Kaplan考试和QBank二级（考友版）：V2阶段考试2 PM（题目+解析）.docx

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1、CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.UnitedPartnersCaseScenarioConnorBurton,CFA,isthemanagingpartnerf(rUnitedPartners,asmallinvestmentadvisoryfirmthatemploysthreeinvestmentprofessionalsandcurrentlyhasapproximately$250millbnofassetsundermanagement,The

2、clientbasefInitedPartnersisvaried,andaccountsrangeinsizefromsmaUietirementaccountstoa$30millionprivateschoolendowmentInadditiontoBurtonsadministrativeresponsibilitiesasthemanagingp?irtner*butheisnotfamiliarwiththedesignationInresponsetoCrossleysinquiry,Burtonexplainsthesignificanceoftheprogrambystat

3、ingthatthedesignation,whichisonlyawardedafterpassingthreerigorousexamsandobtainingtherequisiteyearsfworkexperience,representsaCOmmitmRnttothehigheststandardsofethicalandprofessionalconductAsaconditionofmovinghisaccounttoUnitedPartnerCrossleyinsiststhatallofhistradesbeexecutedthroughhisBrotheiHrHaw,a

4、brokerforSecurityBank.SecurityBankisalarge,NewYork-basedbroker/dealerbutisnotoneofthetwobrokeragefirmswithwhichUnitedcurrentlydoesbusiness.BurtoncontactsCrossleySbmtherjin-lawanddeterminesthatSecurityBank*stradeexecutioniscompetitivebutCrossleysaccountalonewouldnotgenerateenoughvolumetowarrantanysof

5、tdollaraangementforresearchmaterialslHoweverCrossleysbrotherdrrlawdoesofferforSecuiityBanktopayareferralfeetoBurtonfordirectinganyofUnitedSclientstoSecurityBank*Sretailbankingdivision.TobringCrossleyonasaclient,BurtonagreestothearrangementGoingforward,BurtonwilluseSecurityBanktoexecuteallMCrossleyst

6、rades.UnitedPartnerscurrentlyhasnoformalpolicyonproxyvoting.BurtonwantstodevelopapolicythatconformstotheCodeandStandards.Severalmonthslater;Burtonisinvitedtoaroadshowforaninitialpublicoffering(IPO)forSolutionWare,asoftwarecompany.SecurityBankisservingasleadunderwriteronSolutionWareSIPO.Burtonattends

7、themeeting,whichisledbytwoinvestmentbankersandonesoftwareindustryresearchanalystfromSecurityBankwhocoversSolutiWaraBurtonnotesthatthebankersfromSecurityBankhaveincludeddetailedfinancialstatementsforSolutionWareintheofferingprospectusandalsodisclosedthatSecurityBankprovidesawarehouselineofcredittoSol

8、utionWare.Afterthemeeting.BurtonCallsCrossleytocommendthepurchaseofSolutionWareequityCrossleyheedsBurtonsadviceandtellshimtopurchase5,OOOsharesBeforeplacingCrossleysier;BurtonreadstheSolutionWaremarketingmaterialsandperformsadetailedanalysisCfexpectedfutureearningsandotherkeyfactorsfortheinvestmentd

9、ecisionBurtondeterminesthattheofferingwouldbeasuitableinvestmentforhisownretirementportfoliUnitedPartners,beingasmallfchasnoformalWrittenpolicyregardingtradeallocation,employeeparticipationinequityoffeiings,orestablishedblackoutperiodsfcremployeetrading.BurtonaddshisordertoCrossleySorderandplacesapu

10、rchaseorderforthecombinednumberofsharesWithSecurityBankBurtonislaternotifiedthatthedTeringWaSoversubscribed,andUnitedPartnerswasonlyabletoobtainroughly75%ofthedesirednumberofshares.Tbbefail；BurtonallocatesthesharesonaProTatabasisbetweenCrossleysaccountandhisownretirementaccountWhenBurtonnotifiesCros

11、sleyofthesituation,Crossleyisnonethelesspleasedtohaveaposition,thoughsmallerthanrequested,insuchahotoffering.Question#1of60QuestionID:1220742DidthemarketingmaterialspresentedtoCrossleybyBuitonviolateStandardI11(D)PerformanceP,esentationorStandardVI1B)ReferencetoCFAInstitute,theCFADesignation,andtheC

12、FAProgram?A)StandardHI(D)only.B)StandardVll(B)only.C)BothStandardIII(D)andStandardVll(B)areviolated.Question#2of60QuestionID:1220743AccordingtotheCFAInstituteStandardsofProfessionalCondUCLthetradingarrangementbetweenBurtonandSecurityBankismostHkely.A)aviolationbecausethepracticeofdirectedbrokerageviolatesthemembeFSdutyofloyaltytotheclientB)adolationbecausealthoughSecurityBanksexecutioniscompetitiveBurtonWiilnotbeabletoalwaysobtainthebestexecutionforhisclientC)notaviolationbecausethebrokerageisthepropertyoftheclientQuestion#3of60Q