CFA特許金融分析師-CFA二級-EthicalandProfessionalStandards

CFA特許金融分析師-CFA二級-EthicalandProfessionalStandards共享題干題ErikBrecksen,CFA,aportfoliomanageratApfelba（江南博哥）umKapital,recentlyrecruitedHansGrohl,aCFAcandidateandrecentMBAgraduatefromatopuniversitywithexcellentquantitativeanalysisskills.ApfelbaumKapitalstresses“top-down”fundamentalanalysisandusesateamapproachtoinvestmentmanagement.Thefirm'sinvestmentprofessionals,allofwhomareCFAcharterholdersorcandidates,attendweeklyinvestmentcommitteemeetings.Atthemeetings,analystsresponsiblefordifferentindustrialsectorspresenttheirresearchandrecommendations.Followingeachpresentation,theinvestmentcommittee,consistingofseniorportfoliomanagers,questionstheanalystabouttherecommendation.Ifthemajorityofthecommitteeagreeswiththerecommendation,therecommendationisapprovedandthestockisplacedonarestrictedlistwhilethefirmexecutesthenecessarytrades.Apfelbaumconsidersitsresearchproprietary.Itisintendedforthesoleuseofitsinvestmentprofessionalsandisnotdistributedoutsidethefirm.Thenamesofalltheinvestmentpersonnelassociatedwiththesectororinvestmentclassarelistedoneachresearchreportregardlessoftheiractuallevelofcontributiontothereport.OnGrohl'sfirstdayofwork,BrecksenassignshimresponsibilityforacompanythatBrecksencoveredpreviously.HeprovidesGrohlwithhispastresearchincludingallofhisfilesandreports.BreckseninstructsGrohltoreportbackwhenhehasfinishedhisresearchandisreadytosubmithisownresearchreportonthecompany.GrohlreadsBrecksen'soldreportsbeforestudyingthefinancialstatementsofthecompanyanditscompetitors.Takingadvantageofhisquantitativeanalysisskills,Grohlthenconductsadetailedmulti-factoranalysis.Afterward,heproducesawrittenbuyrecommendationusingBrecksen'soldresearchreportsasaguideforformatandsubmitsadrafttoBrecksenforreview.Brecksenreviewstheworkandindicatesthatheisnotfamiliarwithmulti-factoranalysis.HetellsGrohlthatheagreeswiththebuyrecommendation,butinstructsGrohltoomitthemulti-factoranalysisfromthereport.Grohlattemptstodefendhisresearchmethodology,butisinterruptedwhenBrecksenacceptsaphonecall.GrohlfollowsBrecksen'sinstructionsandremovesallmentionofthemulti-factoranalysisfromthefinalreport.BrecksenpresentsthecompletedreportattheweeklymeetingwithbothhisandGrohl'snameslistedonthedocument.AfterBrecksen'sinitialpresentation,thecommitteeturnstoGrohlandasksabouthisresearch.Grohltakestheopportunitytomentionthemulti-factoranalysis.Satisfied,thecommitteevotesinfavoroftherecommendationandcongratulatesGrohlonhiswork.OttieZardt,CFA,hasworkedasarealestateanalystforApfelbaumforthepast18months.AnewindependentratingservicehasdeterminedthatZardt'srecommendationshaveresultedinanexcessreturnof12%versustheindustry'sreturnof2.7%forthepasttwelvemonths.Afterlearningabouttheratingservice,Zardtimmediatelyupdatesthepromotionalmaterialheispreparingfordistributionatanupcomingindustryconference.Heincludesareferencetotheratingserviceandquotesitsreturnsresultsandotherinformation.Beforedistributingthematerialattheconference,headdsafootnotestating“Pastperformanceisnoguaranteeoffuturesuccess.”[單選題]1.WhenpreparingtheinitialdraftforBrecksen’sreview,doesGrohlviolateanyCFAStandards?A.No.B.Yes,becauseheusedBrecksen’sresearchreportswithoutpermission.C.Yes,becausehedidnotusereasonablejudgmentinidentifyingwhichfactorswereimportanttotheanalysis.正確答案：A參考解析：Grohlexerciseddiligence,independence,andthoroughnessinanalyzingthecompanyanditscompetitors.BrecksenprovidedhisresearchreportsforGrohl’suseandusingthereportsasaguidewasappropriate.StandardV(A)requiresthatmembersdistinguishbetweenfactandopinionincommunicatinginvestmentrecommendationstoclients.TheStandarddoesnotapplytoinvestmentrecommendationscommunicatedtosupervisorsorinternalinvestmentcommittees.[單選題]2.WheninstructingGrohltoeliminatethemulti-factoranalysisfromtheresearchreport,doesBrecksenviolateanyCFAStandards?A.No.B.Yes,relatingtorecordretention.C.Yes,relatingtodiligenceandreasonablebasis.正確答案：A參考解析：Brecksendoesnotconsiderthemulti-factoranalysisacriticalcomponentoftheanalysisortheresultinginvestmentrecommendationandthus,underStandardsV(A)and(C),isnotrequiredtomaintainarecordoftheanalysiswithinthecompletedreport.Apfelbaumusestraditional“top-down”fundamentalanalysisintheinvestmentprocess.Thereportfollowedthetraditionalformatofpreviousreportsonthesamecompany.Itcontainedacompletefundamentalanalysisandrecommendation—indicatingdiligenceandreasonablebasis.Thereportalsocontainedamulti-factoranalysis—whichisaquantitativeanalysistool.Ifquantitativeanalysiswerethebasisoftheinvestmentrecommendation,itwouldconstituteachangeinthegeneralinvestmentprinciplesusedbythefirm.AccordingtoStandardV(B)–CommunicationswithClientsandProspectiveClients,BrecksenandGrohlwouldberequiredtopromptlydisclosethosechangestoclientsandprospectiveclients.[單選題]3.Whenremovingthemulti-factoranalysisfromhisresearchreport,doesGrohlviolateanyCFAStandards?A.No.B.Yes,becausehenolongerhasareasonablebasisforhisrecommendation.C.Yes,becauseheisrequiredtomakefullandfairdisclosureofallrelevantinformation.正確答案：A參考解析：Removingthemulti-factoranalysisfromtheresearchreportdoesnotconstituteaviolation.Grohldiligentlypreparedtheinternaldocumentaccordingtothefirm’straditionalformatwithacompletefundamentalanalysisandrecommendation—indicatingdiligenceandareasonablebasisforhisrecommendation.ItwouldbewiseforGrohltoretainrecordsofthemulti-factoranalysisbutheneednotretaintheanalysisintheresearchreporttocomplywithStandardsV(A)–DiligenceandReasonableBasisorV(C)–RecordRetention.[單選題]4.Whenlistingtheirnamesontheresearchreport,doBrecksenandGrohlviolateanyCFAStandards?A.No.B.Yes,becauseBrecksenmisrepresentshisauthorship.C.Yes,becauseGrohlshoulddissociatefromthereport.正確答案：A參考解析：AccordingtoStandardV(A)–DiligenceandReasonableBasis,researchreportconclusionsorrecommendationsmayrepresenttheconsensusofagroupandnotnecessarilytheviewsoftheindividualmemberslisted.Ifthememberbelievesthattheconsensusopinionhasareasonablebasis,thenheneednotdissociatefromthereport.[單選題]5.Whendistributingthematerialattheindustryconference,doesZardtviolateanyCFAStandards?A.No.B.Yes,becauseZardtdoesnotverifytheaccuracyoftheinformation.C.Yes,becauseanalystscannotclaimperformanceorpromotetheaccuracyoftheirrecommendations.正確答案：B參考解析：ZardtviolatedtheStandardrelatingtoPerformancePresentationbecausehedidnotverifytheaccuracyofthereturninformationbeforeitsdistribution.AccordingtoStandardIII(D),analystsmaypromotethesuccessoraccuracyoftheirrecommendations,buttheymustmakereasonableeffortstoensurethattheinformationisfair,accurate,andcomplete.Inadditiontoprovidingattribution,Zardtshouldtakestepstoensuretheaccuracyofthedatapriortodistributingthematerial.SamuelTelline,CFA,isaportfoliomanageratAiklinInvestmentswithdiscretionaryauthorityoverallofhisaccounts.Oneofhisclients,AlanCaper,ChiefExecutiveOfficer(CEO)ofEllipseManufacturing,invitesTellinetolunch.Attherestaurant,theCEOrevealsthereasonforthelunch.“AsyouknowReinholdPartnershasmadeanunsolicitedcashofferforalloutstandingsharesofEllipseManufacturing.ReinholdhasmadeitclearthatIwillnotbeCEOiftheyaresuccessful.IcanassureyouthatourshareholderswillbebetteroffinthelongtermifI'mincharge.”CaperthenshowsTellinehisprojectionsforanewplandesignedtoboostbothsalesandoperatingmargins.“Iknowthatyourfirmisthetrusteeforourfirm'sEmployeeStockOwnershipPlan(ESOP).Ihopethatthetrusteewillvoteinthebestinterestofourshareholders—andthatwouldbeavoteagainstthetakeoveroffer.”AfterlookingthroughCaper'sbusinessplans,Tellinesays,“Thisplanlooksgood.Iwillrecommendthatthetrusteevoteagainsttheoffer.”Caperresponds,“IremembermyfriendKarenLeightontellingmethattheLeightonFamily'sTrustismanagedbyyourfirm.Perhapsthetrusteecouldvotethosesharesagainsttheacquisitionaswell.KarenLeightonisaclosefriend.Iamsurethatshewouldagree.”Tellineresponds,“TheFamilyTrustisnolongermanagedbyAiklin.”Headds,“IunderstandthattheTrustisveryconservativelymanaged.IdoubtitthatitwouldhaveholdingsinEllipseManufacturing.”TellinedoesnotmentionthatalthoughtheFamilyTrusthaschangedinvestmentmanagers,KarenLeightonremainsanimportantclientatAiklinwithsignificantpersonalholdingsinEllipse.Afterlunch,TellinemeetswithSydneyBrown,CFA,trusteeoftheEllipseESOP.HeshowsherCaper'splanforimprovements.“IthinktheplanisagoodoneandCaperisoneofthefirm'smostprofitableaccounts.Wedon'twanttolosehim.”Brownagreestoanalyzetheplan.Afterthoroughlyanalyzingboththeplanandthetakeoveroffer,BrownconcludesthatthetakeoverofferisbestfortheshareholdersintheESOPandvotestheplan'ssharesinfavorofthetakeoveroffer.AfewmonthslatertheacquisitionofEllipsebyReinholdPartnersiscompleted.CaperagainmeetsTellineforlunch.“IreceivedagenerousseverancepackageandI'mcountingonyoutomanagemymoneywellforme.Whileweareonthesubject,Iwouldliketobemoreaggressivewithmyportfolio.Withmyseverancepackage,Icantakeadditionalrisk.”TellineandCaperdiscusshiscurrentfinancialsituation,risktolerance,andfinancialobjectivesthroughoutlunch.TellineagreestoadjustCaper'sinvestmentpolicystatement(IPS)toreflecthisgreaterappetiteforriskandhisincreasedwealth.Backattheoffice,Tellinerealizesthatwiththeseverancepackage,Caperisnowhiswealthiestclient.HealsorealizesthatCaper'sincreasedappetiteforriskgiveshimariskprofilesimilartothatofanotherclient.Hepullsacopyoftheotherclient'sinvestmentpolicystatement(IPS)andreviewsitquicklybeforerealizingthatthetwoclientshaveverydifferenttaxsituations.TellinequicklyrevisesCaper'sIPStoreflectthechangesinhisfinancialsituation.Heusestheotherclient'sIPSasareferencewhenrevisingthesectionrelatingtoCaper'srisktolerance.HethenfilestherevisedIPSinCaper'sfile.Thefollowingweek,anAiklinanalystissuesabuyrecommendationonasmalltechnologycompanywithapromisingsoftwareproduct.TellinereadsthereportcarefullyandconcludesitwouldbesuitableunderCaper'snewIPS.Tellineplacesanorderfor10,000sharesinCaper'saccountandthencallsCapertodiscussthestockinmoredetail.Tellinedoesnotpurchasethestockforanyotherclients.AlthoughtheoneclienthasthesameriskprofileasCaper,thatclientdoesnothavecashavailableinhisaccountandTellinedeterminesthatsellingexistingholdingsdoesnotmakesense.Inasubsequenttelephoneconversation,Caperexpresseshislingeringangeroverthetakeover.“Youdidn'tdoenoughtopersuadeAiklin'sclientstovoteagainstthetakeover.MaybeIshouldlookforaninvestmentmanagerwhoismoreloyal.”TellinetriestocalmCaperbutisunsuccessful.Inanattempttochangethetopicofconversation,Tellinestates,“Thefirmwasjustnotifiedofourallocationofalong-awaitedIPO.Youraccountshouldreceiveasignificantallocation.Iwouldhatetoseeyouloseoutbymovingyouraccount.”Caperseemsmollifiedandconcludesthephonecall,“Ilookforwardtoalong-termrelationshipwithyouandyourfirm.”AiklindistributesacopyofitsfirmpoliciesregardingIPOallocationstoallclientsannually.Accordingtothepolicy,AiklinallocatesIPOsharestoeachinvestmentmanagerandeachmanagerhasresponsibilityforallocatingsharestoaccountsforwhichtheIPOissuitable.ThestatementalsodisclosesthatAiklinoffersdifferentlevelsofservicefordifferentfees.AftercarefullyreviewingtheproposedIPOandhisclientaccounts,TellinedeterminesthattheIPOissuitablefor11clientsincludingCaper.Becausethedealisoversubscribed,hereceivesonlyhalfofthesharesheexpected.Tellinedirects50%ofhisallocationtoCaper'saccountanddividestheremaining50%betweentheothertenaccounts,eachwithavalueequaltohalfofCaper'saccount.[單選題]6.WhendiscussingtheLeightonFamilyTrust,doesTellineviolateanyCFAInstituteStandardsofProfessionalConduct?A.No.B.Yes,relatingtodutiestoclients.C.Yes,relatingtomisrepresentation.正確答案：B參考解析：Tellinehasadutytopreservetheconfidentialityofcurrent,former,andprospectiveclients.TellineviolatesStandardIII(E)–PreservationofConfidentialitywhenherevealsinformationabouttheLeightonFamilyTrust.[單選題]7.WhendecidinghowtovotetheESOPshares,doesBrownviolateanyCFAInstituteStandards?A.No.B.Yes,relatingtoloyalty,prudence,andcare.C.Yes,relatingtodiligenceandreasonablebasis.正確答案：A參考解析：Brownconductsanindependentandcarefulanalysisoftheplans'benefitsforshareholdersaswellasthetakeoveroffer.Indoingsosheputstheclient'sinterestsaheadofthefirm's.Brown'sactionsareconsistentwithStandardIII(A)–Loyalty,Prudence,andCare;StandardV(A)–DiligenceandReasonableBasis;andStandardIII(B)–FairDealing.[單選題]8.TheStandardleastlikelytoprovideguidanceforTellinewhenworkingwiththeclients'investmentpolicystatementswouldbetheStandardrelatingto:A.suitability.B.fairdealing.C.loyalty,prudence,andcare.正確答案：B參考解析：TellineisnotlikelytoreceiveappropriateguidanceondevelopingorrevisinginvestmentpolicystatementsfromtheStandardrelatingtoFairDealing.StandardIII(B)providesmemberswithguidanceontreatingclientsfairlywhenmakinginvestmentrecommendations,providinginvestmentanalysis,ortakinginvestmentaction.TellinecouldobtainguidancefromtheStandardsrelatingtoLoyalty,Prudence,andCareandSuitability.BothStandardIII(A)and(C)provideguidanceformembersindeterminingclientobjectivesandthesuitabilityofinvestments.[單選題]9.DoesTellineviolateanyCFAInstituteStandardswhenheplacesthebuyorderforsharesinthetechnologycompanyforCaper'saccount?A.No.B.Yes,relatingtofairdealing.C.Yes,relatingtodiligenceandreasonablebasis.正確答案：A參考解析：Tellineiscarefultoconsidertheinvestment'ssuitabilityforCaper'saccount.Telline'sactionsareconsistentwithCFAInstituteStandardsIII(A)–Loyalty,Prudence,andCareandIII(B)–FairDealing.Tellinedeterminesthattheotherclientdoesnothavethecashavailableinhisaccountandsellingexistingholdingsdoesnotmakesense.[單選題]10.IsAiklin'spolicywithrespecttoIPOallocationsconsistentwithrequiredandrecommendedCFAInstituteStandards?A.Yes.B.No,becausetheIPOpolicydisadvantagescertainclients.C.No,becausethedifferentlevelsofservicedisadvantagecertainclients.正確答案：B參考解析：ThefirmviolatesStandardIII(B)–FairDealing.UnderAiklin'spolicy,someclientsforwhomanIPOissuitablemaynotreceivetheirpro-ratashareoftheissue.CFAStandardsrecommendthatfirmsallocateIPOsonapro-ratabasistoclients,nottoportfoliomanagers.[單選題]11.DoesTellineviolateanyCFAInstituteStandardsinhisallocationofIPOsharestoCaper'saccount?A.No.B.Yes,becausetheIPOisnotsuitableforCaper.C.Yes,becausehedoesnottreatallhisclientsfairly.正確答案：C參考解析：TellineviolatesStandardIII(B)–FairDealingbyover-allocatingsharestoCaper.TellinecarefullyreviewsboththeproposedIPOandhisclientaccountstodeterminesuitability.HefailstoallocatetheIPOsharesonapro-ratabasistoallclientsforwhomtheinvestmentissuitable.AdamCraw,CFA,ischiefexecutiveofficer(CEO)ofCrawfood,aEuropeanprivateequityfirmspecializinginfoodretailers.Theretailfoodindustryhasbeenconsolidatingduringthepasttwoyearsasprivateequityfundshaveclosednumerousdealsandtakenmanycompaniesprivate.CrawfoodrecentlyhiredLillianVoser,aCFALevelIIcandidate,asacontroller.OnVoser'sfirstdayofwork,theheadofpersonnelinformsherthatbysigningtheemploymentcontract,Voseragreestocomplywiththecompany'scodeofethicsandcompliancemanual.ShehandsVosercopiesofthecodeandcompliancemanualwithoutfurthercomment.Voserspendsthenexthourreadingbothdocuments.AnexcerptfromthecompliancemanualappearsinExhibit1.Whensheentershernewofficethatafternoon,Voserfindsalargegiftbasketsentbyhersister.Thecardreads“Congratulationsonyournewposition.”Thebasketisfilledwithexpensivehigh-qualityfooditemsfromGreenhornfood—alocalsmall,publicly-tradedfoodretailer,whichproducesmanydelicatessenproductsunderitsownbrandname.Duringthenexttwoweeks,VosermeetswithallofCrawfood'suppermanagement,includingtheCEO.Inhisoffice,CrawpraisesVoser'seffortstocompletetheCFAprogram.“Theprogramisdemanding,butitisworthwhile.”CrawthenexplainshisinvestmentstrategyforchoosingCrawfood'sacquisitiontargets.Hepointstoalargemaponthewallwithmulti-coloredpinsmarkingCrawfood'sprevioustakeovers.ThemapshowsacquisitionsinallthemajorcitiesofGermanywithoneexception—thehomeofCrawfoodheadquarters.Crawremarks,“Wearecurrentlyintalksforanotherpurchase.Confidentialityprohibitsmefromdiscussingitanyfurther,butyouwillhearmoreaboutitsoon.”IntroducedtoGreenhornfoodbyhersister,Voserquicklybecomesaloyalcustomer.Sheconsidersitthebestfoodretailerinthevicinityandshefrequentlypurchasesitsproducts.Thefollowingweek,thelocalnewspaperfeaturesanarticleaboutGreenhornfoodanditsyoungfounders.Thearticledescribesthecompany'sloyalandgrowingcustomerbaseaswellasitspoorquarterlyfinancialresults.Vosernotesthatthestockhassteadilydeclinedduringthepasttwelvemonths.Sheconcludesthatthecompanyhasaninexperiencedmanagementteam,butitspopularproductlineandloyalcustomerbasemakethecompanyapotentialacquisitiontarget.VosercallshersisterandrecommendsthatshepurchaseGreenhornfoodsharesbecause“itwouldbeanattractiveacquisitionforalargercompany.”BasedonVoser'srecommendation,hersisterbuys€3,000worthofshares.DuringthefollowingtwoweeksthestockpriceofGreenhornfoodcontinuestodecline.Voser'ssisterisuncertainofwhatsheshoulddowithherposition.SheseeksVoser'sadvice.Voserrecommendsthathersisterwaitanotherfewdaysbeforemakingherdecisionandpromisestoanalyzethesituationinthemeantime.WhilewalkingbyCraw'sofficethefollowingday,VoserseesadocumentwithGreenhornfood'sdistinctivelogoandoverhearsthecompany'snamethroughanopenofficedoor.Thatevening,Vosertellshersister,“withthepricedecline,thestockisevenmoreattractive.”Sherecommendsthathersisterincreaseherposition.Basedonherrecommendationhersisterbuysanadditional€3,000worthofGreenhornfoodshares.Onemonthlater,CrawfoodpubliclyannouncestheacquisitionofGreenhornfoodCompanyata20%premiumtothepreviousday'sclosingprice.Followingtheannouncement,Voser'ssisterboastsaboutVoser'sexcellentrecommendationandtimingtoherbroker.RegulatoryauthoritiesinitiateaninvestigationintosuspicioustradinginGreenhornfoodsharesandoptionsprecedingtheformalannouncementoftheacquisition.Crawreceivesaletterfromregulatoryauthoritiesstatingthatheisthesubjectofaformalinvestigationintohisprofessionalconductsurroundingtheacquisition.HelearnsfromthecomplianceofficerthatVoserisalsounderinvestigation.ThecomplianceofficerprovidesnodetailsandoutofrespectforVoser'sprivacy,Crawmakesnoinquiries.ThesituationremainsunchangedandthematterisstillpendingwithregulatoryauthoritiesseveralmonthslaterwhenCrawreceiveshisannualProfessionalConductStatement(PCS)fromCFAInstitute.Hereviewsthetextasking“Inthelasttwoyears,haveyoubeen...thesubjectof…anyinvestigation…inwhichyourprofessionalconduct,ineitheradirectorsupervisorycapacity,wasatissue?”[單選題]12.AreExcerpts2and3ofCrawfood'scomplianceproceduresconsistentwiththeCFAInstituteStandardsofProfessionalConduct?A.Yes.B.No,becauseExcerpt2appliesonlytoofficersandtheirdirectreports.C.No,becauseExcerpt3doesnotrequireemployeestoachievepublicdissemination.正確答案：B參考解析：Excerpt2isinconsistentwithCFAStandardsbecauseitaddressesonlyofficersandonlytheirdirectreports,thatis,employeeswhomtheydirectlysupervise.StandardIV(C)statesthat“anyinvestmentprofessionalswhohaveemployeessubjecttotheircontrolorinfluence”exercisesupervisoryresponsibility.AccordingtoTheStandardsofPracticeHandbook,“membersandcandidateswhosuperviselargenumbersofemployeescannotpersonallyevaluatetheconductoftheiremployeesonacontinuingbasis.Althoughthesemembers...maydelegatesupervisoryduties,suchdelegationdoesnotrelievethemoftheirsupervisoryresponsibility.”Excerpt3isconsistentwithCFAStandards.ItisbasedonaquotefromtheStandardsofPracticeHandbookstatingthat“ifamemberorcandidatedeterminesthatinformationismaterial,themember…shouldmakereasonableeffortstoachievepublicdissemination.”Membersarenotrequiredtoachievepublicdisseminationandthoseboundbyadutyofloyaltyoradutytopreserveconfidentialitywouldrefrainfromdoingsobecauseitwouldbreachtheirduty.[單選題]13.AccordingtotheCFAInstituteStandards,mustVoserobtainpermissionfromhersupervisorbeforeacceptingtheGreenhornfoodgiftbasket?A.No.B.Yes,becausethevalueofthebasketishigherthan€50.C.Yes,becauseconsentisrequiredbythecompany'scomplianceprocedures.正確答案：A參考解析：AccordingtoStandardI(B)–IndependenceandObjectivity,membersmustusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityintheirprofessionalactivities.AlthoughitwassenttoVoser'soffice,thegiftbasketisaprivategiftfromVoser'ssisterandnotlikelytoaffectVoser'sprofessionalactivities.AccordingtoExcerpt4oftheCrawfoodcompliancemanualandStandardIV(B)–AdditionalCompensationArrangements,employeesmustobtainpermissionfromtheiremployerbeforeacceptinggifts,compensation,orotherbenefitsthatcompetewith,ormightcreateaconflictofinterestwith,theemployer'sinterests.Thegiftbasketdoesnotcreateaconflictorcompetewiththeemployer'sinterests.[單選題]14.WhenmakingherinitialrecommendationtopurchaseGreenhornfoodcompanyshares,VosermostlikelyviolatestheStandardrelatingto:A.loyaltytoemployer.B.integrityofcapitalmarkets.C.diligenceandreasonablebasis.正確答案：A參考解析：VosermostlikelyviolatedtheStandardrelatingtoloyaltytoemployer,StandardIV(A).WhileVoserusedpublicinformationtodeveloptherecommendationtopurchaseGreenhornfoodshares,thecompanycomplianceguidestatesthatsheshouldnottradeorcauseotherstotradeinsecuritiesofcompaniesthatmaybepotentialtakeovertargets.Voser'srecommendationcausedhersistertotradeinGreenhornfood,violatingthecompany'scompliancepolicies,andpossiblyharmingheremployerinitsattempttoacquireGreenhornfood.Byadvisingotherstoinvestinafoodretailerthatsheconsideredanattractiveacquisitiontarget,Voserdeprivedheremployeroftheadvantageofherskillsandabilitiesandmayhavecausedharmtoheremployer.VosercouldhaverecommendedGreenhornfoodtoCrawratherthanhersisterasanacquisitiontarget.Althoughthesister'stradeinGreenhornfoodwassmall,alargetrademighthavemovedthestockpriceandcausedharmtoCrawfoodintermsofadditionalcost.[單選題]15.WhenrecommendingthepurchaseofadditionalGreenhornfoodcompanyshares,VoserleastlikelyviolatestheStandardrelatingto:A.loyaltytoemployer.B.integrityofcapitalmarkets.C.diligenceandreasonablebasis.正確答案：C參考解析：VoserleastlikelyviolatedtheStandardrelatingtodiligenceandreasonablebasis.Voserini