1、注册金融分析师一级-2 及答案解析(总分：100.00，做题时间：90 分钟)一、B单项选择题/B(总题数：44，分数：100.00)1.An investment management firm has been hired by SEK Corporation to work on an initial public offering for the company. The firms brokerage unit now has a sell recommendation on SEK, but the head of the investment-banking department
2、 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: A. increase the recommendation by no more than one increment (in this ease, to a hold recommendation). B. place the company on a
3、restricted list and give only factual information about the company. C. reassign responsibility for rating the stock to the head of the investment-banking department.（分数：3.00）A.B.C.2.Scott, CFA, is an analyst for M&D Investment Managers. He has recently accepted an invitation to visit the facilities
4、 of ChemCo, a producer of chemical compounds, ChemCo offers to pay for Scotts accommodations in a penthouse suite at a luxury hotel and allow Scott to use the firms private jet to travel to its three facilities located in New York, Boston and Philadelphia. In addition, ChemCo offers two tickets to a
5、 high-society dinner in New York and a calculator with the ChemCo logo. Scott declines to use Chemcos corporate jet or to allow the firm to pay for his accommodations but accepts the calculator and the tickets to the dinner (which he discloses to his employer) since he will be able to market his fir
6、ms mutual funds to other guests at the dinner. Has Scott violated the Code and Standards? A. Yes. B. No, since he is using the gifts accepted to benefit his employers interests. C. No, since the gifts he accepts were fully disclosed in writing to his employer.（分数：3.00）A.B.C.3.Kenneth, CFA, has just
7、started work as a trainee with Jerron Asset Management Co., a small regional money management firm started six months ago. He has been told to make a few cold calls and round up some new clients. In which of the following statement has Kenneth least likely violated the Code and Standards? A. “We can
8、 perform all the financial and investment services you need. Weve consistently outperformed the market indexes and will continue to do so under our current management.“ B. “We can assist you with all the financial and investment services you need. If we dont provide the service in-house, we have arr
9、angements with other full-service firms that I would be happy to tell you about.“ C. “Our firm has a long history of successful performance for our clients. While we cant guarantee future results, we do believe that we will continue to benefit our clients.“（分数：3.00）A.B.C.4.Edwin, CFA, obtained a cop
10、y of a computerized stock selection model designed by a former MBA classmate who is a Wall Street analyst. After spending some time reviewing the program and making some adjustments, Edwin showed the new model to his supervisor. His supervisor said he did a great job and told Edwin to incorporate th
11、e new model in his next industry review. He called his old classmates for permission, and she told him to go head and use the model, which he did without reference to his former classmate. Edwin has: A. violated Standard () Misrepresentation. B. violated Standard () Preservation of Confidentiality.
12、C. violated Standard () Communication with Clients and Prospective Clients.（分数：3.00）A.B.C.5.John, CFA, act as Liaison between Ressole Financial and DHK Inc. (an investing bank). When DHK underwrites an IPO, John routinely has DHK issue vague statements implying that the firm has cash flows, financia
13、l resources, and growth prospects that are better than is the case in reality. This action is a violation of the section of the Standards concerning: A. fair dealing. B. non-public information. C. misconduct.（分数：3.00）A.B.C.6.An investment-banking department of a brokerage firm often receives materia
14、l nonpublic information that could have considerable value if used in advising the firms brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm? A. Establish physical and informational barriers within the firm to prevent
15、 the exchange of information between the investment-banking and brokerage operations. B. Permanently prohibit both purchase and sell recommendations of the stocks of clients of the investment-banking department. C. Monitor the exchange of information between the investment-banking department and the
16、 brokerage operation.（分数：3.00）A.B.C.7.Amato, an island nation, does not have any regulations precluding the use of non-public information. Darcy has a friend and fellow CFA charter holder there with whom he has shared nonpublic information regarding firms outside of her industry. The information con
17、cerns several firms internal earnings and cash flow projections. The friend may: A. trade on the information under the laws, which govern her behavior. B. not trade on the information under CFA Institute Standards, which govern her behavior. C. trade on the information under CFA Institute Standards
18、since the firms concerned are outside of Darcys industry.（分数：3.00）A.B.C.8.According to the Standards, insider trading is least likely to be prevented by establishing: A. fire walls. B. watch lists. C. selective disclosure.（分数：3.00）A.B.C.9.Alex, CFA, is a portfolio manager at OLC Asset Manager, which
19、 specializes in managing labor union pension fund accounts. A friend of Alexs who is an investment banker asks Alex to purchase shares in their new IPOs in order to support the price long enough for insiders to liquidate their holdings. Alex realizes that the price of the shares will almost certainl
20、y fall dramatically after his buying support ceases. DLC management “strongly suggest“ that Alex “not rock the boat“ and honor the investment bankers request since DLC has had a long-standing relationship with the investment bank. Alex agrees to make the purchase. Which of the following statements i
21、s most likely to be correct? A. Alex has not violated the Code and Standards. B. Alex has violated the Code and Standards by attempting to distort prices. C. Alex has violated the Code and Standards by failing to place orders in the appropriate transaction priority.（分数：3.00）A.B.C.10.In order to disp
22、el the myth that the emerging market stocks are illiquid investments, NYK, a “long only“ emerging market fund manager, has two of its subsidiaries simultaneously buy and sell emerging market stocks. In its marketing literature, NYK cites the overall emerging market volume as evidence of the markets
23、liquidity. As a result of its actions, more investors participate in the emerging markets fund. Which of the following is most likely correct? NYK: A. did not violate the Code and Standards. B. violated the Code and Standards by manipulating the volume in the emerging securities markets. C. would no
24、t have violated the Code and Standards if the subsidiaries only traded stocks included in the fund.（分数：3.00）A.B.C.11.All of the following statements about a managers use of clients brokerage commissions are true except: A. a client may direct a manager to use the clients brokerage commissions to pur
25、chase goods and services for that client. B. client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received. C. client brokerage commissions may be directed to pay for the investment managers operating expen
26、ses.（分数：3.00）A.B.C.12.Joanna, CFA, manages several pension accounts and directs most of her trades through the Torrenia Brokerage House. Joanna does this because she believes she gets expedient and low-cost trade execution, and Torrenia provides her with excellent research reports used in the manage
27、ment of these accounts. ZNS, a small brokerage house, has just approached Joanna and said it will execute her trades at half the cost of Torrenia. However, ZNS does not have a research department. If Joanna declines to switch her business to ZNS, has she violated any CFA Institute Standards? A. Yes,
28、 because she has not obtained explicit permission from her clients to use ZNS. B. Yes, because Standard (A) Loyalty, Prudence and Care states that she must minimize trade expenses. C. No, if the higher commissions are commensurate with the value of the research service she receives.（分数：3.00）A.B.C.13
29、.Scan, CFA, is a portfolio manager for RBS Investment Management Company-a registered investment organization that advises investment companies and private accounts-was promoted to that position three years ago. Richard, his supervisor, is responsible for reviewing Seans portfolio account transactio
30、ns and his required monthly reports of personal stock transactions. Scan has been using Marcy, a broker, almost exclusively for portfolio account brokerage transactions. For securities in which Marcys firm makes a market, Marcy has been giving Scan lower prices for personal purchases and higher for
31、personal sales than Marcy gives to Seans portfolio accounts and other investors. Sean has been filing monthly reports with Richard only for those months in which he has no personal transactions. Which of the following is least likely to be a violation of the Code and Standards? A. Scan failed to dis
32、close to his employer his personal transactions. B. Richard failed enforce reasonable procedures for supervising and monitoring Seans trading for his own account. C. Richard allowed Scan to use Marcy as his broker for personal trades.（分数：2.00）A.B.C.14.Stanley, CFA, a research analyst with a brokerag
33、e firm, decides to change his recommendation on the common stock of Vellon Company, Inc., from a buy to a sell. He mails this change in investment advice to all the firms clients on Thursday. The day after the mailing, a client calls with a buy order for 5000 shares of Vellon Company. In this circum
34、stance, Stanley should: A. accept the order. B. advise the customer of the change in recommendation before accepting the order. C. not accept the order because it is contrary to the firms most recent recommendation.（分数：2.00）A.B.C.15.Angus, CFA, is a principal at Nelson Brothers, a leading regional i
35、nvestment bank specializing in initial public offering of small to mid-sized biotech firms. Just before many of IPOs are offered to the general public, Angus arranges for 10% of the shares of the firm going public to be distributed to management by Nelson Brothers. This action is a violation of the
36、Standard concerning: A. additional compensation. B. disclosure of conflicts of interest. C. fair dealing.（分数：2.00）A.B.C.16.Steven, CFA, manages a portfolio for Derek, a very wealthy client. Dereks portfolio is well diversified with a slight tilt toward capital appreciation. Derek requires very littl
37、e income from the portfolio. Recently Dereks brother, Simon, has become a client of Steven. Steven proceeds to invest Simons portfolio in a similar manner to Dereks portfolio based on the fact that both brothers have a similar lifestyle and are only two years apart in age. Which of the following sta
38、tements is most likely correct? A. Steven violated the Code and Standards by knowingly creating a conflict of interest between Dereks and Simons portfolios. B. Steven violated the Code and Standards by failing to determine Simons objectives and constraints prior to investing his portfolio. C. Steven
39、 did not violate the Code and Standards.（分数：2.00）A.B.C.17.In the marketing brochure, TBC Asset Manager presents the performance of several composite portfolios managed according to similar investment strategies. In constructing composites, the firm excludes individual portfolios with less than $1 mi
40、llion in assets, excludes terminated portfolios, and includes simulated results. TBC includes the following disclosure in the brochure: “Past performance is no guarantee of future results. Composites exclude portfolios under $1 million in assets and include results from simulated model portfolios wi
41、th similar strategies.“ TBCs brochure: A. does not violate the Code and Standards. B. violate the Code and Standards by excluding portfolios under $1 million from the composite performance presentation. C. violate the Code and Standards by failing to include terminated portfolios in the performance
42、presentation.（分数：2.00）A.B.C.18.Daisy, CFA, is a portfolio manager for several wealthy clients including Dennis. Daisy manages Denniss personal portfolio and bond investments. Dennis recently told Colin that he is under investigation by the Internal Revenue Service (IRS) for tax evasion related to hi
43、s business, Dennis Software. After learning about the information, Daisy proceeds to inform a friend at a local investment bank so that they may withdraw their proposal to take Dennis Software public. Which of the following is most likely correct? Daisy: A. violate the Code and Standards by failing
44、to maintain the confidentiality of his clients information. B. violate the Code and Standards by failing to detect and report the tax evasion to the proper authorities. C. do not violate the Code and Standards since the information she conveyed pertained to illegal activities on the part of her clie
45、nt.（分数：2.00）A.B.C.19.Jessica, CFA, works full-time for KB&C, an investment management firm, as a fixed-income security analyst. Jessica has been asked by a business contact at IDN Enterprise to accept some analytical work from IDN on a consulting basis. Jessica should most appropriately: A. accept t
46、he work as long as she obtains consent from KB&C. B. not accept the work as it violates the Code and Standards by creating a conflict of interest. C. accept the work as long as she obtains written consent from IDN and does it on her own time.（分数：2.00）A.B.C.20.Susan, CFA, is a portfolio manager. One
47、of her firms clients has told Susan that he will compensate her beyond that provided by her firm on the basis of the capital appreciation of his portfolio each year. Susan should: A. turn down the additional compensation because it will result in conflicts with the interests of other clients account
48、s. B. obtain permission from her employer prior to accepting the compensation arrangement. C. turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.（分数：2.00）A.B.C.21.Frank, CFA, heads the research department of a large brokerage f
49、irm. The firm has many analysts, some of whom are subject to the Code and Standards. If Frank delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards? A. Franks supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards. B. Frank no longer has supervisory responsibility for those duties delegated to her sub
