CFA三級練習(xí)題精選及答案0516-9

1、CFA級練習(xí)題精選及答案 0516-9Most financial servicesregulatory bodies in East Africa are moving toward risk-based supervisionmodels. MiriamBukenya, CFA, is the head of compliance at JacarandaAssetManagement, a manager of both retail and institutional portfolios. She iscurrently revising the company's comp

2、liance policies to address risk in allareas of the business and is checking different aspects of the firm to ensurethat it will be able to meet new risk-based supervision regulations when theybecome effective in six months' time. The firm recently adopted the CFAInstitute Code of Ethics and Stan

3、dards ofProfessional Conduct as its own Codeand Standards.While reviewing Jacaranda'scompliance manual, Bukenya realizes it needs a few changes to comply with thenew risk-based regulations. To ensure she uses best practice, she consults withLuc Remmy, CFA, the head of compliance at her former em

4、ployer, Mercury AdvisoryServices. Remmy, who now runs an independent consulting firm, e -mails Bukenyathe compliance manual he uses for his own firm. While reviewing the compliancemanual, Bukenya notices that many sectionslook familiar. She finds a statementin the document indicating 1Statement 1:St

5、atement 2:that it is for the "sole use of MercuryAdvisory Services." When questioned, Remmy states that he used only thetable of contents of Mercury's document and none of the other content in thedocument to develop his compliance manual.Bukenya looks at the marketingmaterials Jacarand

6、a uses to communicate to existing and prospective clients toensure that everything mentioned in the material is factual and complies withthe CFA Standards of Professional Conduct. The following statements areexamined:Jacaranda looks for investments offering intrinsic value through a top -down approa

7、ch including a review of forecasts of economic and industry performance. We evaluate historical and projected company financials, perform extensive financial ratio analysis, conduct management interviews, and determine target prices using a variety of valuation models.Jacaranda may, at times, hire o

8、utside advisers tomanage real estate holdings on behalf of clients. These advisers have the necessary expertise to manage property assets.Statement 3:Jacaranda has four CFA charterholders among itssenior management. Their participation in theCFA examination program has enhanced their investment mana

9、gement skills. All of these managers passed the three exams in the shortesttime possible.The newrisk -based regulationsalsorequire accurate andcompleteperformance presentations,with alldiscretionaryaccountsincluded in at least onecomposite. BukenyabelievesJacaranda's performance presentation pol

10、icy meets these new requirements as wellas the CFA Institute Code ofEthics and Standards of Professional Conduct sinceJacaranda's single composite includes all current and terminated clientaccounts and presentations include this statement: "Detailed informationregarding the performance pres

11、entation is available upon request." WhileJacaranda does not currently comply with GIPS Standards, she encourages thefirm to do so within the next few years.Bukenya then reviewsJacaranda's record -keeping policy.Currently, the policy requires retention ofhard copies of all supporting docume

12、ntation for investment recommendations anddecisions made during the last five years. This policymeets the new risk -basedregulations. Client meeting minutes 3and communication logs are keptelectronically and backed upon a remote server. Fund managers and researchanalysts areresponsible for maintaini

13、ng their own personal notes andresearchmodels. This policy also applies to Jacaranda'sindependent researchcontractor, Mathew Ochieng, who (forsecurity reasons) does not have access tothe company's server.Ochieng, who undertakes research only for Jacaranda,sendshis research reports to the Hea

14、d of Research, who thenarchives theelectronic copies.While reviewing Jacaranda'scounterparty risk policy, Bukenyadiscovers that trader Jackson Gatera recentlyconvinced theback office to override controls designed to preventoverexposureto specific stockbrokers. This was in violation ofcompany rul

15、es. The rulesstate that if the trading allocation toa specific broker is breached, tradingthrough that broker mustbe suspended until the exposure drops to within theexposurelimits. The Counterparty Risk Committee predetermines theselimits.The new risk -based regulationsalsorequire companies togather

16、 client information as part of"Know YourClient" andanti -money -launderingprocesses.Bukenya createsaconfidentiality policy restricting access to existing andprospective clientinformation. The information is available7only to personnel who are authorizedby the existing or prospective client

17、. The one exception is if the client orprospective client is thought to be conducting illegal activities. In thiscircumstance, the information can be released without authorization if theinformation is demanded through a court order or other legal requirement.Question 1Which of the following CFAInst

18、itute Standards of ProfessionalConduct did Remmy least likely violate?A. LoyaltyB. MisrepresentationC. Responsibilities of Supervisors"Guidance for Standardsl - VII," CFA Institute 2013 Modular Level III, Vol. 1, Reading 2, Section Standard IV(C) Responsibilities of Supervisors, Guidance;

19、Standard I (C)Misrepresentation,Guidance; Standard IV (A) Loyalty,GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFA Institute Code of Ethics andStandards of Professional Conduct by interpreting the Code and Standards invarious situations involving issues of professional integrit

20、y.C is correct because there is no indication that Remmy violated hisresponsibility as a supervisor under Standard IV (C)Responsibilities ofSupervisors. He did, however, violateStandard I (C) Misrepresentation andStandard IV (A) Loyalty by plagiarizing his former employer's compliancemanual.Work

21、 performed for an employer remains the asset of the employer andcannot be taken to a new employer except with permission.Question 2Which marketing statementshould Bukenya most likely revise to conform to the CFA Institute Codeof Ethics and Standards ofProfessional Conduct?A. Statement 1B. Statement

22、2C. Statement 3"Guidance for Standardsl - VII," CFA Institute 2013 Modular Level III, Vol. 1, Reading 2, Section Standard V (B) Communicationwith Clients and Prospective ClientsStudy Session 1-2-bRecommend practices and procedures designed to prevent violations of the CFAInstitute Code of

23、Ethics and Standards ofProfessional Conduct.B is correct because Standard V (B) Communication withClients and ProspectiveClients requires the firm to inform the clients about the specialization ordiversification expertise provided by the external adviser(s) when outsideadvisers are used to manage va

24、rious portions of the clients' assets undermanagement. This information allows clients to understand the strategies beingapplied that affect their investment objectives. Stating "These advisershave the necessary expertise to manage property assets" is not likely toprovide enough inform

25、ation for the clients to understand the investmentmethodologies or strategies implemented by the outside advisers.Question 3Does Jacaranda's performancepresentation policy most7likely meet recommended procedures forcomplying with CFAInstitute Code of Ethics and Standards ofProfessionalConduct?A.

26、 Yes.B. No, because of the structure of the composite.C. No, because it is not in compliance withGIPS standards."Guidance for Standardsl - VII," CFA Institute 2013 Modular Level III, Vol. 1, Reading 2, Section Standard III(D) PerformancePresentationStudy Session 1-2-aDemonstrate a thorough

27、 knowledge of the CFA Institute Code of Ethics andStandards of Professional Conduct by interpreting the Code and Standards invarious situations involving issues of professional integrity.B is correct because Standard III (D) Performance Presentation requires firmsto provide credible performance info

28、rmation to clients and prospective clientsas well as to avoid misstating or misleading clients and prospective clientsabout the investment performance of firms. A single composite that15includes allclient portfolios, regardless of investmentobjectives (which would likely bedifferent for the retail a

29、ndinstitutional clients) could be considered to bemisleading.Firms not in compliance withthe GIPS standards shouldpresent theperformance of a weighted composite of similar portfolios rather than using asingle representative account or all accounts with different nonsimilarportfolios.Question 4Jacara

30、nda's record -keepingpolicy is most likely in violation ofCFA Institute Standard V (C)Record Retention regarding the:A. retention time frame.B. keeping of hard and electronic copies.C. retention of personal notes and researchmodels."Guidance for Standardsl - VII," CFA Institute 2013 Mo

31、dular Level III, Vol. 1, Reading 2, Section Standard V (C) RecordRetention, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFA Institute Codeof Ethics andStandards of Professional Conduct by interpreting the Code and Standards invarious situations involving issues of professional

32、 integrity.C is correct because Standard V (C) Record Retention requires the retention andmaintenance of records to support theinvestment analyses, recommendations,actions, and otherinvestment -related communicationswithclientsandprospective clients. Because the independent research contractor provi

33、desresearch only for Jacaranda, he would not necessarily be considered a"third -party" research provider.Thus, he would be required to sendhis research reports to the firm along with his underlying supporting analysisand financial models. Therefore, Jacaranda does not meet thetoInRecord Re

34、tentionrequirements. The Standard allows firms keep hard copies and/or electroniccopies of documents.addition, while it recommends that files be retainedfor minimum of seven years, Jacaranda is still in compliance with theStandard in that it meets local regulatory requirements.Question 5In response

35、to Gatera'sactions, Bukenya should least likely recommend which of the followingactions to preventviolations of the CFA Institute Code of Ethics and StandardsofProfessional Conduct?A. Investigate further.B. Increase supervision of Gatera.C. Report Gatera to CFA Institute."Guidance for Stand

36、ardsl - VII," CFA Institute2013 Modular Level III, Vol. 1, Reading 2, Section Standard IV(C)Responsibilities of Supervisors, Guidance; Section StandardIV (C), ComplianceProceduresStudy Session 1-2-bRecommend practices and procedures designed to preventviolations of the CFAInstitute Code of Ethi

37、cs and Standards ofProfessional Conduct.C is correct because, as Gatera is not a covered person, it isnot requiredforBukenya to report her to CFA Institute.However, asBukenya is a supervisor,she does have theresponsibilityunder Standard IV (C) to conduct athoroughinvestigation of the activities to d

38、etermine the scopeof the wrongdoing. Inaddition, the supervisor should respondpromptly and increase (not maintain)supervision.Question 6Does Bukenya's confidentialitypolicy most likely violate CFAInstitute Standard III (E) Preservationof Confidentiality?A. No.B. Yes, regarding client status.C. Y

39、es, regarding type of information."Guidance for Standardsl - VII," CFA Institute 2013 Modular Level III, Vol. 1, Reading 2, Section Standard III(E) Preservation of Confidentiality, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFA Institute Code of Ethics andStandards

40、of Professional Conduct by interpreting the Code and Standards invarious situations involving issues of professional integrity.B is correct because Standard III (E) Preservation ofConfidentiality alsorequires information about former clients,as well as existing and prospectiveclients, to be kept con

41、fidential unless the law requires the disclosure orpermission has been given to disclose the information.Jacaranda's policiescover only existing and prospective clients.答案解析：-VII,"CFA Institute1. Correct answer:C "Guidance for Standards I 2013 Modular Level III, Vol. 1, Reading 2,Secti

42、on Standard IV (C) Responsibilities of Supervisors, Guidance; Standard I(C)Misrepresentation, Guidance; Standard IV (A) Loyalty,GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards i

43、n various situations involving issues of professionalintegrity.C is correct because there is no indicationthat Remmy violated his responsibility as a supervisor under Standard IV (C)Responsibilities of Supervisors. He did, however, violateStandard I (C)Misrepresentation and Standard IV (A) Loyaltyby

44、 plagiarizing his formeremployer's compliance manual.Work performed for an employer remains the asset oftheemployer and cannot be taken to a new employer except withpermission.2. Correct answer:B"Guidance for Standards I-VII,"CFA Institute2013 Modular Level III, Vol. 1, Reading 2,Secti

45、on Standard V (B)Communication with Clients and Prospective ClientsStudy Session 1-2-bRecommend practices and procedures designedto preventviolations of the CFA Institute Code of Ethics and StandardsofProfessional Conduct.B is correct because Standard V (B)Communication withClients and Prospective C

46、lients requires the firm to informtheclients about the specialization or diversification expertiseprovided bythe external adviser(s) when outside advisers areused to manage variousportions of the clients' assets undermanagement. This information allowsclientsto understandthe strategies being app

47、liedthat affect theirinvestmentobjectives. Stating "These14advisers have thenecessary expertise to manageproperty assets" is not likely toprovide enough information for theclients to understand theinvestment methodologies or strategies implemented bytheoutside advisers.3. Correct answer:B&

48、quot;Guidance for Standards I-VII,"CFA Institute2013 Modular Level III, Vol. 1, Reading 2,Section Standard III(D) Performance PresentationStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Codeof Ethics and Standards of Professional Conduct byinterpretingthe Code and Standa

49、rds in various situationsinvolving issues of professionalintegrity.B is correct because Standard III (D) PerformancePresentationrequires firms to provide credible performance informationtoclients and prospective clients as well as to avoid misstatingor misleadingclients and prospective clients about

50、theinvestment performance of firms. Asingle compositethatincludes all client portfolios,regardlessofinvestmentobjectives (which would likely be different for the15retail and institutionalclients) could be considered to be misleading. Firms not in compliance with theGIPS standards should present the

51、performance of a weighted composite ofsimilar portfolios rather than using a single representative account or allaccounts with different nonsimilar portfolios.-VII,"CFA Institute4. Correct answer:C "Guidance for Standards I 2013 Modular Level III, Vol. 1, Reading 2,Section Standard V (C)Re

52、cord Retention, GuidanceStudy Session 1-2-aDemonstrate a thorough knowledge of the CFAInstitute Code of Ethics and Standards of Professional Conduct by interpretingthe Code and Standards in various situations involving issues of professionalintegrity.C is correct because Standard V (C) RecordRetenti

53、on requires the retention and maintenance of records to support theinvestment analyses, recommendations, actions, and other investment -relatedcommunications with clients andprospective clients. Because the independentresearchcontractor provides research only for Jacaranda, he would 16notnecessarily be considered a "third -party" research provider.Thus, hewould be required to send his research reports to the firm along with hisunderlying supporting analysis and financial models. Therefore, Jacaranda doesnot meet theRecord Retention requirem