CFA考试Level Ⅰ模拟试题详解8.docx

CFA考试Level Ⅰ模拟试题详解8.docx

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CFA考试LevelⅠ模拟试题详解8

AfternoonSession

1．WhenPeterJiang,CFA,joinedBrownInvesting,BrownbeganusingaquantitativestockselectionmodelthatPeterhaddevelopedonhisownpersonaltimepriortohisemploymentwithBrown.OneyearlaterwhenPeterleftthefirm,hefoundtheoriginalcopyofthemodelthathehaddevelopedinafileathishomeandpresentedittohisnewemployer,whoimmediatelybeganusingthemodel．AccordingtotheStandardsofPracticeHandbook,didPeterviolateanyCFAInstituteStandardsofprofessionalConduct?

A．No.

B．Yes,becausehefailedtoactinBrown’sbestinterest.

C．Yes,becausehemisappropriatedpropertythatnowbelongedtoBrown.

【答案】A

【解析】Althoughdepartingemployeesmaynottakeemployerpropertywhendeparting,themodelPeterpresentedtohisnewemployerwasnotBrown’sproperty．ItwascreatedbyPeterpriortohisemploymentwithBrown．ThemodelwasnotcreatedforBrowninthecourseofhisemployment,butwasadoptedbyBrown.

2．AllofthefollowingarerequiredforaCFAInstitutemembertomaintainhisorheractivestatusEXCEPT:

A．remitacompletedProfessionalConductStatementonanannualbasis.

B．Passingeachexaminnomorethantwotries.

C．payingmembershipduestoCFAInstituteonanannualbasis.

【答案】B

【解析】PassingeachexamintwoorfewertriesisnotrequiredtomaintainactivestatusasamemberoftheCFAInstitute.CFAInstituteimposesalloftheotherchoices.

3．ArthurHarrow,CFA,isapharmaceuticalsanalystatDominionAssetManagement.HissupervisordirectshimtoprepareseparateresearchreportsonMiracleDrugCompanyandWonderDrugCompany.Harrow’sformercollegeroommateandclosefriendisthepresidentofMiracle.Harrowowns2000sharesofWonder,whichcurrentlysellsfor$25ashare.Harrow’ssupervisorisunawareofthesefacts.AccordingtoCFAInstituteStandardsofProfessionalConduct,whichofthefollowingaction,ifany,isHarrowrequiredtotakeifhewritestheresearchreports?

A．HarrowmustdisclosetoDominionbothhisrelationshipwiththepresidentofMiracleandhisownershipofsharesinWonder.

B．HarrowmustdisclosetoDominionhisrelationshipwiththepresidentofMiraclebutnothisownershipofsharesinWonder.

C．HarrowmustdisclosetoDominionhisownershipofsharesinWonderbutnothisrelationshipwiththepresidentofMiracle.

【答案】A

【解析】StandardVI（A）requiresthatHarrowdisclosetoDominionconflictsthatreasonablycouldbeexpectedtointerferewithhisindependenceandobjectivity.BothHarrow’srelationshipwiththepresidentofMiracleandhisownershipofasubstantialdollaramountofWonder’ssharesrepresentapotentialconflictrequiringpromptdisclosuretoDominion.

4．JoeRobison,CFAisaninvestmentmanagerwithfullresponsibilityfortheGemstoneCorporationrelationship．Duringthepast12monthsJoehasused75%oftheclientbrokerageofGemstonetoexecutetheCompany’sstocktradesandtodirectlyassistintheinvestmentdecisionprocessofGemstone:

JoehasindependentlyobtainedbestpriceandexecutionforallofGemstone’sstocktrades．Theremaining25%oftheclientbrokeragehasbeenusedtopurchasebookshelvesandcomputerchairsforJoe’sinvestmentfirm’slibrary．WhichofthefollowingisthemostaccuratestatementpertainingtoJoe’suseoftheabovesoftdollars?

A．JoehasproperlyusedGemstone’sclientbrokeragesinceheobtainedbestpriceandexecutionforallofthestocktrades.

B．The75%oftheclientbrokerageusedbyJoewasinfullcompliancewiththeSoftDollarstandard．Theremaining25%useofGemstone’sclientbrokerageshouldbedisallowedsinceitdidnotdirectlyassistJoeintheinvestmentdecisionprocessofGemstone.

C．Joe’suseofsoftdollarsforGemstonewaspropersincetheclientbrokerageisthepropertyoftheinvestmentfirmandcanbeallocatedperthedirectionoftheinvestmentmanager.

【答案】B

【解析】AlthoughJoedidobtainbestpriceandexecutioninhistradesforGemstoneregardingthe75%useofclientbrokerage,itisthewrongresponsesinceheimproperlyused25%oftheclientbrokerage．AnswerCiswrongsinceclientbrokerageisnotthepropertyoftheinvestmentfirmandmustbeusedtodirectlyassistJoeintheinvestmentdecisionprocessofGemstone．Asaresult,Joedidnotimproperlyusesoftdollars．AnswerBisthecorrectresponseasthe75%useoftheclientbrokeragewasproperasitdirectlyassistedJoeintheinvestmentdecisionprocessofGemstone,whiletheremaining25%shouldbenotbeallowedbecauseitwasusedtopurchaseitemsfortheinvestmentfirm’sgeneraluse.

5．ToddGable,CFA,wasattendinganoonluncheonwhenheoverheardtwosoftwareexecutivestalkingaboutacommonvendor,Datagen,abouthowwonderfultheythoughtthecompanywas,andaboutarumorthatamajorbrokeragefirmwaspreparingtoissueastrongbuyrecommendationonthestock.Gablereturnedtotheoffice,checkedacoupleofonlinesources,andthenplacedanordertopurchaseDatageninallofhisdiscretionaryportfolios.Theorderswerefilledwithinanhour.Threedayslater,abrokeragehouseissuedastrongbuyrecommendationandDatagen’ssharepricewentup20%.Gablethenproceededtogatherdataonthestockandpreparedareportthathedatedthedaybeforethestockpurchase.Gablehas:

A．violatedtheStandardsbyimproperuseofinsideinformation.

B．violatedtheStandardsbyusingtherecommendationofanotherbrokeragefirminhisreport.

C．violatedtheStandardsbynothavingareasonablebasisformakingthepurchaseofDatagen.

【答案】C

【解析】StandardV（A）requiresmemberstohaveareasonableandadequatebasisfortakinginvestmentactions.Overhearingaconversationdoesnotprovideadequatebasis.Itisnotimpropertouseoverheardconversationsthatdonotincludeinsideinformation,norisitimpropertoreferenceanotherfirm’sreporttosubstantiateadequatebasis,iftheotherreportisjustified.

6．TonyCalaveccio,CFA,isthemanageroftheTrust-CoSmallCapVentureFundinToronto.HeplacestradesforthefundwithWorldwideBrokerage.WorldwidesuggeststoCalavecciothattheyarewillingtoprovidehimwithadditionalcompensationfororderflow.IsthispermissibleundertheCodeandStandards?

A．Yes,ifhereceiveswrittenconsentfromTrust-Coanddisclosesthearrangementtohisclientsandprospects.

B．Yes,ifhedisclosesthearrangementinwritingtoTrust-Co.

C．Yes,ifheobtainswrittenpermissionfromTrust-coandhisclientsandprospects.

【答案】A

【解析】InconformancewithStandardⅣ（B）,CalaveccioisrequiredtoobtainwrittenconsentfromTrustCo.InconformancewithStandardVI（C）,heisalsorequiredtodisclosetheadditionalcompensationtoclientsandprospects.Writtenpermissionfromhisclientsandprospectsisunnecessary.

7．MaryKim,CFA,practicesintheestablishedcountryofOldasiaaswellasintheemergingcountryofNewasia.Byregulation,Oldasiaprohibitslicensedinvestmentadvisorsfromtradinginsecuritiesaheadoftheirclients.Newasiahasnolawsorregulationsinthisarea.MaryKimmay:

A．tradeaheadofherclientsinNewasiaonly.

B．tradesimultaneouslywithherclientsinNewasiaonly,aslongasshehasmadefulldisclosuretoherclientsthatshereservestherighttodothis.

C．nottradeaheadofherclientsineithercountry.

【答案】C

【解析】UnderStandardI（A）,MaryKim,asaCFAcharterholder,mustapplytheCFAInstituteCodeandStandardsorthecontrollinglaw,whicheverisstricter.BecauseStandardVI（B）requiresmemberstoputclienttradesaheadoftheirowntransactions,MaryKimmustfollowthestandardintheabsenceofgoverninglaw,orwherethelawislessstrictthanthestandard.

8．AllofthefollowingarerequiredbyfiduciariesunderStandardⅢ（A）,Loyalty,Prudence,andCare,EXCEPT:

A．supportthesponsor’smanagementduringproxyfights.

B．actsolelyintheinterestoftheultimatebeneficiaries.

C．placetheclient’sinterestbeforetheemployer’sinterest.

【答案】A

【解析】Membersarerequiredtoactintheinterestoftheirclients.Invotingproxies,theclient’sinterestmustprevailovermanagement’sinterest.

9．Ananalystmeetswithanewclient.Duringthemeeting,theanalystseesthatthenewclient’sportfolioisheavilyinvestedinoneover-the-counterstock.Theanalysthasbeenfollowingthestockandthinksitwillperformwellinthelongrun.Theanalystarrangesthroughabrokeragefirmtosimultaneouslysellalargenumberofsharesofthestockviaaseriesofcrosstradesfromthenewclient’sportfoliotovariousexistingclients.Hearrangesthetradestobeexecutedatapricethatapproximatesthecurrentmarketprice.Thisactionis:

A．notinviolationoftheStandards.

B．aviolationofStandardⅢ（A）,Loyalty,Prudence,andCare.

C．aviolationofStandardⅢ（B）,FairDealing.

【答案】A

【解析】Thereisnoviolation.Itisinthebestinterestoftheclienttobediversifiedandsellingviaaseriesofcrosstradeswilllikelyreducepriceimpactcostswhencomparedtosellingdirectlyintothemarket.Theanalystappearstohavereasonablebasisforputtingthesecuritiesintheaccountsofotherclients.

10．NeilBarton,CFA,andNancyRoberts,CFA,beganajointresearchreportonStampCorporation．NancyspentseveraldaysvisitingStamp’scorporateheadquartersandmeetingwithallcompanyofficers．Priortothecompletionofthereport,Nancywasreassignedtoanotherproject．NeilutilizedhisandNancy’sresearchtowritethereport．AccordingtotheCFAInstituteStandardsofpracticeHandbook,didNellViolateanyCFAInstituteStandardsofProfessionalConduct?

A．No.

B．Yes,withrespecttomisrepresentation.

C．Yes,withrespecttoindependenceandobjectivity．

【答案】A

【解析】MembersareincompliancewithCFAInstitute’sStandardsiftheyrelyontheresear