CFA一级历年模拟考试(2015-2019)：2015_CFA_Level_1_Mock_Exam_afternoon_questions&answers_removed.docx

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1、1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia1Scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFA

2、InstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:A.toCFAInstitutewhentheinvestigationconcludes.B.onherProfessionalConductStatement.C.toCFAInstituteiftheallegationsareprovencorrect.Answer=BMembersandcandidatesmustself-discloseontheannualProfes

3、sionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI,CodeofEthicsandStandardsofProfessionalConducf2.IleanaInkster,CFA1wasrecentlyofferedaseniormanagementpositionwithinthetrustdepa

4、rtmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesth

5、atrecentseminaradvertisementspreparedbythebanksmarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescanlearnhowtoimmediatelyadd$100,000totheirnetworth/WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.Declinetoac

6、ceptthenewpositionB.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.AcceptthepositionandrevisethemarketingmaterialAnswer=ATheprospectivesupervisorsfirststepshouldbetonottaketheposition.Acceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleav

7、eInksteratriskofincurringaviolationofStandardIv(C)-ResponsibiIitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelIuGuidanceforStandardsI-VlStandardIv(C)-ResponsibiIitiesofSupervisors3.BethKozniak,aCFAc

8、andidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKoziak,shadexpressedinterestinpu

9、rchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinte

10、restintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsOfProfessionalConduct?A.NoB.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientC.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientAnswer=AKozniakdoesnotappeartohaveViOlatedanyCFAInstituteSta

11、ndardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepro

12、pertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchas

13、e,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-LoyaIty,Prudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VI,StandardIII（八）-LoyaIty1Prudence,andCarelStandardVl（八）-DiscIosureofConflicts4.MariamMusa,CFA,head

14、ofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalystabouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesabuy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace

15、.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyKassim.B.bothMusaandKassim.C.onlyMusa.Answer=BBothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibiIitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsOftheStandar

16、dsofProfessionalConduct(inthiscase,StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVI(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfieId1Sclientsbeforetradingonhisrecommendation.CFALevelIGuidanceforStandardsI-VlStandardIv(C)-