2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Ethical and Professional Standards5道练习题，附答案解析，供您备考练习。

1、James Handley is a Level II candidate in the CFA Program.After taking the examin June this year, Handleyimmediately enters into an Internet forum for CFAcandidates and writes a post expressing his opinion that the CFA examination policiesare unfair and CFA Institute doesn't deal fairly with every candidate.HasHandley most likely violated the Standards of Professional Conduct?【单选题】

A.No.

B.Yes, by providing confidential program information to the public.

C.Yes, by compromising the reputation of CFA Institute and CFA program.

正确答案:A

答案解析:会员表达其对于CFA项目、考试政策或者CFA协会的观点和意见并不违反任何的条款。

2、Miranda Grafton, CFA, purchased at varying prices during the trading session a large block of stock on behalf of specific accounts she managed. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Grafton’s most appropriate action is to allocate the execution prices:【单选题】

A.by giving longer-term clients more favorable prices.

B.to all clients within the block trade at the same execution price.

C.on a weighted basis according to the size of the clients’ accounts.

正确答案:B

答案解析:“Guidance for Standards I-VII”, CFA Institute
2010 Modular Level I, Vol. 1, pp. 53-58
Study Session 1–2–a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.
Members have a responsibility to deal with all clients fairly according to Standard III (B). All clients participating in the block trade should receive the same execution price and be charged the same commission.

3、The Standards of Professional Conduct relating to market manipulation prohibitsmembers from:【单选题】

A.securing a controlling, dominant position in a financial instrument to exploitand manipulate the price of a related derivative and/or the underlyingasset.

B.undertaking transactions on legitimate strategies based on perceived marketinefficiencies.

C.both securing a controlling, dominant position in a financial instrument toexploit and manipulate the price of a related derivative and/or the underlyingasset and undertaking transactions on legitimate strategies based on perceivedmarket inefficiencies.

正确答案:A

答案解析:禁止市场操纵的标准并不是用来阻止交易的，而是基于认识到市场缺乏效率而采取的正当的交易策略，所以行为的目的是判断是否违反该标准的重点。市场操纵分为信息上的操纵和交易上的操纵。

4、During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executiveofficer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, aretailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct,Ward most likely cannot use the information because:【单选题】

A.it was overheard and might be considered unreliable.

B.she does not have a reasonable and adequate basis for taking investment action.

C.it relates to a tender offer.

正确答案:C

答案解析:Trading on the information is restricted given that it relates to a tender offer; it is clearly material,nonpublic information as stated in Standard II(A).
CFA Level I
"Guidance for Standards I VII," CFA Institute
Standard II(A)

5、Ralph Salley, CFA, is a portfolio manager at a mutual fund company.Accordingto the Standards of Professional Conduct relating to diligence and reasonablebasis, which of the following statements is most accurate?【单选题】

A.CFA members may not rely solely on third-party research to make investmentdecisions.

B.CFA members may rely on others in their firm to determine whether third-partyresearch has a sound basis and continuous reliability.

C.CFA members may not rely on others in their firm to determine whetherthird-party research has a sound basis and continuously reliability.

正确答案:B

答案解析: CFA会员可以参考第三方的研究成果来作出自己的投资决策，但使用第三方的研究成果前必须由自己或公司来决定该研究成果是否有道理及是否可以被持续信赖，该尽职调查可以由自己或者公司其他人，例如管理层来进行。