CFA一级知识点大剖析之Ethics（四）

　　9. Bradley is a CFA charter holder. He complains that he was very unsatisfied with the CFA regulation. Which of the following statements is right?
　　A. He violated the standard VII (A) Conduct as Members and Candidates in the CFA program by destroying the reputation of CFA institute.
　　B. He violated the standard I (C) Misrepresentation
　　C. He did not violate the Code and Standards.
　　Correct answer = C
　　This standard does not cover the candidates and members’ expressing opinions regarding the CFA program or CFA institute. Members and candidates are free to disagree and express their    disagreement with CFA institute on its policies, procedures, or any advocacy positions take by the organization.
　　10. Theodore Lilley, CFA, is a portfolio manager for three growth funds. Lilley also manages his brother’s account on a discretionary, fee-paying basis and he is not the Abeneficial owner of this account. When participating in initial public offerings (IPOs), Lilley always allocates shares to all three funds and to his brother’s account according to account size. Does Lilley violate any CFA Institute Standards of Professional Conduct?
　　A.No
　　B.Yes, he has violated Standard III (B) Fair Dealing
　　C.Yes, he has violated Standard VI (B) Priority of Transaction
　　Correct answer = B
　　He can not allocate shares to all three funds and to his brother’s account according to account size, however, he should allocate shares pro rata based on order size. Members and candidates should distribute the issues to all customers for whom the investment are appropriate in a manner consist with the block-allocation（大宗交易）policies of the firm.
　　11. Regarding an individual's investment policy statement, which of the following is least appropriate as the investment objective? The portfolio seeks:
　　A. current income in the form of dividends and interest.
　　B. 12% annual returns with above-average market risk.
　　C. long-term capital appreciation with market risk comparable to the MSCI EAFE Index.
　　Correct answer = A
　　the investment objective of individual’s investment policy statement includes: return and risk, A does not include risk objectives, so A is not appropriate for IPS.