2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Ethical and Professional Standards 5道练习题，附答案解析，供您备考练习。

1、With regard to investing in Jabbertalk and recommending experts, Kostecka most likely needs to disclose conflicts related to his:【单选题】

A.attorney relationship.

B.board membership.

C.accountant relationship.

正确答案:B

答案解析:B is correct. Kostecka’s board service creates the opportunity to receive material nonpublic information involving Jabbertalk and is a basic conflict of interest. As a result, according to Standard VI(A)–Conflicts of Interest, the directorship should be disclosed. Members and candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and their employer. Because the member has not made any disclosure concerning his board membership, he is in violation of Standard VI(A).

2、When discussing the CFA examination, did either Sobhani or Miyagawa violate Standard VII- Responsibilities as a CFA Institute Member or CFA Candidate?【单选题】

A.Yes, Sobhani violated the Standard.

B.Yes, both Sobhani and Miyagawa violated the Standard.

C.No.

正确答案:C

答案解析:The information disclosed about the exams by either Sobhani or Miyagawa is not confidential CFA Program information so they are not in violation of Standard VII. Sobhani's information was based upon his analysis of the readings and is his opinion, and Miyagawa referenced the practice exam, which does not reflect content in the actual CFA exam.

3、Is Aiklin’s policy with respect to IPO allocations consistent with required and recommended CFA Institute Standards?【单选题】

A.Yes.

B.No, because the IPO policy disadvantages certain clients.

C.No, because the different levels of service disadvantage certain clients.

正确答案:B

答案解析:B is correct. The firm violates Standard III(B)–Fair Dealing. Under Aiklin’s policy, some clients for whom an IPO is suitable may not receive their pro-rata share of the issue. CFA Standards recommend that firms allocate IPOs on a pro-rata basis to clients, not to portfolio managers.

4、Rose, a portfolio manager for a local investment advisory firm, is planning to sell a portion of his personal investment portfolio to cover the costs of his child’s academic tuition. Rose wants to sell a portion of his holdings in Household Products, but his firm recently upgraded the stock to “strong buy.” Which of the following describes Rose’s options under the Code and Standards?【单选题】

A.Based on his firm’s “buy” recommendation, Rose cannot sell the shares because he would be improperly prospering from the inflated recommendation.

B.Rose is free to sell his personal holdings once his firm is properly informed of his intentions.

C.Rose can sell his personal holdings but only when a client of the firm places an order to buy shares of Household.

正确答案:B

答案解析:The correct answer is B. Standard VI(B)–Priority of Transactions does not limit transactions of company employees that differ from current recommendations as long as the sale does not disadvantage current clients. Thus, answer A is incorrect. Answer C is incorrect because the Standard does not require the matching of personal and client trades.

5、Which of Kingfisher's proposed requirements regarding investment recommendations is most appropriate to prevent violations of Standard V(A): Diligence and Reasonable Basis?【单选题】

A.Requirement 1

B.

C.

正确答案:C

答案解析:It is recommended that firms develop and use measurable criteria for assessing the quality of research to help comply with Standard V (A): Diligence and Reasonable Basis. Therefore, the research recommendations need to be assessed to determine their validity over time. Did the process and the analyst's view lead to the right recommendation? If over time recommendations consistently prove to be wrong, perhaps the research processes need to be changed-or the analysts themselves.