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1、一、Ethical and Professional Standards1.: Code of EthicsQuestion ID: 27272All of the following are components of the Code of Ethics EXCEPT:A.demonstrating diligence, perseverance, and thoroughness when preparing investment reports.B.using reasonable care and exercising independent professional judgmen
2、t.C.acting with integrity, competence, dignity, and in an ethical manner when dealing with others.D.striving to maintain and improve their competence and the competence of others in the profession.AThe final component in the Code of Ethics is practicing and encouraging others to practice in a profes
3、sional and ethical manner that will reflect credit on members and their profession.Question ID: 27271Which of the following is NOT a component of the Code of Ethics? In dealing with the public, clients, prospects, employers, employees, and fellow members, AIMR members shall act with:A.dignity.B.comp
4、etence.C.integrity.D.humility.DAlthough acting with humility may be desirable, AIMR members are not required to do so. However, they should act in a manner that reflects credit on themselves and their profession.Question ID: 10579Which of the following is NOT part of the AIMRs Code of Ethics?A.Integ
5、rity and dignityB.CompetenceC.Contractual provisionsD.Independent judgment CQuestion ID: 10582In dealing with the public and others, the AIMR Code of Ethics indicates that AIMR members will act with:A.integrity, competence, and dignity.B.honesty, professionalism, and goodwill.C.confidence, knowledge
6、, and high ethical standards.D.conviction, skill, and ethical awareness. AQuestion ID: 10584Which of the following is a component of the Code of Ethics?A.Members shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adv
7、ersely on their honesty, trustworthiness, or professional competence.B.Candidates in the CFA Program, as defined in the AIMR Bylaws, may reference their participation in the CFA Program, but the reference must clearly state that an individual is a candidate in the CFA Program and cannot imply that t
8、he candidate has achieved any type of partial designation.C.Members shall use reasonable care and exercise independent professional judgment.D.Members shall not knowingly participate or assist in any violation of such laws, rules, or regulations. CThis is a component of the Code of Ethics. Others pe
9、rtain to the Standards of PracticeQuestion ID: 10581The AIMR Code of Ethics includes all of the following except AIMR members shall:A.act with integrity, competence, and dignity.B.practice their profession in an ethical manner.C.not knowingly violate the securities acts and laws.D.exercise independe
10、nt judgment. C2-I.: Standards of Professional Conduct: I. Fundamental ResponsibilitiesQuestion ID: 27278Matt LeBlanc, a CFA charterholder, is an investment analyst for a small stock brokerage firm. He wants to acquire and maintain knowledge about applicable laws, rules, and regulations relating to h
11、is professional activities. According to the AIMR Standards of Professional Conduct, which of the following ways is least likely to meet compliance procedures?A.Maintain current files on applicable statues, rules, and regulations.B.Rely on past practices followed within his firm.C.Review written com
12、pliance procedures on a regular basis.D.Keep informed about changes in applicable laws, rules, and regulations.CLeBlanc should follow the compliance procedures under Standard IA - Fundamental Responsibilities. Relying on his firms past practices may be insufficient for LeBlanc to stay current with c
13、hanges in applicable laws, rules, and regulations.Question ID: 10479Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee, CFA, who researches Japanese s
14、tocks. Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:A.both the U.S. and Japan, but not the AIMR Standards of Professional Conduct.B.both the U.S. and Japan and the AIMR Standards of Professional Conduct.C.Japan, but not the U.S., and the AIM
15、R Standards of Professional Conduct.D.the U.S., but not Japan, and the AIMR Standards of Professional Conduct. AQuestion ID: 27277Janet Green, CFA, provides investment advice and other services to clients in several countries. She resides in Country A whose securities laws and regulations are less s
16、trict than the Code and Standards. She also conducts business with clients in Country B, which has no securities laws or regulations, and in Country C, which has securities laws and regulations that are stricter than the Code and Standards. Which of the following statements is TRUE? According the AI
17、MR Standards of Professional Conduct, Green must adhere to the Code and Standards in:A.Country A and Company B but the law in Country C.B.Country B but the law in Country A and Country C.C.Country A, Country B, and Country C.D.Country A but the law in Country B and Country C.AGreen needs to follow S
18、tandard IA - Fundamental Responsibilities. In Country A, Green must adhere to the Code and Standards because Country As laws are less strict. In Country B, Green must also adheres to the Code and Standards because Country B has no securities laws. Because Country Cs applicable law is stricter than t
19、he requirements of the Code and Standards, Green must adhere to the laws of Country C.Question ID: 27279Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a
20、company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanfords firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starrs current earnings and its earnings
21、 for the past several quarters. If this information becomes public, Blanford believes that Starrs stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatans securities laws. Which of the following statements is least likely to comply with Standard I - Fundamental R
22、esponsibilities? Blanford should:A.dissociate himself from the client, if the activity is illegal or unethical.B.determine the legality of the activity, possibly by consulting counsel.C.urge his firm to attempt to persuade Shanti to cease such conduct, if the activity is illegal.D.take no action.DBe
23、cause Blanford suspects Shanti of engaging in ongoing illegal activities, Blanford should take action by determining the legality of the suspected action, dissociating from any illegal activity, and urging his firm to attempt to persuade Shanti to cease such conduct if such an activity is illegal or
24、 unethical. Question ID: 10491Shortly after becoming employed by Valco & Co., an investment banking firm, Stan McDowell, CFA, learns that most of Valcos initial public offerings (IPO) are really effected in order to profit management via price manipulation of the shares. McDowell observes an illegal
25、 act, sanctioned by senior management, in progress and refuses to sign off on his responsibility. Instead, McDowell takes the documentation to his supervisor and tells him he should sign it in his place. This action is:A.an overreaction. Senior managements sanctioning of the act absolves McDowell fr
26、om his ordinary responsibility as an AIMR member.B.a suitable reaction, and he is in compliance with the Code and Standards.C.a violation of the Code and Standards unless his supervisor is an AIMR member and signs off on the documentation.D.a violation of the Code and Standards since he is required
27、not to knowingly participate or assist in such an act. DMcDowell, by his action in taking the documentation to his supervisor, is knowingly participating in and/or assisting in an illegal act. This is clearly prohibited under Standard I.B, and he is in violation of the Standard.Question ID: 10490Bob
28、 Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements wo
29、uld turn losses into profits. Smith confers with the firms legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantics chief operating executive, to change the financial statements, but she refuses to do so. According to the AIMR Standards of Professional
30、Conduct, which of the following statements best describes what Smith should do in this situation?A.Smith does not have to take any additional action because he is not one of the firms paid employees.B.Smith should promptly dissociate himself from Atlantics actions by resigning as a director or by re
31、porting the activities to the appropriate authorities.C.Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation.D.Smith should immediately make AIMR aware of the situation at Atlantic. BSmith should disassociate from any ill
32、egal activity by resigning as a director or by reporting the activities to appropriate authorities. Inaction combined with continuing association with Atlantics illegal conduct may be construed as participation, or assistance, in the illegal conduct.Question ID: 27280Allen Parsons, a CFA candidate,
33、suspects a colleague at his firm of engaging in an illegal activity. Which of the following statements about procedures for compliance involving Standard I(B) Fundamental Responsibilities is FALSE? Parsons:A.should dissociate from any illegal activity.B.is required to report this legal violation to
34、the appropriate governmental or regulatory organizations.C.should consult counsel to determine whether the conduct is, in fact, illegal.D.should urge his firm to attempt to persuade the perpetrator to cease such conduct.BStandard I(B) - Fundamental Responsibilities does not require that Parsons repo
35、rt legal violations to the appropriate governmental or regulatory organizations, but such disclosures may be appropriate under certain circumstances.Question ID: 27282Michael Bellow, CFA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellows
36、first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firms highly competent general counsel and
37、follows the advice given without deviation. Based on the general counsels advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellows supervisor explains why NewCos calculations of its earnings are correct. Bellow realizes th
38、at his inexperience and exuberance initially led him to an incorrect conclusion about NewCos earnings.Which of the following statements about Bellows actions involving Standard I Fundamental Responsibilities and Standard IV(A.1) Reasonable Basis and Representations is TRUE? Bellow: A.did not violate
39、 either Standard I or Standard IV(A.1).B.violated both Standard I and Standard IV(A.1).C.did not violate Standard I but violated Standard IV(A.1).D.violated Standard I but did not violate Standard IV(A.1).ABellow did not violate Standard I Fundamental Responsibilities because he sought advice of cou
40、nsel and followed that advice. Bellow did not violate Standard IV(A.1) Reasonable Basis and Representations because he made reasonable and diligent efforts to ensure the accuracy of the information and to avoid any material representation.Question ID: 27281Jason Blackwell, CFA, works as an investmen
41、t manager for Mega Capital, a large multinational brokerage firm. He resides in a country whose applicable law is stricter than the Code and Standards but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the Code and
42、 Standards for clients in the less strict country. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets written consent from his immediate supervisor at Mega to undertake this independent
43、 activity for a one-month trial basis.Which of the following statements about Blackwells actions involving Standard I Fundamental Responsibilities and Standard III(B) Duty to Employer is TRUE? Blackwell: A.did not violated either Standard I or Standard III(B).B.did not violate Standard I but violate
44、d Standard III(B).C.violated both Standard I and Standard III(B).D.violated Standard I but did not violate Standard III(B).CBlackwell violated Standard I Fundamental Responsibilities. Because the applicable laws were stricter than the Code and Standards, he must adhere to the more strict applicable
45、law. Blackwell also violated Standard III(B), which required him to obtain written consent from both Mega and Lego to undertake independent practice.Question ID: 10476Which of the following is a CORRECT statement of a members duty under the Code and Standards?A.In the absence of specific applicable
46、law or other regulatory requirements, the Code and Standards govern the members actions.B.A member who trades securities in a foreign securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on this i
47、nformation.C.A member is required to comply only with applicable local laws, rules, regulations, or customs even though the AIMR code and Standards may impose a higher degree of responsibility or a higher duty on the member.D.A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this informati
