CFA特許金融分析師-CFA一級-強(qiáng)化練習(xí)題（參考）-10-Ethicalandprofessionalstandards

CFA特許金融分析師-CFA一級-強(qiáng)化練習(xí)題（參考）-10-Ethicalandprofessionalstandards[單選題]1.Rulehasworkedasaportfoliomanag（江南博哥）erforalargeinvestmentmanagementfirmforthepast10years.RuleearnedhisCFAcharterlastyearandhasdecidedtoopenhisowninvestmentmanagementfirm.Afterleavinghiscurrentemployer,Rulecreatessomemarketingmaterialforhisnewfirm.Hestatesinthematerial,“InearningtheCFAcharter,ahighlyregardedcredentialintheinvestmentmanagementindustry,Ifurtherenhancedtheportfoliomanagementskillslearnedduringmyprofessionalcareer.Whilecompletingtheexaminationprocessinthreeconsecutiveyears,IconsistentlyreceivedthehighestpossiblescoresonthetopicsofEthics,AlternativeInvestments,andPortfolioManagement.”HasRuleviolatedStandardVII(B)–ReferencetoCFAInstitute,theCFADesignation,andtheCFAPrograminhismarketingmaterial?A.RuleviolatedStandardVII(B)instatingthathecompletedtheexamsinthreeconsecutiveyears.B.RuleviolatedStandardVII(B)instatingthathereceivedthehighestscoresinthetopicsofEthics,AlternativeInvestments,andPortfolioManagement.C.RuledidnotviolateStandardVII(B).正確答案：B參考解析：AnswerBiscorrectaccordingtoStandardVII(B)–ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram.CFAProgramcandidatesdonotreceivetheiractualscoresontheexam.Topicandsubtopicresultsaregroupedintothreebroadcategories,andtheexamisgradedonlyas“pass”or“fail.”Althoughacandidatemayhaveachievedatopicalscoreof“above70%,”sheorhecannotfactuallystatethatsheorhereceivedthehighestpossiblescorebecausethatinformationisnotreported.Thus,answerCisincorrect.AnswerAisincorrectaslongasthememberorcandidateactuallycompletedtheexamsconsecutively.StandardVII(B)doesnotprohibitthecommunicationoffactualinformationaboutcompletingtheCFAPrograminthreeconsecutiveyears.[單選題]2.AlbertandTye,whorecentlystartedtheirowninvestmentadvisorybusiness,haveregisteredtotaketheLevelIIICFAexamination.Albert’sbusinesscardreads,“JudyAlbert,CFALevelII.”TyehasnotputanythingabouttheCFAdesignationonhisbusinesscard,butpromotionalmaterialthathedesignedforthebusinessdescribestheCFArequirementsandindicatesthatTyeparticipatesintheCFAProgramandhascompletedLevelsIandII.AccordingtotheStandards:A.AlberthasviolatedtheStandards,butTyehasnot.B.TyehasviolatedtheStandards,butAlberthasnot.C.BothAlbertandTyehaveviolatedtheStandards.正確答案：A參考解析：ThecorrectanswerisA.StandardVII(B)–ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramisthesubjectofthisquestion.ThereferenceonAlbert’sbusinesscardimpliesthatthereisa“CFALevelII”designation;TyemerelyindicatesinpromotionalmaterialthatheisparticipatingintheCFAProgramandhascompletedLevelsIandII.CandidatesmaynotimplythatthereissomesortofpartialdesignationearnedafterpassingaleveloftheCFAexam.Therefore,AlberthasviolatedStandardVII(B).CandidatesmaycommunicatethattheyareparticipatingintheCFAProgram,however,andmaystatethelevelsthattheyhavecompleted.Therefore,TyehasnotviolatedStandardVII(B).[單選題]4.WhichofthefollowingstatementsbestdescribesanaspectoftheProfessionalConductProgramprocess?A.Inquiriesarenotinitiatedinresponsetoinformationprovidedbythemedia.B.InvestigationsresultinDisciplinaryReviewCommitteepanelsforeachcase.C.Investigationsmayincluderequestingawrittenexplanationfromthememberorcandidate.正確答案：C參考解析：Ciscorrect.Whenaninquiryisinitiated,theProfessionalConductstaffconductsaninvestigationthatmayincluderequestingawrittenexplanationfromthememberorcandidate.AisincorrectbecauseProfessionalConductinquiriescanbeinitiatedinresponsetoinformationprovidedbythemedia.CFAInstitutestaffmaybecomeawareofquestionableconductbyamemberorcandidatethroughthemedia,regulatorynotices,oranotherpublicsource.BisincorrectbecausealthoughtheDisciplinaryReviewCommittee(DRC)isresponsibleforenforcementoftheCodeandStandardsinconjunctionwiththeProfessionalConductProgram(PCP),onlyintheeventthatamemberorcandidatedoesnotacceptthechargesandproposedsanctionisthematterreferredtoapanelcomposedofDRCmembers.[單選題]5.TheInvestmentAnalysis,Recommendations,andActionsstandardstatesthatmembersandcandidatesmust:A.findaninvestmentsuitablefortheirclientbeforemakingarecommendation.B.makereasonableeffortstoensurethatperformancepresentationisfair,accurate,andcomplete.C.distinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations.正確答案：C參考解析：Ciscorrect.TheV.B.4CommunicationswithClientsandProspectiveClientssectionoftheInvestmentAnalysis,Recommendations,andActionsstandardstatesthatmembersandcandidatesmustdistinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations.AisincorrectbecausethisstandardisdiscussedintheIII.C.1bSuitabilitysectionoftheDutiestoClientsstandard.BisincorrectbecauseperformancepresentationisdiscussedintheIII.DPerformancePresentationsectionoftheDutiestoClientsstandard.[單選題]6.ACFAInstitutememberwouldviolatethestandardformaterialnonpublicinformationby:A.conductingpricedistortionpractices.B.inappropriatelycausingotherstoact.C.inadequatelymaintaininginvestmentrecords.正確答案：B參考解析：Biscorrect.UnderStandardII.AMaterialNonpublicInformation,membershavingmaterialnonpublicinformationthatcouldaffectthevalueofaninvestmentmustnotcauseotherstoactontheinformation.AisincorrectbecausepricedistortionismentionedintheStandardII.BMarketManipulation,notStandardII.AMaterialNonpublicInformation.CisincorrectbecausethemaintenanceofappropriaterecordstosupportinvestmentanalysesisnotedinStandardV.CRecordRetention,notStandardII.AMaterialNonpublicInformation.[單選題]7.IlesKitty,CFA,wasrecentlyofferedaseniormanagementpositionwiththetrustdepartmentofaregionalbank.Althoughthedepartmentisnew,thebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Ileshasbeentoldthatsheneedstoaidthatgrowthandhasbeenaskedtohaveherdepartmentconducteducationalseminarsandthenpursuenewbusinessbyfollow-upcontactswiththeattendees.Ilesnoticesthatadvertisementsforupcomingseminars,preparedbythemarketingdepartment,donotmentionanyinvestmentproducts.Theadsindicateattendeescan"learnhowtoimmediatelyearn$100,000totheirnetworth."WhatisthefirstactionIlesmostlikelyshouldtaketoavoidviolatinganyCFAInstituteStandardofProfessionalConduct?A.Declinetoacceptthenewposition.B.Acceptthepositionandrevisethemarketingmaterial.C.Acceptthepositionbutbringthelackofprocedurestotheattentionofseniormanagement.正確答案：A參考解析：Theprospectivesupervisor'sfirststepshouldbetobringtheinadequatecompliancesystemtotheattentionofthefirm'sseniormanagersandrecommendcorrectiveactionbeforetakingtheposition.Thismaybeaccomplishedbythesupervisortakingonaninterimconsultingrolewiththebankinordertoimplementadequateproceduresbeforetakingonthesupervisoryrole.[單選題]8.Duringaroundofgolf,Rodriguez,chieffinancialofficerofMegaRetail,mentionstoHart,alocalinvestmentadviserandlong-timepersonalfriend,thatMegaishavinganexceptionalsalesquarter.Rodriguezexpectstheresultstobealmost10%abovethecurrentestimates.Thenextday,Hartinitiatesthepurchaseofalargestakeinthelocalexchange-tradedretailfundforherpersonalaccount.A.HartviolatedtheCodeandStandardsbyinvestingintheexchange-tradedfundthatincludedMegaRetail.B.HartdidnotviolatetheCodeandStandardsbecauseshedidnotinvestdirectlyinsecuritiesofMegaRetail.C.RodriguezdidnotviolatetheCodeandStandardsbecausethecommentsmadetoHartwerenotintendedtosolicitaninvestmentinMegaRetail.正確答案：A參考解析：AnswerAiscorrect.Hart’sdecisiontoinvestintheretailfundappearsdirectlycorrelatedwithRodriguez’sstatementaboutthesuccessfulquarterofMegaRetailandthusviolatesStandardII(A)–MaterialNonpublicInformation.Rodriguez’sinformationwouldbeconsideredmaterialbecauseitwouldinfluencethesharepriceofMegaRetailandprobablyinfluencethepriceoftheentireexchange-tradedretailfund.Thus,answerBisincorrect.AnswerCisalsoincorrectbecauseRodriguezsharedinformationthatwasbothmaterialandnonpublic.Companyofficersregularlyhavesuchknowledgeabouttheirfirms,whichisnotaviolation.Thesharingofsuchinformation,however,eveninaconversationbetweenfriends,doesviolateStandardII(A).[單選題]9.WillieristheresearchanalystresponsibleforfollowingCompanyX.Alltheinformationhehasaccumulatedanddocumentedsuggeststhattheoutlookforthecompany’snewproductsispoor,sothestockshouldberatedaweak“hold.”Duringlunch,however,WillieroverhearsafinancialanalystfromanotherfirmwhomherespectsofferopinionsthatconflictwithWillier’sforecastsandexpectations.Uponreturningtohisoffice,Willierreleasesastrong“buy”recommendationtothepublic.Willier:A.ViolatedtheStandardsbyfailingtodistinguishbetweenfactsandopinionsinhisrecommendation.B.ViolatedtheStandardsbecausehedidnothaveareasonableandadequatebasisforhisrecommendation.C.WasinfullcompliancewiththeStandards.正確答案：B參考解析：ThecorrectanswerisB.ThisquestionrelatestoStandardV(A)–DiligenceandReasonableBasis.TheopinionofanotherfinancialanalystisnotanadequatebasisforWillier’sactioninchangingtherecommendation.AnswerCisthusincorrect.SoisanswerAbecause,althoughitistruethatmembersandcandidatesmustdistinguishbetweenfactsandopinionsinrecommendations,thequestiondoesnotillustrateaviolationofthatnature.IftheopinionoverheardbyWillierhadsparkedhimtoconductadditionalresearchandinvestigationthatjustifiedachangeofopinion,thenachangedrecommendationwouldbeappropriate.[單選題]10.WhichofthefollowingstatementsconcerningtherequirementsofGIPSFundamentalsofComplianceiscorrect?A.Firmsclaimingcompliancehavefulldiscretionoverthedisseminationoftheircompliantpresentation.B.Firmsmayclaimpartialcompliancewiththestandardsprovidedtheperformancepresentedisnotfalseormisleading.C.Thedefinitionofthefirmcreatesdefinedboundarieswherebytotalfirmassetsandthebasisforfirm-widecompliancearedetermined.正確答案：C參考解析：Ciscorrect.AccordingtoSection0oftheFundamentalsofCompliance,thedefinitionofthefirmisthefoundationforfirm-widecompliancewiththeGIPSstandardsandcreatesdefinedboundarieswherebytotalfirmassetscanbedetermined.AisincorrectbecauseaccordingtoGIPSProvision0.A.9,toclaimcompliancewiththeGIPSstandards,firmscannotchoosetowhomtheypresentacompliantpresentationandmustmakeeveryreasonableefforttoprovideacompliantpresentationtoallprospectiveclients.BisincorrectbecauseaccordingtoGIPSProvision0.A.6,ifafirmdoesnotmeetalloftherequirementsoftheGIPSstandards,itmustnotrepresentormakeanystatementsthatmayindicatepartialcompliancewiththestandards.[單選題]11.WhichofthefollowingcategoriescompletelyrepresentsanethicalprincipleofCFAInstituteasoutlinedintheStandardsofPracticeHandbook?A.IndividualprofessionalismB.ResponsibilitiestoclientsandemployersC.Ethicsinvolvedininvestmentanalysisandrecommendations正確答案：A參考解析：Aiscorrect.WithintheStandardsofPracticeHandbook,CFAInstituteaddressesethicalprinciplesfortheprofession,includingindividualprofessionalism;responsibilitiestocapitalmarkets,clients,andemployers;ethicsinvolvedininvestmentanalysis;recommendations,andactions;andpossibleconflictsofinterest.Bisincorrectbecauseitdoesnotincluderesponsibilitiestocapitalmarkets.Cisincorrectbecausetheethicalprinciplesnotonlyaddressethicsinvolvedininvestmentanalysisandrecommendationsbutalsoaddressactions.[單選題]12.Anderb,aportfoliomanagerforXYZInvestmentManagementCompany—aregisteredinvestmentorganizationthatadvisesinvestmentfirmsandprivateaccounts—waspromotedtothatpositionthreeyearsago.Bates,hersupervisor,isresponsibleforreviewingAnderb’sportfolioaccounttransactionsandherrequiredmonthlyreportsofpersonalstocktransactions.AnderbhasbeenusingJonelli,abroker,almostexclusivelyforbrokeragetransactionsfortheportfolioaccount.ForsecuritiesinwhichJonelli’sfirmmakesamarket,JonellihasbeengivingAnderblowerpricesforpersonalpurchasesandhigherpricesforpersonalsalesthanJonelligivestoAnderb’sportfolioaccountsandotherinvestors.AnderbhasbeenfilingmonthlyreportswithBatesonlyforthosemonthsinwhichshehasnopersonaltransactions,whichisabouteveryfourthmonth.WhichofthefollowingismostlikelytobeaviolationoftheCodeandStandards?A.Anderbfailedtodisclosetoheremployerherpersonaltransactions.B.Anderbownedthesamesecuritiesasthoseofherclients.C.BatesallowedAnderbtouseJonelliasherbrokerforpersonaltrades.正確答案：A參考解析：ThecorrectanswerisA.ThisquestioninvolvesthreeoftheStandards.Anderb,theportfoliomanager,hasbeenobtainingmorefavorablepricesforherpersonalsecuritiestransactionsthanshegetsforherclients,whichisabreachofStandardIII(A)–Loyalty,Prudence,andCare.Inaddition,sheviolatedStandardI(D)–Misconductbyfailingtoadheretocompanypolicyandbyhidingherpersonaltransactionsfromherfirm.Anderb’ssupervisor,Bates,violatedStandardIV(C)–ResponsibilitiesofSupervisors;althoughthecompanyhadrequirementsforreportingpersonaltrading,Batesfailedtoadequatelyenforcethoserequirements.AnswerBdoesnotrepresentaviolationbecauseStandardVI(B)–PriorityofTransactionsrequiresthatpersonaltradinginasecuritybeconductedafterthetradinginthatsecurityofclientsandtheemployer.TheCodeandStandardsdonotprohibitowningsuchinvestments,althoughfirmsmayestablishpoliciesthatlimittheinvestmentopportunitiesofmembersandcandidates.AnswerCdoesnotrepresentaviolationbecausetheCodeandStandardsdonotcontainaprohibitionagainstemployeesusingthesamebrokerfortheirpersonalaccountsthattheyusefortheirclientaccounts.Thisarrangementshouldbedisclosedtotheemployersothattheemployermaydeterminewhetheraconflictofinterestexists.[單選題]13.ParkisveryfrustratedaftertakingherLevelIIexam.Whileshewasstudyingfortheexam,tosupplementthecurriculumprovided,sheorderedandusedstudymaterialfromathird-partyprovider.Parkbelievestheadditionalmaterialfocusedherattentiononspecifictopicareasthatwerenottestedwhileignoringotherareas.Shepoststhefollowingstatementontheprovider’sdiscussionboard:“Iamverydissatisfiedwithyourfirm’sCFAProgramLevelIImaterial.Ifoundtheexamextremelydifficultandmyselfunpreparedforspecificquestionsafterusingyourproduct.Howcouldyourserviceprovidesuchlimitedinstructionalresourcesontheanalysisofinventoriesandtaxeswhentheexamhadmultiplequestionsaboutthem?Iwillnotrecommendyourproductstoothercandidates.”A.ParkviolatedtheCodeandStandardsbypurchasingthird-partyreviewmaterial.B.ParkviolatedtheCodeandStandardsbyprovidingheropiniononthedifficultyoftheexam.C.ParkviolatedtheCodeandStandardsbyprovidingspecificinformationontopicstestedontheexam.正確答案：C參考解析：AnswerCiscorrect.StandardVII(A)–ConductasMembersandCandidatesintheCFAProgramprohibitsprovidinginformationtocandidatesorthepublicthatisconsideredconfidentialtotheCFAProgram.Inrevealingthatquestionsrelatedtotheanalysisofinventoriesandanalysisoftaxeswereontheexam,Parkhasviolatedthisstandard.AnswerBisincorrectbecausetheguidanceforthestandardexplicitlyacknowledgesthatmembersandcandidatesareallowedtooffertheiropinionsabouttheCFAProgram.AnswerAisincorrectbecausecandidatesarenotprohibitedfromusingoutsideresources.[單選題]14.WhichofthefollowingisNOTtheaccurateaboutStandardsofconduct?A.TheroleofStandardsofconductservesasbenchmarkfortheminimallyacceptablebehaviorrequiredofmembersofagroupB.StandardsofconductaregeneralguideregradingproperconductbymembersofgroupC.Standardsofconductexpandontheircodeofethics正確答案：B參考解析：TheroleofStandardsofconductservesasbenchmarkfortheminimallyacceptablebehaviorrequiredofmembersofagroup.Standardsofconductexpandontheircodeofethics.[單選題]15.WhichofthefollowingstatementsregardingGIPScomplianceiscorrect?A.PlansponsorsandconsultantsthatmanageassetscanclaimcompliancewithGIPS.B.SoftwarethatcalculatesperformanceinamannerconsistentwiththeGIPSstandardscanclaimcompliancewithGIPS.C.InvestmentmanagementfirmscancomplywithGIPSrequirementsbylimitingtheircomplianceclaimstothestandardstheyhavechosentofollow.正確答案：A參考解析：Aiscorrect.Plansponsorsandconsultantscanmakeaclaimofcomplianceiftheyactuallymanageassetsforwhichtheyaremakingaclaimofcompliance.Bisincorrectbecausesoftware(andthevendorsthatsupplysoftware)cannotbeGIPScompliant.SoftwarecanassistfirmsinachievingcompliancewiththeGIPSstandards,butonlyaninvestmentmanagementfirmcanclaimcompliance.CisincorrectbecauseafirmhasonlytwooptionsregardingcompliancewiththeGIPSstandards:fullycomplywithallrequirementsoftheGIPSstandardsandclaimcompliancethroughtheuseoftheGIPSComplianceStatement;ornotcomplywithallrequirementsoftheGIPSstandardsandnotclaimcompliancewith,ormakeanyreferenceto,theGIPSstandards.[單選題]16.SmithisafinancialanalystwithXYZBrokerageFirm.SheispreparingapurchaserecommendationonJNICorporation.WhichofthefollowingsituationsismostlikelytorepresentaconflictofinterestforSmiththatwouldhavetobedisclosed?A.SmithfrequentlypurchasesitemsproducedbyJNI.B.XYZholdsforitsownaccountasubstantialcommonstockpositioninJNI.C.Smith’sbrother-in-lawisasuppliertoJNI.正確答案：B參考解析：ThecorrectanswerisB.ThisquestioninvolvesStandardVI(A)–DisclosureofConflicts—specifically,theholdingsofananalyst’semployerincompanystock.AnswersAandCdonotdescribeconflictsofinterestthatSmithwouldhavetodisclose.AnswerAdescribestheuseofafirm’sproducts,whichwouldnotbearequireddisclosure.InanswerC,therelationshipbetweentheanalystandthecompanythrougharelativeissotangentialthatitdoesnotcreateaconflictofinterestnecessitatingdisclosure.[單選題]17.Michelieutellsaprospectiveclient,“Imaynothavealong-termtrackrecordyet,butI’msurethatyou’llbeverypleasedwithmyrecommendationsandservice.InthethreeyearsthatI’vebeeninthebusiness,myequity-orientedclientshaveaveragedatotalreturnofmorethan26%ayear.”Thestatementistrue,butMichelieuonlyhasafewclients,andoneofhisclientstookalargepositioninapennystock(againstMichelieu’sadvice)andrealizedahugegain.ThislargereturncausedtheaverageofallofMichelieu’sclientstoexceed26%ayear.Withoutthisoneinvestment,theaveragegainwouldhavebeen8%ayear.HasMichelieuviolatedtheStandards?A.No,becauseMichelieuisnotpromisingthathecanearna26%returninthefuture.B.No,becausethestatementisatrueandaccuratedescriptionofMichelieu’strackrecord.C.Yes,becausethestatementmisrepresentsMichelieu’strackrecord.正確答案：C參考解析：ThecorrectanswerisC.ThisquestionrelatestoStandardI(C)–Misrepresentation.AlthoughMichelieu’sstatementaboutthetotalreturnofhisclients’accountsonaveragemaybetechnicallytrue,itismisleadingbecausethemajorityofthegainresultedfromoneclient’slargepositiontakenagainstMichelieu’sadvice.Therefore,thisstatementmisrepresentstheinvestmentperformancethememberisresponsiblefor.Hehasnottakenstepstopresentafair,accurate,andcompletepresentationofperformance.AnswerBisthusincorrect.AnswerAisincorrectbecausealthoughMichelieuisnotguaranteeingfutureresults,hiswordsarestillamisrepresentationofhisperformancehistory.[單選題]18.Themosaictheoryholdsthatananalyst:A.ViolatestheCodeandStandardsiftheanalystfailstohaveknowledgeofandcomplywithapplicablelaws.B.Canusematerialpublicinformationandnonmaterialnonpublicinformationintheanalyst’sanalysis.C.Shoulduseallavailableandrelevantinformationinsupportofaninvestmentrecommendation.正確答案：B參考解析：ThecorrectanswerisB.ThisquestiondealswithStandardII(A)–MaterialNonpublicInformation.Themosaictheorystatesthatananalystmayusematerialpublicinformationandnonmaterialnonpublicinformationincreatingalargerpicturethanshownbyanyindividualpieceofinformationandtheconclusionstheanalystreachesbecomematerialonlyafterthepiecesareassembled.AnswersAandCareaccuratestatementsrelatingtotheCodeandStandardsbutdonotdescribethemosaictheory.[單選題]19.WhichisanexampleofanactivitythatmaybelegalbutthatCFAInstituteconsidersunethical?A.MakinglegallyrequireddisclosuresinmarketingmaterialsB.TradingwhileinpossessionofmaterialnonpublicinformationC.Disclosurebyanemployeeofhisorherowncompany’sdishonestactivity正確答案：B參考解析：Biscorrect.TheinvestmentindustryhasexamplesofconductthatmaybelegalbutthatCFAInstituteconsidersunethical.Tradingwhileinpossessionofmaterialnonpublicinformationisnotprohibitedbylawworldwideandcan,therefore,belegal,butCFAInstituteconsiderssuchtradingunethical.[單選題]20.Bronsonprovidesinvestmentadvicetotheboardoftrusteesofaprivateuniversityendowmentfund.ThetrusteeshaveprovidedBronsonwiththefund’sfinancialinformation,includingplannedexpenditures.BronsonreceivesaphonecallonFridayafternoonfromMurdock,aprominentalumnus,requestingthatBronsonfaxhimcomprehensivefinancialinformationaboutthefund.AccordingtoMurdock,hehasapotentialcontributorbutneedstheinformationthatdaytoclosethedealandcannotcontactanyofthetrustees.BasedontheCFAInstituteStandards,Bronsonshould:A.SendMurdocktheinformationbecausedisclosurewouldbenefittheclient.B.NotsendMurdocktheinformationtopreserveconfidentiality.C.SendMurdocktheinformation,providedBronsonpromptlynotifiesthetrustees.正確答案：B參考解析：ThecorrectanswerisB.ThisquestionrelatestoStandardIII(A)–Loyalty,Prudence,andCareandStandardIII(E)–PreservationofConfidentiality.Inthiscase,themembermanagesfundsofaprivateendowment.Clients,whoare,inthiscase,thetrusteesofthefund,mustplacesometrustinmembersandcandidates.Bronsoncannotdiscloseconfidentialfinancialinformationtoanyonewithoutthepermissionofthefund,regardlessofwhetherthedisclosuremaybenefitthefund.Therefore,answerAisincorrect.AnswerCisincorrectbecauseBronsonmustnotifythefundandobtainthefund’spermissionbeforepublicizingtheinformation.[單選題]21.AccordingtotheCodeofEthics,membersofCFAInstituteandcandidatesfortheCFAdesignationmust:A.maintaintheirprofessionalcompetencetoexerciseindependentprofessionaljudgment.B.placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.C.practiceinaprofessionalandethicalmannerwiththepublic,clients,andothersintheglobalcapitalmarkets.正確答案：B參考解析：Biscorrect.MembersofCFAInstituteandcandidatesfortheCFAdesignationmustplacetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.AisincorrectbecausemembersofCFAInstituteandcandidatesfortheCFAdesignationmustmaintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceofotherinvestmentprofessionals.Theexerciseofindependentprofessionaljudgmentisassociatedwithusingreasonablecare.CisincorrectbecausemembersofCFAInstituteandcandidatesfortheCFAdesignationmustpracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcrediblyonthemselvesandtheprofession.Membersaresupposedtoactwithintegrity,competence,diligence,andrespectandinanethicalmannerwiththepublic,clients,andothermarketparticipants.[單選題]22.Whichofthefollowingisacorrectstatementofamember’sorcandidate’sdutyundertheCodeandStandards?A.Intheabsenceofspecificapplicablelaworotherregulatoryrequirements,theCodeandStandardsgovernthemember’sorcandidate’sactions.B.Amemberorcandidateisrequiredtocomplyonlywithapplicablelocallaws,rules,regulations,orcustoms,eventhoughtheCodeandStandardsmayimposeahigherdegreeofresponsibilityorahigherdutyonthememberorcandidate.C.Amemberorcandidatewhotradessecuritiesinasecuritiesmarketwherenoapplicablelocallawsorstockexchangerulesregulatetheuseofmaterialnonpublicinformationmaytakeinvestmentactionbasedonmaterialnonpublicinformation.正確答案：A參考解析：ThecorrectanswerisAbecausethisquestionrelatestoStandardI(A)–KnowledgeoftheLaw—specifically,globalapplicationoftheCodeandStandards.Membersandcandidateswhopracticeinmultiplejurisdictionsmaybesubjecttovarioussecuritieslawsandregulations.IfapplicablelawismorestrictthantherequirementsoftheCodeandStandards,membersandcandidatesmustadheretoapplicablelaw;otherwise,membersandcandidatesmustadheretotheCodeandStandards.Therefore,answerAiscorrect.AnswerBisincorrectbecausemembersandcandidatesmustadheretothehigherstandardsetbytheCodeandStandardsiflocalapplicablelawislessstrict.AnswerCisincorrectbecausewhennoapplicablelawexists,membersandcandidatesarerequiredtoadheretotheCodeandStandards,andtheCodeandStandardsprohibittheuseofmaterialnonpublicinformation.[單選題]23.A