2020年CFA考试《CFA三级》考试共240题，分为单选题。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、With regard to the IPO advertisement, Omar is least likely in violation of which of the Standards of Professional Conduct?【单选题】

A.Misconduct

B.Plagiarism

C.Misrepresentation

正确答案:B

答案解析:Omar does not appear to copy from Halawi's report. However, it does appear he omitted information (the high-risk rating) from Halawi's report that would perhaps cause some investors to make a different investment decision if it had been included. Omar is in violation of Standard I(C)–Misrepresentation. Members and candidates should exercise care and diligence when incorporating third-party information. Misrepresentations resulting from the use of the research of outside parties become the responsibility of the investment professional when it affects that professional's business practice. Omar is also in violation of Standard I(C) by using "assured of a good return," implying a guaranteed return. Omar may also be in violation of Standard I(D)–Misconduct if the omission was on purpose. Members and candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

2、Kim's relationship with Miriam is consistent with the CFA Institute Standards of Professional Conduct concerning:【单选题】

A.Priority of Transaction.

B.Fair Dealing.

C.Material Nonpublic Information.

正确答案:A

答案解析:Standard VI(B)–Priority of Transactions concerns investment transactions for clients and employers having priority over investment transactions in which a member or candidate is the beneficial owner. Because Kim does not have beneficial ownership in securities traded in client accounts, this standard has not been violated. By purchasing shares for Miriam's account before other client accounts, Kim has violated Standard III(B)–Fair Dealing, which requires members and candidates to treat all clients fairly when taking investment action with regard to general purchases. In addition, because Kim's trades are based on material nonpublic information, they are in violation of Standard II(A)–Material Nonpublic Information. The mosaic theory is not applicable here because Kim used it as a way to hide her receipt of material nonpublic information.

3、【单选题】

A.Yes, with regard to client status

B.Yes, with regard to type of information

C.No

正确答案:A

答案解析:Standard III(E): Preservation of Confidentiality requires information about former clients, as well as existing and prospective clients, to be kept confidential unless the law requires the disclosure or permission has been given to disclose the information. Jacaranda's policies cover only existing and prospective clients.

4、Which of the following is a correct statement of a member’s or candidate’s duty under the Code and Standards?【单选题】

A.In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member’s or candidate’s actions.

B.A member or candidate is required to comply only with applicable local laws, rules, regulations, or customs, even though the Code and Standards may impose a higher degree of responsibility or a higher duty on the member or candidate.

C.A member or candidate who trades securities in a securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on material nonpublic information.

正确答案:A

答案解析:The correct answer is A because this question relates to Standard I(A)—Knowledge of the Law—specifically, global application of the Code and Standards. Members and candidates who practice in multiple jurisdictions may be subject to various securities laws and regulations. If applicable law is more strict than the requirements of the Code and Standards, members and candidates must adhere to applicable law; otherwise, members and candidates must adhere to the Code and Standards. Therefore, answer A is correct. Answer B is incorrect because members and candidates must adhere to the higher standard set by the Code and Standards if local applicable law is less strict. Answer C is incorrect because when no applicable law exists, members and candidates are required to adhere to the Code and Standards, and the Code and Standards prohibit the use of material nonpublic information.

5、Bronson provides investment advice to the board of trustees of a private university endowment fund. The trustees have provided Bronson with the fund’s financial information, including planned expenditures. Bronson receives a phone call on Friday afternoon from Murdock, a prominent alumnus, requesting that Bronson fax him comprehensive financial information about the fund. According to Murdock, he has a potential contributor but needs the information that day to close the deal and cannot contact any of the trustees. Based on the CFA Institute Standards, Bronson should:【单选题】

A.Send Murdock the information because disclosure would benefit the client.

B.Not send Murdock the information to preserve confidentiality.

C.Send Murdock the information, provided Bronson promptly notifies the trustees.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard III(A)—Loyalty, Prudence, and Care and Standard III(E)—Preservation of Confidentiality. In this case, the member manages funds of a private endowment. Clients, who are, in this case, the trustees of the fund, must place some trust in members and candidates. Bronson cannot disclose confidential financial information to anyone without the permission of the fund, regardless of whether the disclosure may benefit the fund. Therefore, answer A is incorrect. Answer C is incorrect because Bronson must notify the fund and obtain the fund’s permission before publicizing the information.