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、Long has been asked to be the keynote speaker at an upcoming investment conference. The event is being hosted by one of the third-party investment managers currently used by his pension fund. The manager offers to cover all conference and travel costs for Long and make the conference registrations free for three additional members of his investment management team. To ensure that the conference obtains the best speakers, the host firm has arranged for an exclusive golf outing for the day following the conference on a local championship-caliber course. Which of the following is least likely to violate Standard I(B)?【单选题】

A.Long may accept only the offer to have his conference-related expenses paid by the host firm.

B.Long may accept the offer to have his conference-related expenses paid and may attend the exclusive golf outing at the expense of the hosting firm.

C.Long may accept the entire package of incentives offered to speak at this conference.

正确答案:A

答案解析:Answer A is correct. Standard I(B)—Independence and Objectivity emphasizes the need for members and candidates to maintain their independence and objectivity. Best practices dictate that firms adopt a strict policy not to accept compensation for travel arrangements. At times, however, accepting paid travel would not compromise one’s independence and objectivity. Answers B and C are incorrect because the added benefits—free conference admission for additional staff members and an exclusive golf retreat for the speaker—could be viewed as inducements related to the firm’s working arrangements and not solely related to the speaking engagement. Should Long wish to bring other team members or participate in the golf outing, he or his firm should be responsible for the associated fees.

2、An investment banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm’s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?【单选题】

A.Permanently prohibit both “buy” and “sell” recommendations of the stocks of clients of the investment banking department.

B.Establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and brokerage operations.

C.Monitor the exchange of information between the investment banking department and the brokerage operation.

正确答案:B

答案解析:The correct answer is B. The best policy to prevent violation of Standard II(A)—Material Nonpublic Information is the establishment of firewalls in a firm to prevent exchange of insider information. The physical and informational barrier of a firewall between the investment banking department and the brokerage operation prevents the investment banking department from providing information to analysts on the brokerage side who may be writing recommendations on a company stock. Prohibiting recommendations of the stock of companies that are clients of the investment banking department is an alternative, but answer A states that this prohibition would be permanent, which is not the best answer. Once an offering is complete and the material nonpublic information obtained by the investment banking department becomes public, resuming publishing recommendations on the stock is not a violation of the Code and Standards because the information of the investment banking department no longer gives the brokerage operation an advantage in writing the report. Answer C is incorrect because no exchange of information should be occurring between the investment banking department and the brokerage operation, so monitoring of such exchanges is not an effective compliance procedure for preventing the use of material nonpublic information.

3、Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund’s prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program. Which of the following statements is most likely correct?【单选题】

A.Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies.

B.Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.

C.Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.

正确答案:C

答案解析:Answer C is correct. According to Standard III(A)—Loyalty, Prudence, and Care, the CFA Program would be considered a personal or firm expense and should not be paid for with the fund’s brokerage commissions. Soft dollar accounts should be used only to purchase research services that directly assist the investment manager in the investment decision-making process, not to assist the management of the firm or to further education. Thus, answer A is incorrect. Answer B is incorrect because the reasonableness of how the money is used is not an issue; the issue is that educational expense is not research.

4、The mosaic theory holds that an analyst:【单选题】

A.Violates the Code and Standards if the analyst fails to have knowledge of and comply with applicable laws.

B.Can use material public information and nonmaterial nonpublic information in the analyst’s analysis.

C.Should use all available and relevant information in support of an investment recommendation.

正确答案:B

答案解析:The correct answer is B. This question deals with Standard II(A)—Material Nonpublic Information. The mosaic theory states that an analyst may use material public information and nonmaterial nonpublic information in creating a larger picture than shown by any individual piece of information and the conclusions the analyst reaches become material only after the pieces are assembled. Answers A and C are accurate statements relating to the Code and Standards but do not describe the mosaic theory.

5、With regard to biotechnology legislation lobbying, are Kim's actions consistent with the CFA Institute Standards of Professional Conduct?【单选题】

A.No, because of her efforts to influence the legislation

B.Yes

C.No, because she donated her own funds to influence the legislation

正确答案:B

答案解析:Kim has not violated Standards of Professional Conduct and Standard I (A)–Knowledge of the Law. Her efforts to influence the legislative process, including her personal donations, are legal and do not violate any standards because there is no indication that either her efforts or her contributions are illegal.