提分题库
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Which statement about a manager’s use of client brokerage commissions violates the Code and Standards?
AA client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client.
BClient brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.
CClient brokerage commissions may be directed to pay for the investment manager’s operating expenses.
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Jamison is a junior research analyst with Howard & Howard, a brokerage and investment banking firm. Howard & Howard’s mergers and acquisitions department has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard & Howard’s senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on Britland. What is the best course of action for her to follow?
AJamison may write the report but must refrain from expressing any opinions because of the special relationships between the two companies.
BJamison should not write the report because the two Howard & Howard officers serve as directors for subsidiaries of Britland.
CJamison may write the report if she discloses the special relationships with the company in the report.
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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?
AMiller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.
BMiller no longer has supervisory responsibility for those duties delegated to her subordinates.
CMiller retains supervisory responsibility for all subordinates despite her delegation of some duties.
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An investment management firm has been hired by ETV Corporation to work on an additional public offering for the company. The firm’s brokerage unit now has a “sell” recommendation on ETV, but the head of the investment banking department has asked the head of the brokerage unit to change the recommendation from “sell” to “buy.” According to the Standards, the head of the brokerage unit would be permitted to:
AIncrease the recommendation by no more than one increment (in this case, to a “hold” recommendation).
BPlace the company on a restricted list and give only factual information about the company.
CAssign a new analyst to decide if the stock deserves a higher rating.
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The mosaic theory holds that an analyst:
AViolates the Code and Standards if the analyst fails to have knowledge of and comply with applicable laws.
BCan use material public information and nonmaterial nonpublic information in the analyst’s analysis.
CShould use all available and relevant information in support of an investment recommendation.
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Anderb, a portfolio manager for XYZ Investment Management Company— a registered investment organization that advises investment firms and private accounts—was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb’s portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?
AAnderb failed to disclose to her employer her personal transactions.
BAnderb owned the same securities as those of her clients.
CBates allowed Anderb to use Jonelli as her broker for personal trades.
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Which of the following is a correct statement of a member’s or candidate’s duty under the Code and Standards?
AIn the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member’s or candidate’s actions.
BA 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.
CA 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.
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Which of the following statements is correct under the Code and Standards?
ACFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.
BWritten consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.
CMembers and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.
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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 a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards?
ANo, because Michelieu is not promising that he can earn a 26% return in the future.
BNo, because the statement is a true and accurate description of Michelieu’s track record.
CYes, because the statement misrepresents Michelieu’s track record.
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Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for-profit organization. The program is beginning a new fund-raising campaign to expand the number of annual scholarships it provides. Townsend believes many of her clients make annual donations to charity. The next week in her regular newsletter to all clients, she includes a small section discussing the fundraising campaign and her position on the organization’s board.
ATownsend did not violate the Code and Standards.
BTownsend violated the Code and Standards by soliciting donations from her clients through the newsletter.
CTownsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.
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According to the Fundamentals of Compliance section of the Global Investment Performance Standards, issues that a firm must consider when claiming compliance include all of the following except:
Areplicating performance.
Bproperly defining the firm.
Cdocumenting firm policies and procedures used in establishing and maintaining compliance with the Standards.
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In the case of a complaint about a member’s professional conduct, CFA Institute Professional Conduct Program staff are least likely to:
Areview documents and records related to the complaint.
Brequest an interview with the member or with the party making the complaint.
Csuspend the member’s right to use the CFA designation while an investigation is in progress.
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Firms that claim to present investment performance in compliance with GIPS are required to:
Adocument the procedures and policies they use to ensure GIPS compliance.
Bclearly disclose any calculations or other aspects of a presentation that are noncompliant with GIPS.
Ccalculate total firm assets as the fair value of all fee-paying discretionary portfolios managed by the firm.
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Which of the following definitions of a firm would violate GIPS?
AInvestment firm that has been in existence for less than five years.
BRegional branch of an investment management firm marketed under the name of its parent.
CEntity registered with the national regulator that oversees its investment management activities.
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If a country has regulations in place that conflict with GIPS, firms that wish to claim GIPS compliance:
Amay not do so because GIPS do not permit exceptions or partial compliance.
Bmust establish a subsidiary in a location where local law does not conflictwith GIPS.
Cmust comply with local regulations and disclose the nature of the conflict in the presentation.