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1、1.ETHICSANDPROFESSIONALSTANDARDSQ-l.Greyrecommendsthepurchaseofamutualfundthatinvestssolelyinlong-termU.S.Treasurybonds.Hemakesthefollowingstatementstohisclients:Statement1:ThepaymentofthebondsisguaranteedbytheU.S.government;therefore,thedefaultriskofthebondsisvirtuallyzero.*1Statement2:Ifyouinvesti
2、nthemutualfundzyouwillearna10percentrateofreturneachyearforthenextseveralyearsbasedonhistoricalperformanceofthemarket.,DidGreysstatementsviolatetheCFAInstituteCodeandStandards?A.NeitherstatementviolatedtheCodeandStandards.B.OnlyStatement1violatedtheCodeandStandards.C.OnlyStatement2violatedtheCodeand
3、Standards.Solution:CThisquestioninvolvesStandardI(C)-Misrepresentation.Statement1isafactualstatementthatdisclosestoclientsandprospectsaccurateinformationaboutthetermsoftheinvestmentinstrument.Statement2,whichguaranteesaspecificrateofreturnforamutualfund,isanopinionstatedasafactandztherefore,violates
4、StandardI(C).IfStatement2wererephrasedtoincludeaqualifyingstatement,suchasinmyopinion,investorsmayearn.,itwouldnotbeinviolationoftheStandards.Q-2.YaoTsang,CFA,hasalargepercentageofhisnetworthinvestedintheAustralianminingcompanyOutbackMines,whichhehasheldformanyyears.Tsangisintheprocessofmovingtoanew
5、employerwherehewillberesponsibleforinitiatingresearchonU.S.domesticminingcompanies.Shortlyafterhismove,TsangisaskedtocompletearesearchreportonOutbackMines.InordertomeettheCFAInstituteStandardsofProfessionalConductconcerninghisstockholding,whichofthefollowingisthemostappropriateactionforTsangtotake?A
6、,Disclosehisstockholdingtohisemployerandtoclients.B.Sellhisstockholdingstoeliminateanypotentialconflictofinterest.C.Refusetowritethereportandaskhisemployertoassignanotheranalysttocompletetheanalysis.Solution:AEventhoughthebestpracticeistoavoidconflicts,whenconflictscannotbereasonablyavoided,fulldisc
7、losureshouldbemadeasrequiredbyStandardVl（八）.Asthestockinquestionhasbeenheldformanyyears,itmaynotbepracticaltosellitduetothingsliketaxconsequences.Sincetheanalysthasbeenhiredtoinitiatecoverageofminingcompanies,itisunlikelythatanotheranalystatthatfirmwouldbeascompetentincompletingaresearchreportonmini
8、ngcompanies.Q-3.DorianSolot,CFAzisresponsibleforateamofresearchanalystsatApacBank,locatedinacountrywithstrictlawsprohibitingintellectualpropertytransfers.Solotbelievestheworkofoneofheranalysts,BlainePaddock,CFA,isnotcompletedascarefullyandthoroughlyasitshouldbe.SolotcompletelyreviewsallofPaddocksres
9、earchandconfirmshersuspicions.SolotthenconfrontsPaddockabouthispoorqualityresearchandtellshimhecanleaveApacvoluntarilyorbefired.PaddockchoosestoleavethebankzwalkingoutwithhispersonalpapersandresearchnotesthatwerecreatedpriortohisjoiningApac.Subsequently,Paddockusesthisintellectualpropertytohelpestab
10、lishahigh-net-worthinvestmentadvisoryfirm.WhenaprospectiveclientasksPaddockifheleftApacbecauseofquestionsonthequalityofhiswork.Paddocksaysitwastostarthisownbusiness.PaddockleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.Research.B.Intellectualproperty.C.Prospectivecli
11、entdisclosure.Solution:BBiscorrectbecausetheanalysthasnotviolatedStandardrelatedtointellectualpropertybecausethereisnoindicationtheanalystwasignorantof,orhasviolated,anylawrelatedtointellectualproperty,becausethesedocumentswerecreatedbytheanalystpriortohisemploymentatApac.Q-4.ABCInvestmentManagement
12、acquiresanew,verylargeaccountwithtwoconcentratedpositions.Thefirmscurrentpolicyistoaddnewaccountsforthepurposeofperformancecalculationafterthefirstfullmonthofmanagement.Cuppisresponsibleforcalculatingthefirmsperformancereturns.Beforetheendoftheinitialmonth,Cuppnoticedthatoneofthesignificantholdingso
13、fthenewaccountswasacquiredbyanothercompany,causingthevalueoftheinvestmenttodouble.Becauseofthisholding,Cuppdecidedtoaccountforthenewportfolioasofthedateoftransfer,therebyallowingABCInvestmenttoreapthepositiveimpactofthatmonthsportfolioreturn.A.CuppdidnotviolatetheCodeandStandardsbecausetheGIPSstanda
14、rdsallowcompositestobeupdatedonthedateoflargeexternalcashflows.B.CuppdidnotviolatetheCodeandStandardsbecausecompaniesareallowedtodeterminewhentoincorporatenewaccountsintotheircompositecalculation.C.CuppviolatedtheCodeandStandardsbecausetheinclusionofthenewaccountproducesaninaccuratecalculationofthem
15、onthlyresultsaccordingtothefirmsstatedpolicies.Solution:CCuppviolatedStandardIII(D)-PerformancePresentationswhenhedeviatedfromthefirmsstatedpoliciessolelytocapturethegainfromtheholdingbeingacquired.AnswerAisincorrectbecausethefirmdoesnotclaimGIPScomplianceandtheGIPSstandardsrequireexternalcashflowst
16、obetreatedinaconsistentmannerwiththefirm,sdocumentedpolicies.AnswerBisincorrectbecausethefirmdoesnotstatethatitisupdatingitscompositepolicies.Ifsuchachangeweretooccur,allcashflowsforthemonthwouldhavetobereviewedtoensuretheirconsistenttreatmentunderthenewpolicy.Q-5.DavidGunard,CFA,isanequityanalystat
17、CurrySecurities.HereceivedanassignmenttoanalyzeEnterlochCorporation,ofwhichthestockswereheldbyseveralofCurryzsclients.Gunardcompletedathorough,fundamentalanalysisOfEnterIoch.Givenhisanalysisandthesharpriseinthecompan/sstockpriceduringthepastyear,Gunardconcludedthatthesharesweresubstantiallyovervalue
18、d.AftertheapprovalofthereportbyGunard*ssupervisor,butpriortotherelease,GunardcalledhisfathertosuggestthathesellhisEnterlochsharesimmediately.Gunard,sfatherinformedhimthathehaddisposedofhisholding.AccordingtotheStandardsofPracticeHandbook,hasGunardviolatedtheCFAInstituteStandardofProfessionalConductr
19、elatingto:Dutiestoclients?Reasonablebasis?A.NoYesB.YesNoC.YesYesSolution:BBycommunicatingthisinformationtohisfatherpriortothereleaseofthereport,Gunardfailedtoputthefirmsclients*interestsabovehisown.Nothinginthequestionindicatesthathedidnothaveareasonablebasisforhisrecommendation;heconductedathorough
20、fundamentalanalysisandhisreportwasapproved.ThefactthatGunard,sfatherhaddisposedofthesharesdoesnotnegatethefactthatGunardviolatedadutytothefirm,sclients.Q6.YipWaiYin,aCFACandidate,isanindependentmutualfundsalesagent.Foreveryfront-endloadproductshepromotes,Yipreceivesaportionofthefront-endfeeascommiss
21、ionatthetimeofsale.Foreveryback-endloadfundshesells,Yipreceivesasmallercommissionpaidattheendoftheyear.Yipalwaysinformsherclientssheispaidacommissionasanagent,butdoesnotprovidedetailsofthecompensationstructure.Whenpitchingherfavoredfront-endloadproductline,shetellsclients20%ofhercommissionisalwaysin
22、vestedinthesamefundasproofofherconfidenceinthefundsherecommends.WhichCFACodeofStandardswithregardtoConflictsofInterestdoesYipleastlikelyviolate?A.ReferralFees.B.DisclosureofConflicts.C.PriorityofTransactions.Solution:CYip,sinvestmentsdonotadverselyaffecttheinterestoftheclientsandthereforedonotviolat
23、ethePriorityOfTransactionsrequirement.ACandidatehavingthesameinvestmentpositionsdoesnotalwayscreateaconflictofinterestandinsomeinstances,havinganalignedinvestmentportfoliocanbebeneficialtotheclient.Q-7.KazuyaKato,CFA,isawidelyfollowedeconomistataglobalinvestmentbank.WhenKatoopinesoneconomictrends,ma
24、rketsreactbymovingstockvaluationsconsiderably.WhenKatoreceivedinformationofatemporaryoversupplyofrareearthmetals,heissuedaforecastthatpricetrendsforrareearthmetalswouldbedownsignificantlyonalong-termbasis.KatoalsosecretlysoldhisreporttoawidelyfollowedInternetsite.Priortoissuingthisforecast,Katoemail
25、edallportfoliomanagersathisbankwithacopyofhisreportindicatingthathisopinionwouldbereversedshortlysotherewouldbetradingopportunities.KatoleastlikelyviolatedwhichofthefollowingCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?A.MarketManipulation.B.PriorityOfTransactions.C.AdditionalCompensati
26、onArrangements.Solution:BThePriorityOfTransactionsStandardhasnotbeenviolatedasitrelatestoinvestmenttransactionsforclientsandemployershavingpriorityoverMember/Candidatetransactions.Thereisnoindicationinthiscasethattransactionshaveoccurredasaresultofthereportbeingissuedbytheeconomist.Althoughitisreaso
27、nabletoexpecttherewillbetransactions,itisonlywhenthesehappenthataviolationwillhaveoccurred.Q-8.AccordingtotheFundamentalsofCompliancesectionoftheGlobalInvestmentPerformanceStandards,issuesthatafirmmustconsiderwhenclaimingcomplianceincludeallofthefollowingexcept:A.Replicatingperformance.B.Properlydef
28、iningthefirm.C.DocumentingfirmpoliciesandproceduresusedinestablishingandmaintainingcompliancewiththeStandards.Solution:AReplicationofperformanceisnotincludedintheFundamentalsofCompliancesectionwithintheGIPSstandards.Q-9.AccordingtotheGIPSstandardsaverificationreportconfirmsallofthefollowingexceptwhe
29、ther:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.Solution:AGIPSverificationdoesnotensuretheaccuracyofanyspecificcompositepresentations.Q-10.Whichoft
30、hefollowingstatementsisleastlikelycorrectwithregardtotheninemajorsectionsoftheGlobalInvestmentPerformanceStandards(GIPS)?A.AllrequirementsmustbemetinordertobefullycompliantwiththeGIPSstandards.B.Firmsareencouragedtoadoptandimplementtherecommendations.C.Toclaimcompliance,firmsneedtocalculateonlytheirperformanceaccordingtoGIPSrequirements.Solution:CToclaimcompliance,firmsmustmeetallGIPSrequirements,notjustcalculatetheirperformanceaccordingtoGIPSrequirements
