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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、Benefits of compliance with the CFA Institute Global Investment Performance Standards (GIPS?) least likely include:【单选题】
A.strengthening of internal controls.
B.participation in competitive bidding.
C.elimination of in-depth due diligence for investors.
正确答案:C
答案解析:“Introduction to the Global Investment Performance Standards (GIPS?),” CFA Institute2011 Modular Level I, Vol. 1, pp. 172–173Study Session 1-3-aExplain why the GIPS standards were created, what parties the GIPS standards apply to, and who is served by the standards.
C is correct because compliance with the GIPS standards does not eliminate the need for in-depth due diligence on the part of the investor.
1、Bill Gates, CFA, is a securities analyst covering transportation industry in alocal broker.According to the Code of Ethics and Standards of ProfessionalConduct, which of the following recommended procedures to prevent violationsof the Standards of Professional Conduct relating to priority of transactionsis NOT accurate?【单选题】
A.Prohibit personal trading in the broker's recommended stock list.
B.Fully disclose to investors the broker's policies regarding personal investing.
C.Restrict investment personnel to participate on private placements.
正确答案:A
答案解析:为了避免违反优先交易权(priority of transactions)的行为标准,充分地向投资者披露公司关于个人投资的政策,限制会员参与股票的首次公开发行(initial public offering)和非公开发行(private placement),主管可为投资人员建立报告流程,包括个人持股及利益所有人(beneficial ownership)的披露、交易的确认以及提前申报的流程,这些都是CFA协会所推荐的做法。但专业行为标准并不限制个人去购买公司所推荐的股票,只要给雇主和客户留有充分的购买时间即可。
1、Noor Hussein, CFA, runs a financial advisory business, specializing in retirement planning and investments. One of her clients asks her to advise the firm’s pension fund trustees on available investments in the market including Islamic products. On the day prior to the meeting, Hussein spends an hour familiarizing herself with Islamic investment products and getting updates on local market conditions. The next day she recommends Islamic investment products to the trustees based on her research and her expertise in retirement planning and investments. The trustees subsequently incorporate Islamic products into their investment allocation. Did Hussein’s basis for the recommendation most likely comply with the CFA Code of Ethics?【单选题】
A.Yes.
B.No, with regard to Misconduct.
C.No, with regard to Diligence and Reasonable Basis.
正确答案:C
答案解析:“Code of Ethics and Standards of Professional Conduct,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 107-111
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct because Hussein did not likely act with competence and diligence as required by the CFA Institute Code of Ethics [standard v(a)]. An hour of preparation with regard to Islamic investment products would not likely be considered sufficient to give investment advice to pension plan trustees.
1、According to CFA Institute of Professional Conduct (the Standards) , which ofthe following is NOT a recommendation procedure for compliance with the Standardsrelating to fair dealing?【单选题】
A.Limit the number of people involved.
B.Maintain a list of clients and their holdings.
C.Prolong the time frame between decision and dissemination.
正确答案:C
答案解析:当投资建议将要发布时,限制参与的人数,以及保留客户的名单和他们持股情况都是CFA协会推荐的做法。同时,CFA协会推荐缩短决策制定和信息发布的时间,来避免违反公平对待的规定。
1、After a firm presents a minimum required number of years of GIPS-compliant performance, the firmmust present an additional year of performance each year, building up to a minimum of:【单选题】
A.10 years of GIPS-compliant performance.
B.15 years of GIPS-compliant performance.
C.5 years of GIPS-compliant performance.
正确答案:A
答案解析:After a firm presents a minimum of five years of GIPS-compliant performance, the firm must presentan additional year of performance each year, building up to a minimum of 10 years of GIPS-compliantperformance.
CFA Level I
"The GIPS Standards," CFA Institute
Section: Historical Performance Record
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