CFA习题《道德专业标准》习题精炼：CFA专业行为标准

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CFA习题一：研究的客观性和独立性

Andrew Smith, CFA, works for Granite, a commercial bank that also has a sizeable sell side research division. Smith is presenting financing solutions to a potential business client, Dynamic Materials Corp. As part of his presentation, Smith mentions that Granite will initiate research coverage on Dynamic. Is Smith’s arrangement most likely appropriate with regards to the CFA Standards?

A Yes.

B No, because Smith cannot offer to provide research coverage on a company if they become a corporate finance client.

C No, because Granite cannot provide research coverage on a corporate finance client as this constitutes a violation of research independence.

CFA习题二：CFA专业行为标准

During an on- site company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc., discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:

A it relates to a tender offer.

B it was overheard and might be considered unreliable.

C she does not have a reasonable and adequate basis for taking investment action.

查看答案解析（习题一）

【答案】

（习题一）A

【解析】

A is correct because under Standard I(B) members and candidates must protect their independence and objectivity. Agreeing to provide objective research coverage of a company does not constitute a violation of this standard provided the analyst writing the report is free to come up with their own independent conclusion. Smith can agree to provide research coverage but cannot commit Granite’s research department to providing a favorable recommendation.

B is incorrect because providing research coverage in this situation does not constitute a violation of the Code and Standards as long as the independence of this research is not compromised.

C is incorrect because providing research coverage in this situation does not constitute a violation of the Code and Standards as long as the independence of this research is not compromised.

查看答案解析（习题二）

【答案】

（习题二）（A）

【解析】

A is correct because trading on the information is restricted as it relates to a tender offer; it is clearly material, nonpublic information [Standard II(A)].

B is incorrect because the information could be considered to come from a reliable source because if comes from senior management, is nonpublic, and should not be used since it concerns a tender offer. 32018 Level I Mock Exam AM

C is incorrect because the information is material and is nonpublic so that it should not be used as the basis for taking investment action. There is simply not enough information provided to determine if there is a reasonable and adequate basis for investment action

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