1、注册金融分析师一级-7 及答案解析(总分：100.00，做题时间：90 分钟)一、单项选择题(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 firm“s brokerage unit now has a sell recommendation on SEK, but the head of the investment-banking department h
2、as 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:（分数：3.00）A.increase the recommendation by no more than one increment (in this ease, to a hold recommendation).B.place the company on
3、 a 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.2.Scott, CFA, is an analyst for M&D Investment Managers. He has recently accepted an invitation to visit the facilities of ChemCo, a
4、producer of chemical compounds, ChemCo offers to pay for Scott“s accommodations in a penthouse suite at a luxury hotel and allow Scott to use the firm“s private jet to travel to its three facilities located in New York, Boston and Philadelphia. In addition, ChemCo offers two tickets to a high-societ
5、y dinner in New York and a calculator with the ChemCo logo. Scott declines to use Chemco“s 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 firm“s mutual
6、funds to other guests at the dinner. Has Scott violated the Code and Standards?（分数：3.00）A.Yes.B.No, since he is using the gifts accepted to benefit his employer“s interests.C.No, since the gifts he accepts were fully disclosed in writing to his employer.3.Kenneth, CFA, has just started work as a tra
7、inee 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?（分数：3.00）A.“We can perform all t
8、he financial and investment services you need. We“ve 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 don“t provide the service in-house, we have arrangements with
9、 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 can“t guarantee future results, we do believe that we will continue to benefit our clients.“4.Edwin, CFA, obtained a copy of a computerized stock sele
10、ction 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 the new model in his next indust
11、ry 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:（分数：3.00）A.violated Standard () Misrepresentation.B.violated Standard () Preservation of Confidentiality.C.violated Standard () Com
12、munication with Clients and Prospective Clients.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, financial resources, and growth prospects that are
13、 better than is the case in reality. This action is a violation of the section of the Standards concerning:（分数：3.00）A.fair dealing.B.non-public information.C.misconduct.6.An investment-banking department of a brokerage firm often receives material nonpublic information that could have considerable v
14、alue if used in advising the firm“s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?（分数：3.00）A.Establish physical and informational barriers within the firm to prevent the exchange of information between the inves
15、tment-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 brokerage operation.7.Amato, an island nation, do
16、es 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 concerns several firms“ internal earnings and cash flow projections.
17、 The friend may:（分数：3.00）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 since the firms concerned are outside of Darcy“s industry.8.A
18、ccording to the Standards, insider trading is least likely to be prevented by establishing:（分数：3.00）A.fire walls.B.watch lists.C.selective disclosure.9.Alex, CFA, is a portfolio manager at OLC Asset Manager, which specializes in managing labor union pension fund accounts. A friend of Alex“s who is a
19、n 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 certainly fall dramatically after his buying support ceases. DLC management “strongly suggest“
20、 that Alex “not rock the boat“ and honor the investment banker“s request since DLC has had a long-standing relationship with the investment bank. Alex agrees to make the purchase. Which of the following statements is most likely to be correct?（分数：3.00）A.Alex has not violated the Code and Standards.B
21、.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.10.In order to dispel the myth that the emerging market stocks are illiquid investments, NYK, a “long only“ emerging
22、 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 market“s liquidity. As a result of its actions, more investors participate in the emerging markets fund.
23、Which of the following is most likely correct? NYK:（分数：3.00）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 not have violated the Code and Standards if the subsidiaries only traded stocks included in the
24、 fund.11.All of the following statements about a manager“s use of clients“ brokerage commissions are true except:（分数：3.00）A.a client may direct a manager to use the client“s brokerage commissions to purchase goods and services for that client.B.client brokerage commissions should be used to benefit
25、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 manager“s operating expenses.12.Joanna, CFA, manages several pension accounts and directs most of her trades through the Torre
26、nia 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 management of these accounts. ZNS, a small brokerage house, has just approached Joanna and said it will execute her trades
27、 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?（分数：3.00）A.Yes, because she has not obtained explicit permission from her clients to use ZNS.B.Yes, because Standard (A) Loy
28、alty, 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.13.Scan, CFA, is a portfolio manager for RBS Investment Management Company-a registered investment organization that advises inves
29、tment companies and private accounts-was promoted to that position three years ago. Richard, his supervisor, is responsible for reviewing Sean“s portfolio account transactions and his required monthly reports of personal stock transactions. Scan has been using Marcy, a broker, almost exclusively for
30、 portfolio account brokerage transactions. For securities in which Marcy“s firm makes a market, Marcy has been giving Scan lower prices for personal purchases and higher for personal sales than Marcy gives to Sean“s portfolio accounts and other investors. Sean has been filing monthly reports with Ri
31、chard 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?（分数：2.00）A.Scan failed to disclose to his employer his personal transactions.B.Richard failed enforce reasonable procedures for supervising and mon
32、itoring Sean“s trading for his own account.C.Richard allowed Scan to use Marcy as his broker for personal trades.14.Stanley, CFA, a research analyst with a brokerage 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
33、investment advice to all the firm“s clients on Thursday. The day after the mailing, a client calls with a buy order for 5000 shares of Vellon Company. In this circumstance, Stanley should:（分数：2.00）A.accept the order.B.advise the customer of the change in recommendation before accepting the order.C.n
34、ot accept the order because it is contrary to the firm“s most recent recommendation.15.Angus, CFA, is a principal at Nelson Brothers, a leading regional investment bank specializing in initial public offering of small to mid-sized biotech firms. Just before many of IPOs are offered to the general pu
35、blic, 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 Standard concerning:（分数：2.00）A.additional compensation.B.disclosure of conflicts of interest.C.fair dealing.16.Steven, CFA, manages a portfolio fo
36、r Derek, a very wealthy client. Derek“s portfolio is well diversified with a slight tilt toward capital appreciation. Derek requires very little income from the portfolio. Recently Derek“s brother, Simon, has become a client of Steven. Steven proceeds to invest Simon“s portfolio in a similar manner
37、to Derek“s portfolio based on the fact that both brothers have a similar lifestyle and are only two years apart in age. Which of the following statements is most likely correct?（分数：2.00）A.Steven violated the Code and Standards by knowingly creating a conflict of interest between Derek“s and Simon“s
38、portfolios.B.Steven violated the Code and Standards by failing to determine Simon“s objectives and constraints prior to investing his portfolio.C.Steven did not violate the Code and Standards.17.In the marketing brochure, TBC Asset Manager presents the performance of several composite portfolios man
39、aged according to similar investment strategies. In constructing composites, the firm excludes individual portfolios with less than $1 million in assets, excludes terminated portfolios, and includes simulated results. TBC includes the following disclosure in the brochure: “Past performance is no gua
40、rantee of future results. Composites exclude portfolios under $1 million in assets and include results from simulated model portfolios with similar strategies.“ TBC“s brochure:（分数：2.00）A.does not violate the Code and Standards.B.violate the Code and Standards by excluding portfolios under $1 million
41、 from the composite performance presentation.C.violate the Code and Standards by failing to include terminated portfolios in the performance presentation.18.Daisy, CFA, is a portfolio manager for several wealthy clients including Dennis. Daisy manages Dennis“s personal portfolio and bond investments
42、. Dennis recently told Colin that he is under investigation by the Internal Revenue Service (IRS) for tax evasion related to his 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 t
43、ake Dennis Software public. Which of the following is most likely correct? Daisy:（分数：2.00）A.violate the Code and Standards by failing to maintain the confidentiality of his client“s information.B.violate the Code and Standards by failing to detect and report the tax evasion to the proper authorities
44、.C.do not violate the Code and Standards since the information she conveyed pertained to illegal activities on the part of her client.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 Ente
45、rprise to accept some analytical work from IDN on a consulting basis. Jessica should most appropriately:（分数：2.00）A.accept the 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
46、obtains written consent from IDN and does it on her own time.20.Susan, CFA, is a portfolio manager. One of her firm“s 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:（分数：2.00）A.turn
47、down the additional compensation because it will result in conflicts with the interests of other clients“ accounts.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 str
48、ong short-term performance.21.Frank, CFA, heads the research department of a large brokerage firm. 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 Standa
49、rds?（分数：2.00）A.Frank“s 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 subordinates.C.Frank retains supervisory responsibilities for all subordinates despite her delegation of some duties.22.Charles, CFA, is a managing director at NSSI, a regional brokerage firm. Charles manages the institutional fixed-income desk and is responsible for 20 employees in both the trading and sales departments. Charles recently called a meeting with the head o
