-
CFA
一级道德高频错题精选
精选问答
1
题干
Sheila
Schleif, CFA, is an equity analyst at an
investment banking division of MokaraFinancial
Group, a full
-
service
financial
group.
Schleif
uses
a
multifactor
computer
model
to
make
stock
recommendations
for
all
clients
of
Mokara.
Schleif
discovers the model contains an error. If the
error were corrected, her most recent buy
recommendation
communicated to all
clients would change to a sell.
Schleif
corrects
the
error,
changing
the
buy
to a
sell recommendation, and then
simultaneously
distributes via
e
-
mail the
revision to all investment banking clients who
received the initial recommendation.
A week later,
Schleif sells the same shares she held in her
personal portfolio. Concerning her actions,Schleif
most
likely violated which of the
following CFA Institute Standards ofProfessional
Conduct?
A.
Priority of Transactions
B.
Diligence and Reasonable
Basis
C.
Fair Dealing
答案解析
Correct
Answer: C
The analyst
violated Standards III(B): Fair Dealing by
selectively distributing the revised
recommendation only to
investment
banking
clients
despite
being
responsible
for
making
investment
recommendations
to
all
group
clients.
Schleifshould distribute the change in
recommendation to all clients who
received the initial recommendation,
not just those within the investment
banking division of the group.
解题思路
这道题是数量与组合两个学科的结合。
首先要注意题干给的信息是
geometric
return
，
题目要求的是
risk
premium for
equities
。还有另一道题目是求
real rate
of return for
equities
，我们就把它们放在一起解答。
主人公
S
同
学是一个
equity
分析师是在投行部门工作的，
S
是用一个多因素模型做股票的建议给他所有的
客户，然后
S
发现模型有一些错误，如果这个错误被修正了那他
最近给客户的
buy recommendation
可能就<
/p>
要改成
sell
，
然后
S
同学就修正了这个错误，
改变
了投资建议，
同时通过邮件的形式发给了所有的投行客户，
1
一周之后
S
卖了他自己持有的股票，这里相当于在说他发给客户一周之后才做的交易，所以是给客户交易
的时间，让客户先交易，这个做法是非常正确的，所以没有违反
A
< br>选项。
这个人及时修正了自
己的模型错误并且改了投资建议，意味着他的研究是非常严谨的，所以
B
选项也
没有违反。
C
选项，
这个很多同学都想不到错在哪里了，
这个就要求大家读题目一定要细心仔细，
题干刚开始说的
是
S
同学给
all
clients
的
buy
recommendation,
然后他修改了投资建议之后，用邮件发给的客户是
all
investment
banking
clients
，大家看这
2
个地
方是不是不一样，一个是所有客户，一个是所有的投行客户，
这明显的就是歧视了投行以
外的客户，区别对待，所以违反了
Fair
Dealing
。
易错点分析
读题一定要仔细，要记住这种考法，协会非常协会考，
all
clients
和
all investment
banking clients
，这是不一
样的，
all clients
是所有的客户，
all investment
banking clients
是只有投行客户，还有其他
客户没有包含的，
这是一种歧视。
精选问答
2
题干
Elbie
Botha,CFA,
an
equity
research
analyst
at
an
investment
bank,
disagrees
with
her
research
team’s
buy
recommendation for a particular
company's rights issue.
She acknowledges the team’s
recommendation is based on a
well
-
developed process and
extensive research, but
she feels the
valuation is overpriced based on her
assumptions.
Despite her contrarian view, her name
is included on the research report to be
distributed to all of the investment
bank's clients. To avoid violating any
CFA Institute Standards of Professional Conduct,
it would beleast appropriate
for Botha
to undertake which of the following?
A.
Insist her name be removed
from the report
B.
Leave her name on the report
C.
Issue a new
report
答案解析
C is
correct.
Standard
IV(A):
Loyalty calls for
employees to be loyal to their employer by
notcausing harm. If Botha released a
contradictory research recommendation
reportto clients, it could possibly cause
confusion amongst clients and
embarrassmentto the firm.
解题思路
B
同学在投行是股权分析师，她不同意研究团队的
recommendation
，但是她知道团队的研究是审慎的，但
是她个人觉得这个公司的价值被
高估了，
尽管她不同意这个观点，
但是她的名字出现在了这份研
究报告上，
2
然后问你下面哪种做法是错误的。
其实只要整个研究团队是
Diligence
andreasonable
basis
的，即使你不同意最后的结果，你也是可以把你的
名字放在
report
上面的，这是不违反的，但是你也可以怎么做呢，
A
说的是坚持移除自己的名字，这个是
对的，你可以放也可以不
放，所以
A
和
B
是正确的。
< br>但是
C
是错的，这相当于是拆自己公司的台，会损害雇主
的利益，这是错误的做法，所以选
C
。
易错点分析
大家做错这个题，很多同学是选了
B
，这是对这个点没有掌握
好，所以相关结论要记牢，这个题是非常典
型的案例，大家可以记一下。
精选问答
3
题干
ColleenO'Neil,
CFA, manages a private investment fund with a
balanced global investment mandate. Her clients
insist that her personal investment
portfolio replicate the investments within their
portfolios to assure them she
is
willing to put her own money at risk.
By undertaking
which of the following simultaneous investment
actions for her own portfolio would O'Neil most
likely be in violation of Standard
VI(B): Priority of Transactions?
A.
Sale of a
listed US blue chip value stock
B.
Purchase
of a UK government bond in the primary
market
C.
Participation in a popular frontier
market IPO
答案解析
C is
correct.
StandardVI(B):Priority of Transactions
dictates members and candidates give their clients
and employer priority
when making
personal investment transactions. Even when
clients allow or insist the manager invest
alongside
them, the manager's
transactions must never adversely affect the
interests of the clients.
A popular or
that
themanager
should
not
participate
in
this
event
to
better
ensure
clients
will
have
a
higher
probability
of
getting
their
full
subscription
allotment,
even
thoughclients
have
allowed
or
dictated
that
she
participate
alongside
them.
解题思路
N
同学管理了一个基金，这个基金对外宣称的风格是平衡型基金，他的客户坚持
N
同学的自己账户的投资
3
< br>和基金的投资是一致的，说白了就是让
N
同学的个人账户
完全复制基金的投资，题干问你下面哪一个行为
是
N
同学最有可能违反了
Priority of
Transactions
，让你选一个错误的做法
A
说的是
卖股票，
B
说的是买英国的债券，
A<
/p>
和
B
这
2
个选项其实说的是
suitability
这
个知识点，因为这个
基金是一个平衡型基金，所以股票和债券都要投资，这样才能和自己
对外宣称的投资风格保持一致，所以
A
和
B
是正确的做法。
C
说的是参与到超额认购的
IPO
，
超额认购的
I
PO
说的是一个公司原本计划融资
1,000
< br>万，
结果市场上有
1,200
万
的资金想要买它，需求大于供给，这就意味着必然有很多人是买不到的，所以你自己也交易，你的客户
也交易，你应该先给客户交易，然后再轮到自己。
所以在这种情况下，你先给客户交
易完之后，自己是买不到的，这样才是符合
Priority of Transact
ions
，所以
N
同学的个人账户其实
是不能参与超额认购的
IPO
，
如果<
/p>
N
同学参与到超额认购的
IPO
，
那他肯定就违反了
Priority of
Transactions
所以我们选
C
。
易错点分析
很多同学做错这个题，是因为没有读懂
Her
clients
insist
that
her
personal
investment
portfolio
replicate
theinvestments
within their portfolios to assure them she is
willing to put herown money at risk.
这句话的意思是客户希望基金经理
和他们捆绑在一起，如果基金经理敢拿自己的钱去投资这个策略，那就
说明这个策略真的
是可以赚钱的，所以客户希望把基金经理个人的业绩和基金的业绩捆绑在一起，这也是
为
什么如果
N
同学参与到超额认购就会违反
Priority
of
Transactions
，因为他要和基金的投资是一样的。大
家可以多体会体会这个案例。<
/p>
精选问答
4
题干
During
a
round
of
golf,
Rodriguez,
chief
financial
officer
of
Mega
Retail,
mentions
to
Hart,
a
local
investment
adviser and
long
-
time
personal friend, that Mega is
having an exceptional sales quarter.
Rodriguez expects the
results to be
almost 10% above the current estimates. The next
day, Hart initiates the purchase of a large stake
in
the local
exchange
-
traded retail fund
for her personal account.
A.
Hart
violated
the
Code
and
Standards
by
investing
in
the
exchange
-
traded
fund
that
included
Mega
Retail.
B.
Hart did not
violate the Code and Standards because she did not
invest directly in securities of Mega
Retail.
C.
Rodriguez
did
not
violate
the
Code
andStandards
because
the
comments
made
to
Hart
were
not
intended to solicit
aninvestment in Mega Retail.
4
-
-
-
-
-
-
-
-
-
上一篇：中国特色菜英文翻译
下一篇：最全总结版食物卡路里对照表