Ethical and Professional Standards - 金融分析師

3.Mark Hannning, CFA, is writing a research report on a firm. Hanning's
supervisor, Rob Jannsen, sees a draft which includes favorable earnings
projections. A few days later, Hanning obtains additional data that
causes him to revise the projections downward. Right before public
distribution of this report, Hanning learns that Jannsen has substituted
the earlier, more favorabl earnings projections into the report without
Hannning's knowledge. Hanning should most appropriately:

A. consult with internal counsel and insist that this matter be reported
to the regulators immediately.
B. insist that either the report be corrected, or his name be removed
from the report
C. permit publication of this report, but issue a follow-up report
correcting the earnings projections.

Ans: B

15.Jenny Pickler, a Level II CFA Candidate, writes an economic forecast
containing several interset rate projections. Her firm's investment
committee reviews Pickler's report and changes several of the interest
rates Pickler ahd forecast. To comply with CFA Institute Standards,
Pickler:

A. does not need to take any further action.
B. should ask that her name be removed from the report.
C. must independently review the data supporting the investment committee's
changes.

Ans: A
----------------------------------------------------------------


6. Jim Whitaker is a director of an investment banking firm that is issuing
a secondary offering for a company. The issue is oversubscribed.
According to the firm's written trade allocation proedures, an over-
subscribed issue must be distribute on a prorated basis among all
interested clients. One of these clients is Whitaker himself. This
procedure for allocating an oversubscribed issue is:

A. in violation of the Standards becuase most clients will be receiving
fewer shares than requested.
B. in violation of the Standards because Whitaker should not participate
if the issue is oversubscribed.
C. not in violation of the Standards because all clients are treated
fairly.

Ans: B

3. According to teh Code and Standards, members and candidate who are involved
in distributed an initial public offering(IPO) of equity shares and wish to
participate in the IPO:

A. may participate unless the IPO is oversubscribed.
B. may not participate because this creates a conflict of interest.
C. must obtain pre-clearance from a supervisor before participating.

Ans: A


------------------------------------------------------------------

8. Telling potential investors that a short-term U.S. Treasury fund conatins
"guaranteed" securities:

A. does not violate any Standards.
B. violates the Standards by misreporesenting the securities in the fund.
C. violates the Standards by failing to consider the suitability of the
fund for potential investors.

Ans: A

14. Judy Bulush is a CFA candidate and is recommending the purchase of a
Mutual fund that invests solely in long-term US. Treasury bonds (T-bonds)
to one of her clients. She states that, "Since the US. government
guarantee payment of both the bond's principal and interest, risk of loss
with this investment is virtually zero." Blush's actions violated:

A. the Standards on misrepresentation.
B. the Standards on coomunication with clients and prospective clients.
C. none of the CFA Institute Standards of Professional Conduct.

Ans: A

---------------------------------------------------------------------

這三對問題，兩兩問題的情境敘述都很相似，但是答案卻幾乎是相反的。看完詳解還是

不懂之間的差異，讓人覺得兩個相反的答案很矛盾，請板上的高手解答，感謝!!






--