2019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、Timothy Holt, CFA, is a portfolio manager for the Toro Aggressive GrowthFund, a large mutual fund with an aggressive-growth mandate in Fechtman Investments.While having lunch with his colleagues, Holt overheards the managerof Fechtman Investments' trading desk discussing a large sell order for shares ofSamuel Corporation that will take the rest of this week to process.Samuel Corporationstocks take a dominant position in the Toro Aggressive Growth Fund.Toprotect his clients' interests, Holt immediately heads to his office and sells all theSamuel Corporation stocks held in his fund.Has Holt most likely violated theStandards of Professional Conduct?【单选题】

A.No.

B.Yes, relating only to material nonpublic information.

C.Yes, relating both to material nonpublic information and priority of transactions.

正确答案:B

答案解析:在听到公司交易部门要出售大量的某只股票时，基金经理马上将基金中的该股票卖出，明显违反了重大的非公开信息即内幕消息披露条款，但并没有违反优先交易权的条款，因为其本人或其受益人并没有进行任何交易。

1、Jenny Hein, CFA, is a research analyst covering a mining industry.Hein hasprepared a research report on one mining company based on research from a varietyof sources and other analysts.Hein combines these materials to form her ownopinion and completes the report without acknowledge her sources in her report.Then Hein distributes the report to her clients.Has Jenny most likely violated theStandards of Professional Conduct?【单选题】

A.No.

B.Yes, by failing to cite the work of others in her report.

C.Yes, by failing to have reasonable basis for her opinion.

正确答案:B

答案解析:因为Hein在研究报告中引用了别人的研究成果，对此必须注明出处，题目中并没有说她没有合理的证据，把其他分析师的研究加入其自己的研究报告，只要指明出处并不违反专业行为标准。

1、Margie Germainne, CFA, is a risk management consultant who has been asked by a smallinvestment bank to recommend policies to prevent bank employees from front running client orders.These clients generally invest in one or more of the bank's large cap equity unit trusts. To ensurecompliance with the CFA Institute Standards of Professional Conduct, Germainne should least likelyrecommend which of the following? Employees should be restricted from trading:【单选题】

A.equity-related securities.

B.without prior permission.

C.during established time periods.

正确答案:A

答案解析:Although Standard VI(B)-Priority of Transactions is designed to prevent any potential conflict ofinterest or the appearance of a conflict of interest with respect to personal transactions, it does notban employees from trading securities. A ban on all equity-related securities could be excessivelyrestrictive to employees and unnecessary if appropriate personal transaction policies and proceduresare in place.
CFA Level I
"Guidance for Standards I-VII"
Standard VI(B)-Priority of Transactions

1、Teresa Staal, CFA is an investment officer in a bank trust department. She manages money for celebrities and public figures, including an influential local politician. She receives a request from the politician’s political party headquarters to disclose his stock holdings. The request indicates local law requires the disclosure. What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?【单选题】

A.Provide the information and inform her client.

B.Send the requested documents and inform her supervisor.

C.Check with her firm's compliance department to determine her legal responsibilities.

正确答案:C

答案解析:"Guidance for Standards I-VII CFA Institute"
2011 Modular Level I, Vol. 1, pp. 88-89
Study Session 1-2-c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
C is correct. In order to avoid violating Standard III (E) Staal should determine if applicable securities regulations require disclosing the records before she provides the confidential information concerning her client's investments.

1、Christy Pasley, CFA, is the Chief Investment Officer for Risen Investment Funds (RIF) a mutual fund organization. At a meeting between Homeland Builders (HB), a publicly traded company, Pasley learns HB sales are much slower than expected. In fact, HB sales declined more than 20% in the last quarter, but this information has not yet been widely disseminated. Immediately after meeting with HB, Pasley purchases put options on HB stock. Subsequently, HB issues a press release with their most recent sales figures. Has Pasley most likely violated the CFA Institute Standards of Professional Conduct?【单选题】

A.Yes.

B.No, because the securities purchased were options.

C.No, because the information was obtained directly from the company.

正确答案:A

答案解析:"Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 49-55
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct, as members and candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information. Even though the information is disclosed in a meeting with the mutual fund, this has not made the information public and it should not be used until it is more widely disseminated. It does not matter that the securities purchased are options rather than stocks.