2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Ethical and Professional Standards5道练习题，附答案解析，供您备考练习。

1、The eight major provisions of the Global Investment Performance Standards (GIPS) include all of the following except:【单选题】

A.Input Data, Calculation Methodology, and Real Estate.

B.Fundamentals of Compliance, Composite Construction, and Disclosures.

C.Calculation Methodology, Composite Construction, and Alternative Assets.

正确答案:C

答案解析:CFA Institute Standards
2010 Modular Level I, Vol. 1, pp. 141-142
Study Session 1-4-d
Characterize the eight major sections of the GIPS standards.
C is correct because Alternative Assets is not among the eight major provisions or sections of the Global Investment Performance Standards which include: Fundamentals of Compliance, Input Data, Calculation Methodology, Composite Construction, Disclosures, Presentation and Reporting, Real Estate, and Private Equity. Standard II, Provisions of The Global Investment Performance Standards.

2、With respect to the Standards of Professional Conduct relating to priority of transaction,which of the following prerequisites is least accurate when conflicts between theclient's interests and an investment professional's personal interests occur?【单选题】

A.The client is not disadvantaged by the trade taken for the investment professional.

B.The investment professional doesn't enter into personal transaction that runcounter to current clients' holdings.

C.The investment professional complies with applicable regulatory requirements.

正确答案:B

答案解析:在优先交易权里并没有规定CFA会员和考生不能参与与当前客户配置反向的个人交易。但是，如果客户与个人交易有冲突，则必须满足以下3个先决条件：（1）客户不被个人交易损害；（2） CFA会员不通过为客户交易谋取自己的私利；（3） CFA会员遵守了所适用的法律、法规的要求。满足这3个条件后，个人可以从事相关交易。

3、Linda Chin, CFA, is a member of a political group advocating less governmental regulation in all aspects of life. She works in a country where local securities laws are minimal and insider trading is not prohibited. Chin’s politics are reflected in her investment strategy, where she follows her country’s mandatory legal and regulatory requirements. Which of the following actions by Chin is most consistent with the CFA Institute Standards of Professional Conduct?【单选题】

A.Follow the CFA Code and Standards.

B.Continue her current investment strategy.

C.Disclose her political advocacy to clients.

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (A) Knowledge of the Law, Standard II (A) Material Nonpublic Information, Guidance

4、According to the Global Investment Performance Standards (GAPS?), whichof the following statements is most accurate about composites used for performancepresentation of a investment management firm?【单选题】

A.Composites must include one or more portfolios managed to a similar investmentstrategy, objective or mandate.

B.Composites must include all discretionary and non-discretionary portfoliosmanaged to a similar investment strategy, objective or mandate.

C.Composites must include all fee-paying and non-fee paying portfoliosmanaged to a similar investment strategy, objective or mandate.

正确答案:A

答案解析:组合群（composite）是指具有相似投资策略、目的或要求的投资组合的汇总，选项A是符合定义的，但组合群中仅能包含由投资组合管理人自由决断（discretionary）和真实付费（fee-paying）的投资组合。

5、Cindy Grant, CFA, a research analyst for a Canadian brokerage firm, has specializedin the Canadian mining industry for the past 10 years.Grant developedan analytical model for equity valuation of companies in mining sector while atJefferson Investments Company (JLC).Grant leaves JLC and sets up a competingnew firm.Grant takes her analytical model and other supporting documentationwith her to her new firm because she believes she created this analyticalmodel by herself.Has Grant least likely violated the Standards of ProfessionalConduct?【单选题】

A.Yes, relating to record retention.

B.Yes, relating to loyalty to employer.

C.Yes, relating to diligence and reasonable basis.

正确答案:C

答案解析:因为在原来公司开发的模型是属于原来公司的，在没有得到原来公司同意的情况下，并不能带到新公司，所以Grant明显违反了记录保存和对于雇主忠诚的责任。