CFA一级百题进阶：职业伦理.docx

1.ETHICSANDPROFESSIONALSTANDARDSQ-l.Greyrecommendsthepurchaseofamutualfundthatinvestssolelyinlong-termU.S.Treasurybonds.Hemakesthefollowingstatementstohisclients:Statement1:"ThepaymentofthebondsisguaranteedbytheU.S.government;therefore,thedefaultriskofthebondsisvirtuallyzero.*1Statement2:"Ifyouinvestinthemutualfundzyouwillearna10percentrateofreturneachyearforthenextseveralyearsbasedonhistoricalperformanceofthemarket.,DidGrey'sstatementsviolatetheCFAInstituteCodeandStandards?A.NeitherstatementviolatedtheCodeandStandards.B.OnlyStatement1violatedtheCodeandStandards.C.OnlyStatement2violatedtheCodeandStandards.Solution:CThisquestioninvolvesStandardI(C)-Misrepresentation.Statement1isafactualstatementthatdisclosestoclientsandprospectsaccurateinformationaboutthetermsoftheinvestmentinstrument.Statement2,whichguaranteesaspecificrateofreturnforamutualfund,isanopinionstatedasafactandztherefore,violatesStandardI(C).IfStatement2wererephrasedtoincludeaqualifyingstatement,suchas"inmyopinion,investorsmayearn.,"itwouldnotbeinviolationoftheStandards.Q-2.YaoTsang,CFA,hasalargepercentageofhisnetworthinvestedintheAustralianminingcompanyOutbackMines,whichhehasheldformanyyears.TsangisintheprocessofmovingtoanewemployerwherehewillberesponsibleforinitiatingresearchonU.S.domesticminingcompanies.Shortlyafterhismove,TsangisaskedtocompletearesearchreportonOutbackMines.InordertomeettheCFAInstituteStandardsofProfessionalConductconcerninghisstockholding,whichofthefollowingisthemostappropriateactionforTsangtotake?A,Disclosehisstockholdingtohisemployerandtoclients.B.Sellhisstockholdingstoeliminateanypotentialconflictofinterest.C.Refusetowritethereportandaskhisemployertoassignanotheranalysttocompletetheanalysis.Solution:AEventhoughthebestpracticeistoavoidconflicts,whenconflictscannotbereasonablyavoided,fulldisclosureshouldbemadeasrequiredbyStandardVl（八）.Asthestockinquestionhasbeenheldformanyyears,itmaynotbepracticaltosellitduetothingsliketaxconsequences.Sincetheanalysthasbeenhiredtoinitiatecoverageofminingcompanies,itisunlikelythatanotheranalystatthatfirmwouldbeascompetentincompletingaresearchreportonminingcompanies.Q-3.DorianSolot,CFAzisresponsibleforateamofresearchanalystsatApacBank,locatedinacountrywithstrictlawsprohibitingintellectualpropertytransfers.Solotbelievestheworkofoneofheranalysts,BlainePaddock,CFA,isnotcompletedascarefullyandthoroughlyasitshouldbe.SolotcompletelyreviewsallofPaddock'sresearchandconfirmshersuspicions.SolotthenconfrontsPaddockabouthispoorqualityresearchandtellshimhecanleaveApacvoluntarilyorbefired.PaddockchoosestoleavethebankzwalkingoutwithhispersonalpapersandresearchnotesthatwerecreatedpriortohisjoiningApac.Subsequently,Paddockusesthisintellectualpropertytohelpestablishahigh-net-worthinvestmentadvisoryfirm.WhenaprospectiveclientasksPaddockifheleftApacbecauseofquestionsonthequalityofhiswork.Paddocksaysitwastostarthisownbusiness.PaddockleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.Research.B.Intellectualproperty.C.Prospectiveclientdisclosure.Solution:BBiscorrectbecausetheanalysthasnotviolatedStandardrelatedtointellectualpropertybecausethereisnoindicationtheanalystwasignorantof,orhasviolated,anylawrelatedtointellectualproperty,becausethesedocumentswerecreatedbytheanalystpriortohisemploymentatApac.Q-4.ABCInvestmentManagementacquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirm'scurrentpolicyistoaddnewaccountsforthepurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirm'sperformancereturns.Beforetheendoftheinitialmonth,Cuppnoticedthatoneofthesignificantholdingsofthenewaccountswasacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidedtoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonth'sportfolioreturn.A.CuppdidnotviolatetheCodeandStandardsbecausetheGIPSstandardsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountproducesaninaccuratecalculationofthemonthlyresultsaccordingtothefirm'sstatedpolicies.Solution:CCuppviolatedStandardIII(D)-PerformancePresentationswhenhedeviatedfromthefirm'sstatedpoliciessolelytocapturethegainfromtheholdingbeingacquired.AnswerAisincorrectbecausethefirmdoesnotclaimGIPScomplianceandtheGIPSstandardsrequireexternalcashflowstobetreatedinaconsistentmannerwiththefirm,sdocumentedpolicies.AnswerBisincorrectbecausethefirmdoesnotstatethatitisupdatingitscompositepolicies.Ifsuchachangeweretooccur,allcashflowsforthemonthwouldhavetobereviewedtoensuretheirconsistenttreatmentunderthenewpolicy.Q-5.DavidGunard,CFA,isanequityanalystatCurrySecurities.HereceivedanassignmenttoanalyzeEnterlochCorporation,ofwhichthestockswereheldbyseveralofCurryzsclients.Gunardcomplete