CFA一级百题进阶：职业伦理.docx

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1、1.ETHICSANDPROFESSIONALSTANDARDSQ-l.Greyrecommendsthepurchaseofamutualfundthatinvestssolelyinlong-termU.S.Treasurybonds.Hemakesthefollowingstatementstohisclients:Statement1:ThepaymentofthebondsisguaranteedbytheU.S.government;therefore,thedefaultriskofthebondsisvirtuallyzero.*1Statement2:Ifyouinvesti

2、nthemutualfundzyouwillearna10percentrateofreturneachyearforthenextseveralyearsbasedonhistoricalperformanceofthemarket.,DidGreysstatementsviolatetheCFAInstituteCodeandStandards?A.NeitherstatementviolatedtheCodeandStandards.B.OnlyStatement1violatedtheCodeandStandards.C.OnlyStatement2violatedtheCodeand

3、Standards.Solution:CThisquestioninvolvesStandardI(C)-Misrepresentation.Statement1isafactualstatementthatdisclosestoclientsandprospectsaccurateinformationaboutthetermsoftheinvestmentinstrument.Statement2,whichguaranteesaspecificrateofreturnforamutualfund,isanopinionstatedasafactandztherefore,violates

4、StandardI(C).IfStatement2wererephrasedtoincludeaqualifyingstatement,suchasinmyopinion,investorsmayearn.,itwouldnotbeinviolationoftheStandards.Q-2.YaoTsang,CFA,hasalargepercentageofhisnetworthinvestedintheAustralianminingcompanyOutbackMines,whichhehasheldformanyyears.Tsangisintheprocessofmovingtoanew

5、employerwherehewillberesponsibleforinitiatingresearchonU.S.domesticminingcompanies.Shortlyafterhismove,TsangisaskedtocompletearesearchreportonOutbackMines.InordertomeettheCFAInstituteStandardsofProfessionalConductconcerninghisstockholding,whichofthefollowingisthemostappropriateactionforTsangtotake?A

6、,Disclosehisstockholdingtohisemployerandtoclients.B.Sellhisstockholdingstoeliminateanypotentialconflictofinterest.C.Refusetowritethereportandaskhisemployertoassignanotheranalysttocompletetheanalysis.Solution:AEventhoughthebestpracticeistoavoidconflicts,whenconflictscannotbereasonablyavoided,fulldisc

7、losureshouldbemadeasrequiredbyStandardVl（八）.Asthestockinquestionhasbeenheldformanyyears,itmaynotbepracticaltosellitduetothingsliketaxconsequences.Sincetheanalysthasbeenhiredtoinitiatecoverageofminingcompanies,itisunlikelythatanotheranalystatthatfirmwouldbeascompetentincompletingaresearchreportonmini

8、ngcompanies.Q-3.DorianSolot,CFAzisresponsibleforateamofresearchanalystsatApacBank,locatedinacountrywithstrictlawsprohibitingintellectualpropertytransfers.Solotbelievestheworkofoneofheranalysts,BlainePaddock,CFA,isnotcompletedascarefullyandthoroughlyasitshouldbe.SolotcompletelyreviewsallofPaddocksres

9、earchandconfirmshersuspicions.SolotthenconfrontsPaddockabouthispoorqualityresearchandtellshimhecanleaveApacvoluntarilyorbefired.PaddockchoosestoleavethebankzwalkingoutwithhispersonalpapersandresearchnotesthatwerecreatedpriortohisjoiningApac.Subsequently,Paddockusesthisintellectualpropertytohelpestab

10、lishahigh-net-worthinvestmentadvisoryfirm.WhenaprospectiveclientasksPaddockifheleftApacbecauseofquestionsonthequalityofhiswork.Paddocksaysitwastostarthisownbusiness.PaddockleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.Research.B.Intellectualproperty.C.Prospectivecli

11、entdisclosure.Solution:BBiscorrectbecausetheanalysthasnotviolatedStandardrelatedtointellectualpropertybecausethereisnoindicationtheanalystwasignorantof,orhasviolated,anylawrelatedtointellectualproperty,becausethesedocumentswerecreatedbytheanalystpriortohisemploymentatApac.Q-4.ABCInvestmentManagement

12、acquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirmscurrentpolicyistoaddnewaccountsforthepurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirmsperformancereturns.Beforetheendoftheinitialmonth,Cuppnoticedthatoneofthesignificantholdingso

13、fthenewaccountswasacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidedtoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonthsportfolioreturn.A.CuppdidnotviolatetheCodeandStandardsbecausetheGIPSstanda

14、rdsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountproducesaninaccuratecalculationofthem

15、onthlyresultsaccordingtothefirmsstatedpolicies.Solution:CCuppviolatedStandardIII(D)-PerformancePresentationswhenhedeviatedfromthefirmsstatedpoliciessolelytocapturethegainfromtheholdingbeingacquired.AnswerAisincorrectbecausethefirmdoesnotclaimGIPScomplianceandtheGIPSstandardsrequireexternalcashflowst

16、obetreatedinaconsistentmannerwiththefirm,sdocumentedpolicies.AnswerBisincorrectbecausethefirmdoesnotstatethatitisupdatingitscompositepolicies.Ifsuchachangeweretooccur,allcashflowsforthemonthwouldhavetobereviewedtoensuretheirconsistenttreatmentunderthenewpolicy.Q-5.DavidGunard,CFA,isanequityanalystatCurrySecurities.HereceivedanassignmenttoanalyzeEnterlochCorporation,ofwhichthestockswereheldbyseveralofCurryzsclients.Gunardcomplete