CFA持證無憂科目集訓(xùn)直播-道德-試題

持證無憂科目集訓(xùn)營——道德Chen1Standardsofprofessionalconduct2NO.1AnneBoswin,aseniorfixed-incomeanalystatGreenfieldFinancialCorporation.Boswindevelopsfinancialmodelsforpredictingchangesinbondprices.Onthepremisethatbondsofforleveragedbuyouts(LBOs)oftendeclineinvalue,BoswindevelopsamodeltopredictwhicharelikelytobesubjecttoLBOs.Boswinworkscloselywithanotheranalyst,RobertAcertado,AcertadousesBoswin’smodelfrequentlytoidentifypotentialLBOforfurtherresearch.Usingthemodelandhisextensiveresearchskills,Acertadoinvestmentrecommendationsanddevelopsastrongtrackrecord.Basedonthisrecord,Acertadoreceivesanfromtheassetmanagementdivisionof&GarnerInvestments,Inc.,adiversifiedfinancialservicesBoswin’sconsent,AcertadodownloadsthemodelbeforeleavingGreenfield.31.WhendownloadingthemodelfromGreenfieldFinancialCorporation,doesAcertadoviolateanyInstituteStandardsofPracticeandProfessionalConduct?A.No.B.becausehedoesnothavewrittenpermissionfromBoswin.C.becausehedoesnothavepermissionfromGreenfieldFinancialCorporation.4At&AcertadopresentstheideaofpredictingLBOasawaytoidentifybondsthatdeclineinvalueandthusbegoodsellrecommendations.AfterAcertadowalkshisbossthroughthemodel,supervisor“Ilikeyourideaandyourmodel,Robert.Icanseethatwetherightdecisioninhiringyou.”2.Whenusingthemodelat&AcertadoisleastlikelytoviolatetheStandardrelatingto:A.misrepresentation.B.loyaltytoC.materialnonpublicinformation.5BecauseSmith&GarnerhasbothanInvestmentBanking(IB)andAssetManagement(AM)division,Acertado’ssupervisorremindshimthatheshouldnotattempttocontactorengageinconversationwithanyonefromtheInvestmentBankingdivision.ThesupervisoralsodirectshimtoeatintheEastendofthecompanycafeteria.“TheendisreservedfortheIBfolks,andyoumaylaughatthis,butweactuallyputupawallbetweenthetwoends.Ifanyoneweretoaccuseusofnothavingafirewall,wecouldactuallypointtoit!”Robert’ssupervisoralsotellshim,“Thereshouldbeabsolutelynoconversationaboutdivisionalbusinesswhileinthehallandelevatorthatservesasacommonaccesstothecafeteriaforbothdivisions.areverystrictaboutthis.”Thefollowingweek,AcertadoisridingaloneintheelevatorwhenitstopsonanIBAsthedoorsbegintoslideopen,Acertadohearsavoicewhispering,“IamsopleasedthatwereabletoputthefinancingtogetherforCountryIndustries.Iwasconcernedbecausetheleveragewillgoto80%—higherthanourtypicaldeal.”Assoonasthedoorsopenenoughtorevealthattheelevatorisoccupied,allconversationstops.6Latethatafternoon,AcertadousestheLBOmodeltomeasuretheprobabilityofCountryIndustriesreceivinganLBOAccordingtothemodel,theprobabilityis62%—slightlythanthe60%Acertadogenerallyrequiresbeforeconductingadditionalresearch.ItislateintheafternoonandAcertadohaslittletimetoresearchthematterfullybeforetheendofthetradingHecheckshisinputstothemodel.Intheinterestoftime,AcertadoimmediatelyrecommendssellingCountryIndustries’seniorbondsheldinanylong-onlyaccounts.HealsorecommendsestablishingpositionsinderivativescontractsthatwillbenefitfromadeclineinthevalueofCountryIndustries’bonds.3.WhenmakingtherecommendationregardingCountryIndustries,doesAcertadoviolateanyCInstituteStandards?A.No.B.relatingtodiligenceandreasonablebasis.C.relatingtomaterialnonpublicinformation.7Thenextmorning,afterthefirmhasestablishedthederivativespositionsherecommended,AcertadocallsBoswin.KnowingthathisformerassociatewillbepreparingGreenfield’smonthlyhetells“IranCountryIndustriesthroughyourmodelandIthinkitislikelythattheywillreceiveanLBO”Acertadoexplainsoftheinputsheusedinthemodel.AttheconclusionoftheconversationBoswinresponds,“mayberight.CountryIndustriessoundslikeapossibleLBOcandidate,andthus,asellratingontheirseniorbondswouldbeinIfI’mIcanfinishresearchingtheissueintimetoincludetherecommendationintheupcomingThanks.Itwasgoodtalkingwithyou,Robert.”4.InhisphoneconversationwithBoswin,AcertadoleastlikelyviolatestheCInstituteStandardrelatingto:A.B.integrityofcapitalmarkets.C.preservationof8AftertheconversationwithAcertado,BoswinquicklyrunsCountryIndustriesthroughthemodel.Basedonherinputs,themodelcalculatesthattheprobabilityofanLBOis40%—notenough,inBoswin’sopinion,tojustifyfurtherresearch.ShewondersifthereisadiscrepancybetweenherinputsandAcertado’s.Pressedfortime,Boswinresumesherworkontheupcomingnewsletterratherthaninvestigatingthe5.WhenanalyzingtheprobabilityofanLBOofCountryIndustries,doesBoswinviolateanyCInstituteStandards?A.B.relatingtoindependenceandC.relatingtodiligenceandreasonablebasis.9Acertadosoonbeginssearchingtheinternetforinformationoncompaniesthatthemodelpredictshavemorethana60%probabilityofanLBOHescoursblogsandcompanywebsiteslookingforsignsofapotentialHeusesevidenceofrumoredindevelopingsellrecommendationsonvariouscorporations’bonds.6.Whensearchingblogs,doesAcertadoviolateanyCInstituteStandards?A.No.B.becausehemisusescompanyresources.C.becauseheseeksinsideinformationontheblogs.10NO.2ErikBrecksen,aportfoliomanageratApfelbaumKapital,recentlyrecruitedHansGrohl,aCcandidateandrecentMBAgraduatefromatopuniversitywithexcellentquantitativeanalysisskills.ApfelbaumKapitalstresses“top-down”fundamentalanalysisandusesateamapproachtoinvestmentmanagement.Thefirm’sinvestmentprofessionals,allofwhomarecharterholdersorcandidates,attendweeklyinvestmentcommitteemeetings.Atthemeetings,analystsresponsibleforindustrialsectorspresenttheirresearchandrecommendations.Followingeachpresentation,theinvestmentcommittee,consistingofseniorportfoliomanagers,questionstheanalystabouttherecommendation.Ifthemajorityofthecommitteeagreeswiththerecommendation,therecommendationisapprovedandthestockisplacedonarestrictedlistwhilethefirmexecutesthenecessarytrades.ApfelbaumconsidersitsresearchItisintendedforthesoleuseofitsinvestmentprofessionalsandisnotdistributedoutsidethefirm.Thenamesofalltheinvestmentpersonnelassociatedwiththesectororinvestmentclassarelistedoneachresearchreportregardlessoftheiractuallevelofcontributiontothereport.11OnGrohl’sfirstdayofwork,BrecksenassignshimresponsibilityforacompanythatBrecksencoveredHeprovidesGrohlwithhispastresearchincludingallofhisfilesandreports.BreckseninstructsGrohltoreportbackwhenhehasfinishedhisresearchandisreadytohisownresearchreportontheGrohlreadsBrecksen’soldreportsbeforestudyingthefinancialstatementsofthecompanyanditscompetitors.advantageofhisquantitativeanalysisskills,Grohlthenconductsadetailedmulti-factoranalysis.Afterward,heproducesawrittenbuyrecommendationusingBrecksen’soldresearchreportsasaguideforformatandsubmitsadrafttoBrecksenfor1.WhenpreparingtheinitialdraftforBrecksen’sdoesGrohlviolateanyCStandards?A.B.becauseheusedBrecksen’sresearchreportswithoutpermission.C.becausehedidnotreasonablejudgmentinidentifyingwhichfactorswereimportanttotheanalysis.12Brecksenreviewstheworkandindicatesthatheisnotfamiliarwithmulti-factoranalysis.HetellsGrohlthatheagreeswiththebuyrecommendation,butinstructsGrohltoomitthemultifactoranalysisfromthereport.2.WheninstructingGrohltoeliminatethemulti-factoranalysisfromtheresearchreport,doesBrecksenviolateanyCStandards?A.B.relatingtorecordretention.C.relatingtodiligenceandreasonablebasis.3.Whenremovingthemulti-factoranalysisfromhisresearchreport,doesGrohlviolateanyCStandards?A.B.becausehenolongerhasareasonablebasisforhisrecommendation.C.becauseheisrequiredtofullandfairdisclosureofallrelevantinformation.13GrohltodefendhisresearchbutisinterruptedwhenBrecksenacceptsaphonecall.GrohlfollowsBrecksen’sinstructionsandremovesallmentionofthemulti-factoranalysisfromthefinalreport.BrecksenpresentsthecompletedreportattheweeklywithbothhisandGrohl’snameslistedonthedocument.AfterBrecksen’sinitialpresentation,theturnstoGrohlandasksabouthisresearch.Grohltakestheopportunitytomentionthemulti-factoranalysis.Satisfied,thevotesinfavoroftherecommendationandcongratulatesGrohlonhiswork.4.Whenlistingtheirnamesontheresearchreport,doBrecksenandGrohlviolateanyCStandards?A.No.B.becauseBrecksenmisrepresentshisauthorship.C.becauseGrohlshoulddissociatefromthereport.14OttieZardt,hasworkedasarealestateanalystforApfelbaumforthepast18months.AnewindependentratingservicehasdeterminedthatZardt’srecommendationshaveresultedinanexcessreturn12%versustheindustry’sreturn2.7%forthepasttwelvemonths.Afterlearningabouttheratingservice,Zardtimmediatelyupdatesthepromotionalmaterialheispreparingfordistributionatanupcomingindustryconference.Heincludesareferencetotheratingserviceandquotesitsreturnsresultsandotherinformation.Beforedistributingthematerialattheconference,headdsafootnotestating“Pastperformanceisnoguaranteeoffuturesuccess.”5.Whendistributingthematerialattheindustryconference,doesZardtviolateanyCStandards?A.B.becauseZardtdoesnotverifytheaccuracyoftheinformation.C.becauseanalystscannotclaimperformanceorpromotetheaccuracyoftheirrecommendations.15NO.3isaportfoliomanageratAiklinInvestmentswithdiscretionaryauthorityoverallofhisaccounts.Oneofhisclients,AlanChiefExecutive(CEO)ofEllipseManufacturing,inviteslunch.Attherestaurant,theCEOrevealsthereasonforthelunch.“AsyouknowReinholdPartnershasanunsolicitedcashforalloutstandingsharesofEllipseManufacturing.ReinholdhasitclearthatIwillnotbeCEOiftheyaresuccessful.IcanassureyouthatourshareholderswillbebetterinthelongtermifI’mincharge.”Caperthenshowshisprojectionsforanewplandesignedtoboostbothsalesandoperating“Iknowthatyourfirmisthetrusteeforourfirm’sEmployeeStockOwnershipPlan(ESOP).Ihopethatthetrusteewillvoteinthebestinterestofourshareholders—andthatwouldbeavoteagainstthetakeover”16AfterlookingthroughCaper’sbusinessplans,says,“Thisplanlooksgood.Iwillrecommendthatthetrusteevoteagainstthe”Caperresponds,“IfriendKarenLeightontellingthattheLeightonFamily’sismanagedbyyourfirm.Perhapsthetrusteecouldvotethosesharesagainsttheacquisitionaswell.KarenLeightonisaclosefriend.Isurethatshewouldagree.”responds,“TheisnolongermanagedbyAiklin.”Headds,“Iunderstandthattheisveryconservativelymanaged.IdoubtitthatitwouldhaveholdingsinEllipseManufacturing.”doesnotmentionthatalthoughthehaschangedinvestmentmanagers,KarenLeightonremainsanimportantclientatAiklinwithsignificantpersonalholdingsinEllipse.171.discussingtheLeightonFamilydoesviolateanyInstituteStandardsofProfessionalConduct?A.No.B.relatingtodutiestoclients.C.relatingtomisrepresentation.18Afterlunch,meetswithSydneyBrown,trusteeoftheEllipseHeshowsherCaper’splanforimprovements.“IthinktheplanisagoodoneandCaperisoneofthefirm’sprofitableaccounts.don’twanttolosehim.”Brownagreestoanalyzetheplan.AfterthoroughlyanalyzingboththeplanandthetakeoverBrownconcludesthatthetakeoverisbestfortheshareholdersintheESOPandvotestheplan’ssharesinfavorofthetakeover2.WhendecidinghowtovotetheESOPshares,doesBrownviolateanyCInstituteStandards?A.B.relatingtoprudence,andcare.C.relatingtodiligenceandreasonablebasis.19AfewmonthslateracquisitionofEllipsebyReinholdPartnersiscompleted.Caperagainforlunch.“IreceivedagenerousseverancepackageandI’mcountingonyoutomanagemoneywellforWhileweareonthesubject,Iwouldlikebeaggressivewithportfolio.severancepackage,Icantakeadditionalrisk.”andCaperdiscusshiscurrentfinancialsituation,risktolerance,andfinancialobjectivesthroughoutlunch.agreestoadjustCaper’sinvestmentpolicy(IPS)toreflecthisgreaterappetiteforriskandhisincreasedwealth.Backattherealizesthatwiththeseverancepackage,Caperisnowhiswealthiestclient.HealsorealizesthatCaper’sincreasedappetiteforriskgiveshimariskprofiletothatofanotherclient.Hepullsacopyoftheotherclient’sinvestmentpolicy(IPS)andreviewsitquicklybeforerealizingthatthetwoclientshaveverydifferenttaxsituations.quicklyrevisesCaper’sIPStoreflectthechangesinhisfinancialsituation.Heusestheotherclient’sIPSasareferencewhenrevisingthesectionrelatingtoCaper’srisktolerance.HethenfilestherevisedIPSinCaper’sfile.203.TheStandardleastlikelytoprovideguidanceforwhenworkingwiththeclients’investmentpolicystatementswouldbetheStandardrelatingto:A.B.dealing.C.prudence,andcare.21Thefollowingweek,anAiklinanalystissuesabuyrecommendationonasmalltechnologycompanywithapromisingsoftwareproduct.readsthereportcarefullyandconcludesitwouldbesuitableunderCaper’snewplacesanorderfor10,000sharesinCaper’saccountandthencallsCapertodiscussthestockindetail.doesnotpurchasethestockforanyotherclients.Althoughtheoneclienthasthesameriskprofileasthatclientdoesnothavecashavailableinhisaccountanddeterminesthatsellingexistingholdingsdoesnotsense.4.DoesviolateanyInstituteStandardswhenheplacesthebuyorderforsharesinthetechnologycompanyforCaper’saccount?A.No.B.relatingtofairdealing.C.relatingtodiligenceandreasonablebasis.22Inasubsequenttelephoneconversation,Caperexpresseshislingeringangeroverthe“didn’tdoenoughtopersuadeAiklin’sclientstovoteagainsttheMaybeIshouldlookforaninvestmentmanagerwhoismoreloyal.”triestocalmCaperbutisunsuccessful.Inanattempttochangethetopicofconversation,states,“Thefirmwasjustnotifiedofourallocationofalong-awaitedaccountshouldreceiveasignificantallocation.Iwouldhatetoseeyouloseoutbymovingyouraccount.”Capermollifiedandconcludesthephonecall,“Ilookforwardtoalong-termrelationshipwithyouandyourfirm.”AiklindistributesacopyofitsfirmpoliciesregardingallocationstoallclientsAccordingtotheAiklinallocatessharestoeachinvestmentmanagerandeachmanagerhasresponsibilityforallocatingsharestoaccountsforwhichtheIPOissuitable.ThestatementalsodisclosesthatAiklinlevelsofserviceforfees.5.IsAiklin’spolicywithrespecttoallocationsconsistentwithrequiredandrecommendedCInstituteStandards?A.B.No,becausetheIPOpolicydisadvantagescertainclients.C.becausethelevelsofservicedisadvantagecertainclients.23AftercarefullyreviewingtheproposedIPOandhisclientaccounts,determinesthattheIPOsuitableforclientsincludingBecausethedealisoversubscribed,hereceivesonlyhalfofthesharesheexpected.directs50%ofhisallocationtoCaper’saccountanddividestheremaining50%betweentheothertenaccounts,eachwithavalueequaltohalfofCaper’saccount.6.DoesviolateanyInstituteStandardsinhisallocationofIPOsharestoCaper’saccount?A.No.B.becausetheIPOnotsuitableforC.becausehedoesnottreatallhisclients24NO.4Adamchiefexecutive(CEO)ofCrawfood,aEuropeanprivateequityfirmspecializinginfoodretailers.Theretailfoodindustryhasbeenconsolidatingduringthepasttwoyearsasprivateequityfundshaveclosednumerousdealsandtakencompaniesprivate.CrawfoodrecentlyhiredLillianaLevelIIcandidate,asaOn’sfirstdayofwork,theheadofpersonnelinformsherthatbysigningthecontract,agreestocomplywiththecompany’scodeofethicsandcompliancemanual.Shehandscopiesofthecodeandcompliancemanualwithoutfurtherspendsthenexthourreadingbothdocuments.AnexcerptfromthecompliancemanualappearsinExhibit1.25Exhibit1.CrawfoodCompanyComplianceManualExcerpts1.Employeesnotacceptgifts,benefits,compensation,orconsiderationthatcompeteswith,orreasonablybeexpectedtocreateaconflictofinterestwiththeiremployer’sinterestunlesstheyobtainwrittenconsentfromallpartiesinvolved.2.Officershaveresponsibilityforensuringthattheirdirectreports—is,employeeswhomtheydirectlysupervise—adheretoapplicablelaws,rules,andregulations.3.Employeesinpossessionofmaterialnonpublicinformationshouldreasonabletoachievepublicdisseminationoftheinformationifsuchactionswouldnotbreacha4.Employeesshallnottradeorcauseotherstotradeinsecuritiesoffoodretailersthatbepotentialtakeoveroftheiremployer1.AreExcerpts2and3ofCrawfood’scomplianceproceduresconsistentwiththeInstituteStandardsofProfessionalConduct?A.B.No,becauseExcerpt2appliesonlytoofficersandtheirdirectreports.C.No,becauseExcerpt3doesnotrequireemployeestoachievepublicdissemination.26Whensheentershernewthatafternoon,findsagiftbasketsentbyherThecardreads“Congratulationsonyournewposition.”Thebasketisfilledwithexpensivehigh-qualityfoodfromGreenhornfood—alocalpublicly-tradedfoodwhichproducesdelicatessenproductsunderownbrandname.2.AccordingtotheInstituteStandards,obtainpermissionfromhersupervisorbeforeacceptingtheGreenhornfoodgiftbasket?A.No.B.becausethevalueofthebasketishigherthan€50.C.becauseconsentisrequiredbythecompany’scomplianceprocedures.27Duringthenexttwoweeks,withofCrawfood’suppermanagement,includingtheCEO.InhisCrawpraises’seffortstocompletetheCprogram.“Theprogramisdemanding,butitisworthwhile.”CrawthenexplainshisinvestmentstrategyforchoosingCrawfood’sacquisitionHepointstoaonthewallwithmulticoloredpinsmarkingCrawfood’sprevioustakeovers.TheshowsacquisitionsinallthemajorcitiesofGermanywithoneexception—homeofCrawfoodheadquarters.Crawremarks,“arecurrentlyintalksforanotherpurchase.Confidentialityprohibitsfromdiscussingitanybutyouwillhearmoreaboutitsoon.”IntroducedtoGreenhornfoodbyherquicklybecomesaloyalSheconsidersitthebestfoodretailerinthevicinityandshefrequentlypurchasesproducts.28Thefollowingweek,thelocalnewspaperfeaturesanarticleaboutGreenhornfoodanditsyoungfounders.Thearticledescribesthecompany’sloyalandgrowingcustomerbaseaswellasitspoorquarterlyfinancialresults.notesthatthestockhassteadilydeclinedduringthepasttwelvemonths.concludesthatthecompanyhasaninexperiencedmanagementteam,butitspopularproductlineandloyalcustomerbasemakethecompanyapotentialacquisitioncallshersisterandrecommendsthatshepurchaseGreenhornfoodsharesbecause“itwouldbeanattractiveacquisitionfora”Basedon’srecommendation,hersisterbuys€3,000worthofshares.3.WhenmakingherinitialrecommendationtopurchaseGreenhornfoodcompanyshares,mostlikelyviolatestheStandardrelatingto:A.loyaltytoB.integrityofcapitalmarkets.29C.diligenceandreasonablebasis.DuringthefollowingtwoweeksthestockpriceofGreen