2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Ethical and Professional Standards (1)5道练习题，附答案解析，供您备考练习。

1、Which of the following statements is a stated purpose of disclosure in Standard VI(C)—Referral Fees?【单选题】

A.Disclosure will allow the client to request discounted service fees.

B.Disclosure will help the client evaluate any possible partiality shown in the recommendation of services.

C.Disclosure means advising a prospective client about the referral arrangement once a formal client relationship has been established.

正确答案:B

答案解析:The correct answer is B. Answer B gives one of the two primary reasons listed in the Handbook for disclosing referral fees to clients under Standard VI(C)—Referral Fees. (The other is to allow clients and employers to evaluate the full cost of the services.) Answer A is incorrect because Standard VI(C) does not require members or candidates to discount their fees when they receive referral fees. Answer C is inconsistent with Standard VI(C) because disclosure of referral fees, to be effective, should be made to prospective clients before entering into a formal client relationship with them.

2、To avoid violating the Standards of Professional Conduct, Halawi's most appropriate action with regard to the regional marketing trip is to:【单选题】

A.act for the benefit of Sahara.

B.not attend any marketing trip.

C.disclose how she is compensated.

正确答案:C

答案解析:To avoid violating Standard I(B)–Independence and Objectivity when undertaking issuer-paid research, members and candidates must fully disclose potential conflicts of interest, including the nature of their compensation, to avoid misleading investors. The Standards of Professional Conduct do not forbid Halawi from participating in the regional marketing meetings as long as she discloses all potential and actual conflicts of interest, including her compensation package. Although CFA charterholders and candidates are required to put the interests of their clients before their own, in this case, it is pertinent to determine who the client actually is. At times, the client may be the investing public as a whole—in which case, the goals of independence and objectivity of research surpass the goal of loyalty to a single organization.

3、Which of the following statements clearly conflicts with the recommended procedures for compliance presented in the CFA Institute Standards of Practice Handbook?【单选题】

A.Firms should disclose to clients the personal investing policies and procedures established for their employees.

B.Prior approval must be obtained for the personal investment transactions of all employees.

C.For confidentiality reasons, personal transactions and holdings should not be reported to employers unless mandated by regulatory organizations.

正确答案:C

答案解析:The correct answer is C. This question asks about compliance procedures relating to personal investments of members and candidates. The statement in answer C clearly conflicts with the recommended procedures in the Standards of Practice Handbook. Employers should compare personal transactions of employees with those of clients on a regular basis regardless of the existence of a requirement by any regulatory organization. Such comparisons ensure that employees’ personal trades do not conflict with their duty to their clients, and the comparisons can be conducted in a confidential manner. The statement in answer A does not conflict with the procedures in the Handbook. Disclosure of such policies will give full information to clients regarding potential conflicts of interest on the part of those entrusted to manage their money. Answer B is incorrect because firms are encouraged to establish policies whereby employees clear their personal holdings and transactions with their employers.

4、【单选题】

A.Loyalty to Clients.

B.Investment Process and Actions.

C.Risk Management, Compliance, and Support.

正确答案:C

答案解析:The AMC applies to organizations, not individuals. It does not conflict with the AMC but requires actions only the firm can 

5、To be in compliance with the CFA Institute Standards of Professional Conduct, CleanTech should most likely question the validity of Slar's research on EnergyAlgae for deficiencies in which of the following areas?【单选题】

A.Earnings projections

B.Operational analysis

C.Annual research update

正确答案:C

答案解析:A reasonable and diligent effort was not made when the analysis on EnergyAlgae was updated on only an annual basis because the information on the company could change materially in such a high-risk industry, a violation of Standard V(A): Diligence and Reasonable Basis. In addition, when the company reports financial results on a semiannual basis, an annual update to a research report would not be timely.