①Which of the following is most likely part of the CFA Institute Standards of Professional Conduct,Standard I–Professionalism?Members and candidates:

　　A.must understand and comply with all applicable laws.

　　B.must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

　　C.must deal fairly and objectively with all clients when providing investment analysis,making investment recommendations,taking investment action,or engaging in other professional activities.

　　Answer:A

　　A选项为正确选项，会员及候选人知道及遵守适用法律来自职业准则第一大准则专业性的第一条细则：知晓并且遵守法律。

　　B选项为错误选项，会员及候选人不能歪曲价格或人为操纵交易量来误导市场参与者属于职业准则中第二大准则的第二条细则：市场操纵。

　　C选项为错误选项，会员及候选人在向客户提供投资分析、投资建议、做出投资行动、及其它时应该保持公平及客观属于职业准则中第三大原则的第二条细则：公平对待。

　　难度：中

　　②Yuan,CFA,is chief investment officer of Golden Securities.Recently,Yuan found that their company's promotional materials for marketing activities had a mistake.The value of their management asset list on the material was higher than their current actual market value.Yuan realized the reason might be recent market volatility.Which of the following actions is most accurate to comply with the CFA Institute Code and Standard.

　　A.Do nothing,because the day material made,the value was correct.

　　B.Correct the asset value and add a footnote indicating the day that the value calculated.

　　C.Report the mistake to government regulators.

　　Answer:B

　　解析：

　　B是正确答案。发现错误需要及时更正，根据I(A)Knowledge of the Law不作为会被视为参与。

　　A错。因为题干的做法会对客户产生一个误导，让客户误以为他们公司管理的资产规模就有他们所宣传的那么大，但是实际上没有。

　　C错。根据I(A)Knowledge of the Law协会并不要求我们出现问题就一定要向政府报告。

　　难度：易

　　③Yuan,CFA,is a bond research analyst in XYZ securities.XYZ securities hold a large position in the bond of Carly Group.In last week,many securities company change the stock recommendation of Carly Group,since the disappointing financial report just released.It also led to the collapse of Carly bond prices.Yuan’s supervisor asked Yuan to call their clients and convinced them to continue holding the bonds of Carly Group.However,Yuan had a different thought.He believed the Carly bond price was overvalued.Which of the following action is the most appropriate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct,Yuan should:

　　A.make these calls with prominent disclose.

　　B.follow his supervisor’s request,because of the chain of command.

　　C.deny his supervisor’s request.

　　Answer:C

　　解析：

　　C是正确答案。根据I(B)Independence and Objectivity，Yuan不应该受到公司内部的压力去影响他的独立客观的判断，他认为债券价格是被高估了，所以他不应该去向他的客户去推销该债券。

　　A错。因为Yuan不应该被他的主管威逼利诱去打推销电话，如果他打了就是说明他的独立客观性被影响了，即使披露也不行。

　　B错。因为不能收到内部的压力影响分析师的独立客观性。

　　难度：易

　　④To minimize the impact material nonpublic information inside the investment firm,which of the following actions are appropriate except:

　　A.Banning personal trading.

　　B.Building firewalls.

　　C.Cutting compliance department to increase efficiency.

　　Answer:C

　　解析：

　　C是正确答案。裁撤合规部门并不能减小重大非公开信息在公司内部的流通。注意题目问的是“except”

　　A是错误的。因为禁止员工的个人交易可以有效减小重大非公开信息的影响。

　　B是错误的。因为建立防火墙可以有效减小重大非公开信息的影响。

　　难度：中

　　⑤Yuan,CFA,is a famous research analyst works on Golden Securities.Sam Group appreciates Yuan’s research report quality and invites him to write an issuer-paid research report.According to the CFA Institute Code of Ethics and Standards of Professional Conduct,Yuan should:

　　A.accept this assignment with a flat fee and disclose this relationship in the report.

　　B.accept this assignment with a fee linked the Sam Group stock price and disclose the fee in the report.

　　C.reject this assignment because it will compromise his independence and objectivity.

　　Answer:A

　　解析：

　　A是正确答案。根据I(B)Independence and Objectivity要求，分析师写issuer-paid research必须要披露和目标公司之间的雇佣关系，并且只能收取固定费用，不能和结果挂钩。

　　B是错误答案。issuer-paid research费用不能和结果挂钩。

　　C是错误答案。协会并没有禁止你写issuer-paid research。

　　难度：易
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　　⑥Jack Bauer,CFA,works on Golden Finance as a portfolio manager.His father Linker Bauer is a senior manager of KPMG.During a family party,Linker mentioned that he was busy working on an audit of a car maker company recently.Linker also mentioned that the car maker company might encounter financial distress.Jack just listened and did not think too much.A few days later,Jack solicited a new client and found the client heavily holding the car maker company.Jack did some digging into the car maker company and found nothing about the financial problem.Which of the following actions is the most appropriate to comply with the CFA Institute Standards of Professional Conduct?

　　A.Do more research then sell the stock.

　　B.Sell the stock directly because he has soundness reason to do that so.

　　C.Do nothing.

　　Answer:C

　　解析：

　　C是正确答案。这个消息是关于财务危机的，是Jack的父亲说的，他父亲和目标公司有业务往来，可以认为这个消息是可靠的。因此这个消息就是典型的重大非公开信息。所以Jack是不能用的。

　　A错。因为卖股票没有合理的理由去支持，而重大非公开信息又是不能用。

　　B错。Jack没有充足的理由。

　　难度：中

　　⑦According to the Mosaic Theory,what kind of the following information can most likely be used in the investment recommendation by the practitioner?

　　A Public information.

　　B Non-material nonpublic information.

　　C Both A and B.

　　Answer:C

　　解析：

　　C选项是正确答案，根据II(A)Material Nonpublic Information马赛克理论的定义，会员和考生可以根据公开信息以及非重大非公开的信息去得出结论，不违反准则。

　　选项A错误，缺少非重大非公开信息。

　　选项B错误，缺少重大的公开信息。

　　难度：易

　　⑧Yuan,CFA,is a fund manager works on an independent investment institution.He manages a trust fund.This trust fund was established by a millionaire,and the beneficiary was his minor son Jack.The IPS stipulate that the fund is to provide Jack with living expenses and tuition fees,and continues until he is 40 years old,so the fund required to invest low-risk and stable income only.However,Jack found Yuan and asked him to invest in a private equity fund.Jack believes that this private equity fund can provide a very good return,although there is a three-year lockup period.During the lockup period,there is zero yield and cannot redemption.Yuan accepted Jack's request and invested in this private equity fund.Did Yuan most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yes,because the decision against IPS

　　B.No,because the beneficiary is Jack.

　　C.No,because the private equity has a good return.

　　Answer:A

　　解析：

　　A是正确答案。该信托基金的客户是委托人，不是受益人，根据Standard III(C)–Suitability，一切投资行为应该以和信托者事先签订好的IPS为准，而不是去听从受益人的要求。

　　B是错误答案。受益人不是客户，一切以IPS为准。

　　C是错误答案。即使私募股权基金的收益很好也不行，因为不符合IPS要求的低风险稳定收益的条件。

　　难度：中

　　⑨Yuan,CFA,is a fund manager.When Yuan is soliciting new clients,he claims that his investment return has exceeded 50%in the past three years.Based on that fact,he can guarantee such return to his new client in next year.Which of the following statements is the most accurate to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yuan can guarantee that return to his client based on his excellent investment history.

　　B.Yuan does not need to mention his role in the history of investment action.

　　C.Yuan failed to distinguish the fact and opinion,he can’t use his historical investment return to imply the future performance.

　　Answer:C

　　解析：

　　C是正确答案。Yuan不能用过去的业绩去保证未来也可以获得同样的收益，这种做法违反了I(C)-Misrepresentation和III(D)-Performance Presentation。

　　A错。因为Yuan不能用过去的业绩保证未来的收益。

　　B错。因为Yuan需要说明他在过去出色的投资业绩中所扮演的角色。

　　难度：中

　　⑩Yuan,CFA,is a portfolio manager works for Golden Finance.Alex Muller is one of Yuan’s clients.They have not been in contact for more than three years.Recently,Alex suddenly called Yuan and said that he made a lot of money and wanted to invest in some high-risk and high-yield investment products.Yuan immediately recommended and invested in some private equity funds.As usual,Yuan also prepared the list of these funds,the details of the proceeds,and sent them to Alex monthly.Did Yuan most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?

　　A.Yes,he violated for investing private equity funds.

　　B.Yes,he violated for the details of proceeds.

　　C.No.

　　Answer:A

　　解析：

　　A是正确答案。原题描述Yuan已经超过3年没有联系客户了，说明客户的资料没有进行定期的更新。而且没有详细评估客户目前的情况就直接给客户推荐购买私募股权基金，这直接违反了Standard III(A)–Loyalty,Prudence,and Care和Standard III(C)–Suitability。

　　B错。每月提供投资详情没有违反准则

　　C错。Yuan违反了准则。

　　难度：中
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