2019年6月CFA一级百题预测：职业伦理.pdf

1-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 1.Ethics and Professional Standards1.1.Ethics and Trust in the Investment Profession(NEW)1.1.1.重要知识点重要知识点 1.1.1.1.Definition:Ethics The guiding beliefs or ideals characterizing a society or societal group.Ethical conduct Behavior that follows moral principles and balances self-interest with both thedirect and the indirect consequences of the behavior on others.Code of ethics Specific communities or societal groups in which we live and work sometimescodify their beliefs about obligatory and forbidden conduct in a written set of principles,often called a code of ethics.Serves as a general guide for how community members should act.Standards Some communities will also expand on their codes of ethics and adopt explicitrules or standards that identify specific behaviors required of community members.Serve as benchmarks for the minimally acceptable behavior of communitymembers and can help clarify the code of ethics.1.1.1.2.Challenges to ethical conduct Overconfidence can lead to faulty decision making.Situational influences have a very powerful and often unrecognized effect on our thinking and behavior.External factors,such as environmental or cultural elements,that shapes our thinking,decision making,and behavior.Factors:Money,Promotions,Prestige,Loyalty to employer and colleagues,a strong compliance culture.1.1.1.3.Trust Trust is the very foundation of the financial markets.Reasons:The nature of the client relationship Differences in knowledge and access to information The nature of investment products and services1.1.1.4.Effects of ethical&unethical behavior Effects of ethical behavior:Lead to broader participation in the markets需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 2-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 Protection of clients interests More opportunities for investment professionals and their firms Lead to higher levels of success and profitability Enjoy lower relative costs Effects of unethical behavior:Erodes and can even destroy trust Diminished trust in financial markets can reduce growth in the investment industry and tarnish the reputation of firms and individuals in the industry,even if they did not participate in the unethical behavior.1.1.1.5.legal and ethical conduct are not always the same.Many types of conduct are both legal and ethical,but some conduct may be one and not the other.The law is not always the best mechanism to reduce unethical behavior.Laws typically follow market practices.Regulators responses typically take significant time,during which the problematic practice may continue or even grow.A new law may be vague,conflicting,and/or too narrow in scope.Laws vary across countries or jurisdictions,allowing questionable practices to move to places that lack laws relevant to the questionable practice.Laws are also subject to interpretation and compliance by market participants,who may choose to interpret the law in the most advantageous way possible or delay compliance until a later date.Ethical conduct goes beyond what is legally required and encompasses what different societal groups or communities,including professional associations,consider to be ethically correct behavior.1.1.1.6.Framework for ethical decision making Steps are as follows:Identify:Relevant facts,stakeholders and duties owed,ethical principles,conflicts of interest;Consider:Situational influences,additional guidance,alternative actions;Decide and act;Reflect:Was the outcome as anticipated?Why or why not?1.1.2.基础题基础题 Which of the following statements is most accurate?2018 原版书 Q-1.A.Increased regulations are the most useful means to reduce unethical behavior by market 需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 3-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 participants.B.Regulators quickly design and implement laws and regulations to address practices that adversely affect the fairness and efficiency of markets.C.New laws designed to reduce or eliminate conduct that adversely affects the markets can create opportunities for different,but similarly problematic,conduct.The following choices describe the importance of trust except:讲义改编 Q-2.A Since the nature of investment products and services is intangible,trust is essential to the increase of investment willing.B Trust can be replaced by laws since laws are always the best mechanism to reduce unethical behaviors.C Trust is the very foundation of the relationship between investors and investment managers.1.2.The Process for the Enforcement of the Code and Standards 1.2.1 重要知识点重要知识点 1.2.1.1 The process for the enforcement of the code and standards：1.2.1.2 Primary principles:Fairness of the process to members and candidates.Confidentiality of the proceedings.1.2.1.3 The CFA Institute board of governors maintains oversight and responsibility for the Professional Conduct Program(PCP).1.2.1.4 PCP and Disciplinary Review Committee(DRC)and responsible for enforcement of the Code and Standards.1.2.1.5 How to detect No disciplinary sanction Written explanation from members/candidates Interview the member/candidates Inquiry is initiated Investigation Issue a cautionary letter Propose a disciplinary sanction T he matter is referred to a hearing by a panel of CFA Institute members.Violation occurred End Reject Accept The process for the enforcement of the Code and Standards:Collecting documents and records 需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 4-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 Self-disclosure Written complaints Public sources CFA exam proctor 1.2.1.6 The designated officer may decide That no disciplinary sanctions are appropriate.To issue a cautionary letter.To discipline the member or candidate.1.2.1.7 Hearing panel Consists of DRC members and CFA Institute member volunteers affiliated with the DRC.The hearing panels task is to determine whether a violation of the Code and Standards occurred and,if so,what sanction should be imposed.1.2.1.8 Sanction 一般会有三种处理方法一般会有三种处理方法：由轻到重依次为：由轻到重依次为：private censure,public censure,timed revocation,suspension,revocation 1.2.1.9 AMC&Code and standards AMC was drafted specifically for firms.Code and standards is aimed at individual investment professionals.1.2.2 基础题基础题 From the point of view of an investor,unethical behavior by investment professionals Q-3.can most likely lead to which of the following?2017Mock A.Increased willingness to accept risk.B.Rise in the demand for investments.C.Demand for a higher return.When characterizing clients,family,colleagues,and market participants and the duties Q-4.owed to them,you are most likely in which phase of an ethical decision-making framework?17Mock A.Decide.B.Identify.C.Consider.Which of the following least likely reflects the two primary principles of the CFA Q-5.Institute Rules of Procedure for Professional Conduct?2017Mock A.Fair process to the member and candidate.B.Public disclosure of disciplinary sanctions.C.Confidentiality of proceedings.需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 5-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 Which of the following is not a component of the CFA Institute Code of Q-6.Ethics?2016Mock A.Place the integrity of the investment profession and the interests of clients above your own personal interests.B.Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.C.Promote financial integrity and seek to prevent and punish abuses in the financial markets.Carolina Ochoa,CFA,is the chief financial officer at Pantagonia Computing.Ochoa is Q-7.currently the subject of an inquiry by Pantagonias corporate investigations department.The inquiry is the result of an anonymous complaint accusing Ochoa of falsifying travel expenses for senior management related to a government contract.According to the CFA Institute Code of Ethics and Standards of Professional Conduct,it is most appropriate for Ochoa to disclose the allegations:2016Mock A.on her Professional Conduct Statement.B.to CFA Institute if the allegations are proven correct.C.to CFA Institute when the investigation concludes.An analyst in a rating agency has been accused of violations of Codes and Standards.Q-8.However,he refuses the charges and does not accept the proposed sanctions.Which of the parties has the responsibility of dealing with this matter?押题 01 A.the hearing panel.B.the CFA institute board of governors.C.Professional Conduct Program.1.3.Knowledge of law 1.3.1 重要知识点重要知识点 1.3.1.1 如果有传递关系，遵循最后一个生效的如果有传递关系，遵循最后一个生效的 law or regulations;工作地 居住地 Comply with More strict,但要求遵守居住地法律 Less strict 遵循居住地法律，若 less strict than Code 遵循Code Less strict More strict 遵循居住地法律，若 more strict than Code 遵循居住地法律 1.3.1.2 必须了解并遵守与工作相关必须了解并遵守与工作相关(governing their professional activities)的法律法规，但的法律法规，但不不必必成为成为 expert on compliance;需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 6-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 1.3.1.3 如果法律法规之间存在冲突如果法律法规之间存在冲突,总是遵守总是遵守最严格最严格的的要求要求；1.3.1.4 不能故意不能故意(knowingly)参与或协助违法违规行为，同时必须脱离干系；参与或协助违法违规行为，同时必须脱离干系；1.3.1.5 Guidance of compliance 如果你怀疑(suspect)有人违法，首先要咨询相关人士（如独立第三方）,但咨询结果如果是错误的，你也不能免责；如果你知道(know)有人在违法，还可以采取分步骤的方法：向公司里的适当人员（supervisor or compliance department）汇报，也可以选择直面当事人（confronting wrongdoers），如果仍没有改进，则必须与违法行为划清界限（disassociate）并且保存相关记录，甚至辞职；同时要进一步咨询以便采取相关行动;1.3.1.6 当发现有违法行为时，当发现有违法行为时，CFA Institute 并不要求并不要求你向政府管理机构汇报。是否汇报取你向政府管理机构汇报。是否汇报取决于适用法律决于适用法律(applicable law)是否有相关要求。是否有相关要求。1.3.1.7 Inaction combined with continuing association with those involved in illegal or unethical conduct may be construed as participation or assistance in the illegal or unethical conduct.1.3.1.8 投资产品的开发与销售：投资产品的开发者、销售及维护人员要注意产品销售地和投资产品的开发与销售：投资产品的开发者、销售及维护人员要注意产品销售地和来源地的法律；对于分销商来源地的法律；对于分销商，同样要注意其是否遵守了法律。，同样要注意其是否遵守了法律。1.3.1.9 跨境业务：需要跨境业务：需要 due diligence，为了保证公司及自身的声誉，要了解适用的法律 1.3.1.10 对于个人：对于个人：1）stay informed;2）encourage 公司时常对合规程序进行 review;3）保存readily accessible current reference copies of applicable statutes,rules,regulations.1.3.1.11 对于公司：对于公司：The formality and complexity of compliance procedures for firms depend on the nature and size of the organization and the nature of its investment operations 公司应当 Develop or adopt a code of ethics,provide information on applicable laws,establish procedures for reporting violations.1.3.2 基础题基础题 James Woods,CFA,is a portfolio manager at ABC Securities.Woods has reasonable Q-9.grounds to believe his colleague,Sandra Clarke,a CFA Level II candidate,is engaged in unethical trading activities that may also be in violation of local securities laws.Woods is not Clarkes supervisor,and her activities do not impact Woods or any of the portfolios for which he is responsible.Based on the Code and Standards,the recommended course of action is for Woods to:2015Mock A.report Sandra Clarke to ABCs trading supervisor or compliance department.B.not take any action because he is not directly involved.C.report Sandra Clarke to the appropriate governmental or regulatory organization.Linda Chin,CFA,is a member of a political group advocating less governmental Q-10.regulation in all aspects of life.She works in a country where local securities laws are 需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 7-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 minimal and insider trading is not prohibited.Chins politics are reflected in her investment strategy,where she follows her countrys mandatory legal and regulatory requirements.Which of the following actions by Chin would be most consistent with the CFA Institute Standards of Professional Conduct?2014Mock A.Continuing her current investment strategy.B.Following the CFA Institute Standards of Professional Conduct.C.Disclosing her political advocacy to clients.1.4 Independence and Objectivity 1.4.1 重要知识点重要知识点 1.4.1.1 Basic principle Must not offer,solicit,or accept any gift,benefit,compensation,or consideration that reasonably could be expected to compromise their own or anothers independence and objectivity.1.4.1.2 雇主可能为了与其他公司保持业务关系，可能会要求研究人员雇主可能为了与其他公司保持业务关系，可能会要求研究人员 issue favorable research reports,正确的做法是保持客观独立，按照客观事实撰写报告。正确的做法是保持客观独立，按照客观事实撰写报告。1.4.1.3 社交活动也可能违反社交活动也可能违反 I(B),When seeking corporate financial support for conventions,seminars,weekly society luncheons,evaluate both the actual effect on independence and whether objectivity might be perceived to be compromised in the eyes of clients.1.4.1.4 Investment banking Firewallminimizes conflicts of interest.Separate reporting structures for personnel on the research side and personnel on the investment banking side;Compensation should not link analyst remuneration directly to investment banking assignments in which analyst may participate as a team member.It is appropriate to have analysts work with investment bankers only when the conflicts are adequately and effectively managed and disclosed.1.4.1.5 Public companies Analysts should not be pressured to issue favorable research by the companies they follow.Can promise to cover the firm,should not promise favorable report about the firm.Due diligence in financial research and analysis involves gathering information from public disclosure documents and also company management and investor-relations personnel,suppliers,customers,competitors,and other relevant sources.1.4.1.6 Buy-side clients Sell-side analyst should not be pressured by buy-side firms to issue favorable research on current or prospective investment-banking clients.需要最新CFA、FRM资料欢迎添加QQ1605890743需要最新CFA、FRM资料欢迎添加QQ1605890743 8-84 此预测为考点预测，考题仅为复习参考 内部使用资料，严禁传播，否则追究法律责任 基金经理也要尊重卖方分析师的独立性 1.4.1.7 Gift from client&Gift from the third party 最好能拒绝所有会 compromise independence and objectivity 的礼物。Modest gift is OK,as long as its purpose is not to compromise the objectivity.判断的原则：第一是礼物的金额很少（modest）；第二是礼物不能是特地准备的(not unusual arrangement)。Gift from client 可以接受,但必须披露，否则违反 I(B).尽量在接受前披露，如果实在没法披露，也要事后披露。1.4.1.8 Fund manager relationships Members and candidates who are responsible for hiring and retaining outside managers should not accepts gifts,entertainment,or travel funding that may be perceived as impairing their decisions.For meeting sponsored funds,members and candidates must review the merits of each offer individually in determining whether they may attend yet maintain their independence of conduct regarding the analytic process and the distribution of their reports.1.4.1.9 Performance measurement and attribution As performance analysts,their analysis may reveal instances where managers may appeared to stray from their mandate.The performance analyst may receive requests to alter the construction of composite indices due to negative results for a selected account or fund.The member or candidate must not allow internal or external influences to affect their independence and objectivity as they faithfully complete their performance calculation and analysis related responsibilities.1.4.1.10 The rating agencies Members and candidates at rating agencies should ensure that procedures at the