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、Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for- profit organization. The program is beginning a new fund-raising 【单选题】

A.Townsend did not violate the Code and Standards.

B.Townsend violated the Code and Standards by soliciting donations from her clients through the newsletter.

C.Townsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.

正确答案:A

答案解析:Answer A is correct. Townsend has not provided any information about her clients to the leaders or managers of the golf program; thus, she has not violated Standard III(E)—Preservation of Confidentiality. Providing contact information about her clients for a direct-mail solicitation would have been a violation. Answer B is incorrect because the notice in the newsletter does not violate Standard III(E). Answer C is incorrect because the golf program’s fund-raising campaign had already begun, so discussing the opportunity to donate was appropriate.

2、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.

3、Which of Kim's changes made as a result of having more assets under management is consistent with the CFA Institute Standards of Professional Conduct?【单选题】

A.Use of an outside adviser

B.Client communications

C.Her new research reports

正确答案:A

答案解析:Standard V(A)–Diligence and a Reasonable Basis requires members and candidates to ensure that their firms have standardized criteria for reviewing external advisers, which Kim has done. Kim is in violation of Standard V(B)–Communication with Clients and Prospective Clients because she has not communicated the changes in her investment process to clients. By presenting the third-party research as her own, Kim has also violated Standard I(C)–Misrepresentation.

4、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】

A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

正确答案:C

答案解析:Answer C is correct. Cupp violated Standard III(D)—Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.

5、During a round of golf, Rodriguez, chief financial officer of Mega Retail, mentions to Hart, a local investment adviser and long-time personal friend, that Mega is having an exceptional sales quarter. Rodriguez expects the results to be almost 10% above the current estimates. The next day, Hart initiates the purchase of a large stake in the local exchange-traded retail fund for her personal account.【单选题】

A.Hart violated the Code and Standards by investing in the exchange-traded fund that included Mega Retail.

B.Hart did not violate the Code and Standards because she did not invest directly in securities of Mega Retail.

C.Rodriguez did not violate the Code and Standards because the comments made to Hart were not intended to solicit an investment in Mega Retail.

正确答案:A

答案解析:Answer A is correct. Hart’s decision to invest in the retail fund appears directly correlated with Rodriguez’s statement about the successful quarter of Mega Retail and thus violates Standard II(A)—Material Nonpublic Information. Rodriguez’s information would be considered material because it would influence the share price of Mega Retail and probably influence the price of the entire exchange-traded retail fund. Thus, answer B is incorrect. Answer C is also incorrect because Rodriguez shared information that was both material and nonpublic. Company officers regularly have such knowledge about their firms, which is not a violation. The sharing of such information, however, even in a conversation between friends, does violate Standard II(A).