purchase goods or services that are used in the investment decision-making process
7 l' f) L% B- Y( F+ [  W$ _C. consistently supporting management’s recommendations by voting with management on proxies related to non-routine governance issues


12. Carla Scott, CFA, is a portfolio manager for a company that manages investment accounts for wealthy individuals. Scott has no beneficial interest in any of the fee-paying accounts she manages, including her uncle’s account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are still available does she purchase shares in her uncle’s account, if the issue is appropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client’s verbal consent to her allocation procedures. According to the Standards of Practice Handbook, does Scott’s method of allocating oversubscribed IPOs violate any CFA Institute Standards of Professional Conduct?
$ S+ ]- x" r' B) y' tA. No
B. Yes, because she has breached her duty to her uncle
. _5 Z' d' ~# h4 k. l4 {C. Yes, because she has not precleared and reported her Uncle’s transactions


# ]" P: n7 A0 b13. According to the Standards of Practice Handbook, which of the following statements about fair dealing is least accurate? The Standard related to fair dealing:
  U) A' v* \7 K1 P! y) a& \A. states that members should treat all clients equally
B. imposes a duty with respect to both clients and prospective clients
0 n" n( F. G0 t: l% iC. pertains to both investment recommendations and investment actions
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14. Sherry Buckner, CFA manages equity accounts for government entities whose portfolios are conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly-traded, leveraged derivative product which she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank that has a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so that each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative for her clients?
* @; K0 }( d6 fA. No
B. Yes, related to Suitability
" L! m7 e  C; ]: bC. Yes, related to Loyalty, Prudence and Care
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  ?, p: R3 l& h" {# x$ N15. Narupa Rhasta, CFA, is manager of the fast-growing individual account division of a bank and treats all clients equally. When the bank’s research department issues a buy or a sell recommendation on a security, she ensures that the recommended action is implemented in all accounts. Do Rhasta’s investment actions violate any CFA Institute Standards?
A. No
B. Yes, with respect to suitability
C. Yes, with respect to diligence and a reasonable basis


16. When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Piedmont violate any CFA Institute Standards of Professional Conduct?
A. No
B. Yes, because he misappropriated property now belonging to Branch
C. Yes, because he failed to inform his new employer the model was the same one used by his previous employer
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17. For the past decade, Rachel Pederson, CFA, has managed the account of Olga Stefansson and in that time developed a close relationship with her client. Stefansson has a beach house in the Bahamas which she offers to Pederson and her family free use of for two weeks as a reward for the excellent returns generated in her account. Pederson is so busy at work she does not tell anyone where she is going for vacation. When accepting Stefansson’s offer, Pederson least likely violates the CFA Institute Standard relating to:
A. Loyalty to Employer
4 A8 |: @& Q5 P- KB. Disclosure of Conflicts
C. Independence and Objectivity
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18. A CFA charter holder agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised the charter holder that it was doubtful that the agreement could be enforced, so the charter holder sent a marketing brochure about his new firm to his former clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to the charter holder’s conduct?
A. The Standards do not apply to the charter holder’s conduct
B. The Standards require the charter holder to comply with the agreement with his former employer
) A  h# M, i+ H7 Q7 YC. Because the charter holder relied upon the opinion of legal counsel, he did not violate the Standards

Jacky

【免费测】2024年CFA模拟题库

19-30题

19. Eileen Fisher, CFA has been a supervisory analyst at SL Advisors for the past ten years. Recently, one of her analysts was found to be in violation of the CFA Institute Standards of Professional Conduct. Fisher has placed limits on the analyst's activities and is now monitoring all of his investment activities. Although SL did not have any compliance procedures up to this point, to avoid future violations, Fischer has put in place procedures exceeding industry standards. Did Fisher most likely violate any CFA Institute Standards of Professional Conduct?
9 b9 _, m$ C+ S8 p( HA. Yes
B. No, because she has taken steps to ensure the violations will not be repeated by the analyst
C. No, because she is taking steps to implement compliance procedures that are more than adequate


20. Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm’s written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith’s most appropriate course of action would be to:
A. require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct
B. require the employees she supervises to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct
8 q0 m8 J; Z5 e( O, V4 iC. decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility
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8 i* t5 O8 R* ]8 b. v: M21. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:
A. duty to clients
B. reasonable basis
C. priority of transactions
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. q; d1 K: @" Z8 G& s' g22. Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop visited Stamper’s corporate headquarters for several days and met with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report but did not include Bishop’s name on the report, because she did not agree with Hall’s conclusion included in the final report. According to the CFA Institute Standards of Practice Handbook, did Hall violate any CFA Institute Standards of Professional Conduct?
A. No
. n0 l8 h0 t% b& B! s% eB. Yes, with respect to misrepresentation
C. Yes, with respect to diligence and reasonable basis
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2 z7 M5 \* R8 v7 |9 F1 ]23. Joyce La Valle, CFA is a portfolio manager at a global bank. La Valle has been told she should use a specific vendor for equity investment research that has been approved by the bank's headquarters. Because La Valle is located in a different country than the bank's headquarters, she is uncomfortable with the validity of the research provided by this vendor when it applies to her country and would like to use a local vendor on whom she has already conducted due diligence. Which of the following actions concerning the research vendor should La Valle most likely take to avoid violating the CFA Institute Standards of Professional Conduct?
9 e7 N6 \, U8 h. _& N; cA. Use the local research vendor
2 j3 {: y1 R9 v$ g! zB. Use the bank-approved research vendor
+ b% r" @2 [" TC. Use both the local and the bank-approved research vendors


24. Sergio Morales, CFA believes he has found evidence his supervisor is engaged in fraudulent activity concerning a client's account. When Morales confronts his supervisor, he is told the client is fully aware of the issue. Later that day, Morales contacts the client and upon disclosing his evidence, is told he should mind his own business. Concerned his job is at risk, Morales provides his evidence, along with copies of the client's most recent account statements, to a government whistle blower program. Morales is least likely to have violated which of the following CFA Institute Standards of Professional Conduct?
, j- F8 f+ I0 B, P' CA. Duties to Clients
B. Duties to Employers
2 H- M; {; Z# S6 ZC. Communication with Clients
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25. Yao Tsang, CFA has a large percentage of his net worth invested in the Australian mining company, Outback Mines, which he has held for many years. Tsang is in the process of moving to a new employer where he is responsible for initiating research on mining companies. Shortly after his move, Tsang is asked to complete a research report on Outback. In order to meet the CFA Institute Standards of Professional Conduct concerning his stock holding, which of the following actions is most appropriate for Tsang to take?
* P/ D3 H% \. |) IA. Disclose his stock holding to his employer and to clients
B. Sell his stock holdings to eliminate any potential conflict of interest
C. Refuse to write the report and ask his employer to assign another analyst to complete the analysis
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26. Angus Draper, CFA, is a senior portfolio manager and member of the investment committee at Tillahook Investments. Draper serves as a board member for several non-profit organizations. These commitments require eight workdays per month of Draper’s time. Because he does not receive any form of compensation for these activities, Draper does not tell anyone at work about his board activities. Does Draper violate any CFA Institute Standards?
A. No
B. Yes, with respect to conflict of interest
C. Yes, with respect to responsibilities of supervisors
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  X/ z' K; O) \( P- q6 l' _27. Teresa Avila, CFA is a micro cap investment analyst at a hedge fund. The fund requires Avila to hold any securities she recommends for the fund in her own account as well. Because Avila has such a small account, whenever she trades for her own portfolio she combines the transactions with those of the hedge fund so she is sure to have her account aligned with the fund. Has Avila most likely violated any CFA Institute Standards of Professional Conduct?
A. No
B. Yes, related to Misconduct
: S0 l) x5 n/ I* M: QC. Yes, related to Priority of Transactions

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4 a$ l) q* d0 R. @" x28. Kazuya Kato, CFA, is a widely followed economist at a global investment bank. When Kato opines on economic trends, markets react by moving stock valuations considerably. When Kato receives information of a temporary oversupply of rare earth metals, he issues a forecast that price trends for rare earth metals will be down significantly on a long-term basis. Kato also secretly sells his report to a widely followed Internet site. Prior to issuing this forecast, Kato emailed all portfolio managers at his bank with a copy of his report indicating that his opinion would be reversed shortly so there will be trading opportunities. Kato least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A. Market Manipulation
B. Priority of Transactions
C. Additional Compensation Arrangements
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29. Stian Klun, CFA is preparing a brochure to advertise his firm. The brochure includes the following disclosures:
; ]7 w6 ~- A& C! R0 I; W4 ~9 L& ^"I am a CFA so I am a member of the CFA Institute which I believe constitutes the most elite group of professionals within the investment management business. In order to become a CFA charterholder I had to complete a comprehensive program of study in the investment management field.”
. m: N! A5 d8 @+ B4 v; |, }* DKlun is least likely to have violated the CFA Institute Standards of Professional Conduct related to referencing the:
; b( d* i2 J/ I) B  sA. CFA Institute
( U: v- \2 D2 Q5 P" w# X7 yB. CFA Program
' [, U, O- ^7 g3 X3 s, [8 ^0 {C. CFA Designation
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# p" j7 s+ m2 ^7 U30. In order to comply with the GIPS Standards, a firm must initially show GIPS-compliant history for a minimum of:
, ~# M  r6 ~# o& |5 e+ S) TA. five years, or since inception if the firm has been in existence for less than five years
B. two years, or since inception if the firm has been in existence for less than two years
/ }3 D6 d6 M/ O( b6 |C. three years, or since inception if the firm has been in existence for less than three years
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