CFA一级道德精选考点练习题(1-3)

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　　CFA一级道德精选考点练习题1

　　Standard III(B) Fair Dealing

　　Adam Dill recently joined New Investments Asset Managers. To assist Dill in building a book of clients, both his father and brother opened new fee-paying accounts. Dill followed all the firm’s procedures in noting his relationships with these clients and in developing their investment policy statements. After several years, the number of Dill’s clients has grown, but he still manages the original accounts of his family members. An IPO is coming to market that is a suitable investment for many of his clients, including his brother. Dill does not receive the amount of stock he requested, so to avoid any appearance of a conflict of interest, he does not allocate any shares to his brother’s account. With respect to Standard VI(B), Priority of Transactions, this:

　　A) may be a violation because he should disclosure the information to his clients.

　　B) cannot be a violation because his brother is his family members.

　　C) may be a violation because he should allocate for his brother’s account same as accounts of other clients.

　　Answer: C

　　Comment: Dill has violated Standard III(A) because he is not acting for the benefit of his brother’s account as well as his other accounts. The brother’s account is a regular fee-paying account comparable to the accounts of his other clients. By not allocating the shares proportionately across all accounts for which he thought the IPO was suitable, Dill is disadvantaging specific clients. Dill would have been correct in not allocating shares to his brother’s account if that account was being managed outside the normal fee structure of the firm.

　　解析

　　只要不是直接牵涉CFA自身利益的账户，即使是家庭成员，也应该和其他客户一视同仁的交易，且不需要披露，答案选C

　　翻译

　　AD较近加入了NIAM。为了帮助AD建立一个客户库，AD的爸爸和兄弟在AD那里开了一个新的付费账户。AD为他们完成了所有的公司流程和签署客户的投资陈述，并没有任何牵扯感情。在几年之后，AD的客户增多，但他依然管理着他家庭成员的账户。一个IPO的机会出现，这个机会很适合他的客户，包括他的兄弟。AD为了避免利益冲突，他给客户分配了shares，但是没有给兄弟的账户分配任何shares。根据Standard III(B), Priority of Transactions，他？

　　A. 可能违反了，因为他应该披露这些信息给客户们。

　　B. 没有违反，因为他的兄弟是他的家庭成员。

　　C. 可能违反了，因为他应该分配给他的兄弟账户和其他客户一样。

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　　CFA一级道德精选考点练习题2

　　Standard II(B) Market Manipulation

　　Which of the following is a violation of Standard II(B), Market Manipulation?

　　A) Overstating an earnings projection in order to increase the price of a stock.

　　B) Implementing a trading strategy to exploit differences in market power and information.

　　C) Engaging in a block trade to limit the effect on the price of a thinly traded security.

　　Answer：A

　　Standard II(B), Market Manipulation, is not intended to prohibit transactions that are done in order to minimize income taxes or trading strategies that are not intended to distort prices or artificially inflate trading volume. Overstating earnings projections in order to increase the price of a stock is a direct violation.

　　解析：

　　Standard II(B), Market Manipulation：会员和考生不得从事歪曲价格或人为抬高交易量试图误导市场参与者的行为，所以A选项的overstating就是错误的。B选项说利用市场力量和信息的差异来实施交易策略，是可以的。C选项是说鼓励大宗交易为了限制价格波动产生的影响，是衍生品交易的一个正常策略。所以答案选A。

　　翻译：

　　以下哪个违反了市场操纵的准则：

　　A.夸大项目盈利为了提高股票价格。

　　B.通过市场力量和信息的差异来实施交易策略。

　　C.鼓励大宗交易为了限制价格波动产生的影响。