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、Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:【单选题】

A.Neither statement violated the Code and Standards.

B.Only statement I violated the Code and Standards.

C.Only statement II violated the Code and Standards.

正确答案:C

答案解析:The correct answer is C. This question involves Standard I(C)—Misrepresentation. Statement I is a factual statement that discloses to clients and prospects accurate information about the terms of the investment instrument. Statement II, which guarantees a specific rate of return for a mutual fund, is an opinion stated as a fact and, therefore, violates Standard I(C). If statement II were rephrased to include a qualifying statement, such as “in my opinion, investors may earn . . . ,” it would not be in violation of the Standards.

2、Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in 【单选题】

A.No, because Michelieu is not promising that he can earn a 26% return in the future.

B.No, because the statement is a true and accurate description of Michelieu’s track record.

C.Yes, because the statement misrepresents Michelieu’s track record.

正确答案:B

答案解析:The correct answer is C. This question relates to Standard I(C)—Misrepresentation. Although Michelieu’s statement about the total return of his clients’ accounts on average may be technically true, it is misleading because the majority of the gain resulted from one client’s large position taken against Michelieu’s advice. Therefore, this statement misrepresents the investment performance the member is responsible for. He has not taken steps to present a fair, accurate, and complete presentation of performance. Answer B is thus incorrect. Answer A is incorrect because although Michelieu is not guaranteeing future results, his words are still a misrepresentation of his performance history.

3、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)—Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

4、According to the CFA Institute Standards of Professional Conduct, after commencing employment with Harvest, Pena is least likely to have violated which standard with regard to his relationship with Mueller School?【单选题】

A.Misrepresentation

B.Additional Compensation

C.Conflicts of Interest

正确答案:A

答案解析:It does not appear that Pena has made any misrepresentations despite bragging about his value to the committee. But Pena must disclose benefits he receives in exchange for his services on the investment committee. According to Standard IV(B)—Additional Compensation Arrangements, members must not accept benefits or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved. In addition, Pena must also disclose the potential conflicts of interest—Standard VI(A)—that may arise, given that Harvest potentially trades the same shares for its other clients as well as for Mueller's portfolio.

5、Does Jacaranda's performance presentation policy most likely meet recommended procedures for complying with CFA Institute Standards of Professional Conduct?【单选题】

A.Yes

B.No, because of the structure of the composite

C.No, because it is not in compliance with GIPS standards

正确答案:B

答案解析:Standard III(D): Performance Presentation requires firms to provide credible performance information to clients and prospective clients as well as to avoid misstating or misleading clients and prospective clients about the investment performance of firms. A single composite that includes all client portfolios, regardless of investment objectives (which would likely be different for the retail and institutional clients) could be considered to be misleading. The standard does not require firms to be GIPS compliant. Firms not in compliance with the GIPS standards, however, should present the performance of a weighted composite of similar portfolios, rather than using a single representative account or all accounts with different non-similar portfolios.