CFA一级培训讲义.docVIP

QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS AND ARE ALLOCATED 27 MINUTES. 1、Harold Madison, CFA, has a meeting with a prospective client for which he is unprepared. He makes a copy of an existing client’s investor policy statement, changes the personal information, and presents it to the prospective client. How did his actions violate the Code of Ethic? A. He did not use reasonable care. B. He did not uphold the rules governing capital markets. C. He did not place the interests of the client above his own personal interests. D. He did not ask the existing client’s permission to use his investor policy statement. 2. Violation of the Code of Ethics or the Standards of Professional Conduct by a Charterholder will result in: A. a violation of federal laws which may lead to a fine and possible prison time. B. no punishment because the Code and Standards are guidelines and are not compulsory. C. disciplinary actions by the SEC which may include the prohibition from working in the investment industry. D. sanctions by the CFA Institute which may include revocation of membership and loss of right to use the CFA designation. 3. Sally Randall, CFA, generates soft dollars from commission on trades she executes in country A. The soft dollars are used to pay for research provided to clients who reside in country A and whose accounts generated the soft dollar commissions. Use of soft dollars is allowed in Randall’s home country but not in country A. Did Randall violate the standards? A. No, because soft dollars are allowed in her home country. B. No, because Randall adhered to the CFA Institute’s guidelines regarding the use of soft dollars. C. Yes, because the most strict laws must be abided. D. Yes, because CFA standards prohibit the use of soft dollars. 4. Shelly Ludlow’s manager requests that she write a report with a “buy” recommendation for Universal Oil, a company with which her firm has an investment banking relationship. Ludlow extensively researc