2020年CFA考试《CFA一级》章节练习题精选

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、Which of the following is NOT a recommended procedure for compliance withthe Standards of Professional Conduct relating to misrepresentation? The firm:【单选题】

A.specifically designates which employees are authorized to speak on behalfof the firm.

B.discontinues using the work completed by a former member or candidate.

C.provides a written list of the firm's available services and a description ofthe firm's qualification.

正确答案:B

答案解析:公司特别指定哪个员工可以代表公司发言，提供书面形式的公司可服务类型以及对公司资质进行描述，都是为了遵守禁止虚假陈述（misrepresentation）所推荐的做法。公司可以继续使用过去员工的研究成果。

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、Darden Crux, CFA, a portfolio manager at SWIFT Asset Management Ltd., (SWIFT) calls a friend to join him for dinner. The friend, a financial analyst at Cyber Kinetics (CK) declines the invitation and explains she is performing due diligence on Orca Electronics, a company CK is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying Orca is on SWIFT’s approved stock list, Crux purchases Orca’s common stock and call options for selective SWIFT clients. Two weeks later, CK announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $3 million. What action should Crux most likely take to avoid violating any CFA Institute Standards of Professional Conduct?【单选题】

A.Refuse to trade based on the information.

B.Purchase the stock and call options for all clients.

C.Trade only after analyzing the stock diligently and thoroughly.

正确答案:A

答案解析:CFA Institute Standards
2010 Modular Level I, Vol. 1, pp. 36-39
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/candidates who possess material nonpublic information that could affect the value of an investment should not act or cause others to act on the information. Crux traded on the material information that Orca is about to be acquired by Cyber Kinetics. The information is non-public because it is not publicly available, which was verified when Crux researched Orca on the Internet and found nothing about the acquisition. Standard II (A).

1、Samuel Peter, CFA, manages investment portfolios for high-net-worth individuals.Peter differentiates client service levels by portfolio size and management fee, andhe trades more actively in his largest portfolios to make sure that those clients whopay the most management fees get priority and better performance.He fully disclosesthis arrangement to all of his clients.Has Peter most likely violated the Standards ofProfessional Conduct?【单选题】

A.No.

B.Yes, relating to fair dealing.

C.Yes, relating to communication with clients and prospective clients.

正确答案:B

答案解析:为客户提供不同的服务等级是允许的，但绝对不能歧视任何客户。Peter为大客户积极交易并确保他们获得优待和更好的业绩表现，虽然将该安排事先告知了所有客户，但是也违反了公平对待的行为标准。

1、Belen Zapata, CFA, is the owner of Kawah Investments. Kawah promises investors returns of up to 12% per year and claims to achieve this by investing in non-investment-grade bonds and other fixed income instruments. Over the next 12 months, bond market yields reach unprecedented lows and Zapata finds it impossible to achieve the returns she expected. No investments are ever made by Kawah, and clients are completely paid back all of their original investment. Zapata most likely violated the CFA Institute Standards of Professional Conduct because of the:【单选题】

A.return of capital.

B.promised returns.

C.investment mandate.

正确答案:B

答案解析:CFA Institute Standards
2012 Modular Level I, Vol. 1, pp. 38–39
Study Session 1-2-bDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
B is correct because the member has misrepresented the returns she could realistically achieve for her clients, violating Standard I (C), which prohibits members and candidates from guaranteeing clients any specific return on volatile investments.