Ethical and Professional Standards - 金融分析師

※ 引述《eqil ()》之銘言：
: 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
改動已經影響到預測結果，你必須反應
: 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
經過了review，而也只是細微修改，沒有說會影響結果，不必反應

這兩個比較難區分
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: 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
這個我就不知道哪裡有矛盾了？
根據III-B Fair Dealing，只要oversubscribe，就以客戶優先，沒員工的份。
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: 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
這個我也不知道哪裡矛盾。
第一題說的是基金的內容物有哪些股票，並不違反。

第二題，即便是T-bill也會有通膨跟信用風險，任何對return或risk的保證都違反I-C
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: 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!!

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