【金融经济考试】【CFA-Level1】【Ethical and Professional Standards（道德）-道德—R

(1).Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards? ​​​​​​​

A.
No, because Michelieu is not promising that he can earn a 26% return in the future

B.
No, because the statement is a true and accurate description of Michelieu’s track record

C.
Yes, because the statement misrepresents Michelieu’s track record

(2).An investment banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm’s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?

A.Permanently prohibit both “buy” and “sell” recommendations of the stocks of clients of the investment banking department
B.Establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and brokerage operations
C.Monitor the exchange of information between the investment banking department and the brokerage operation

(3).Stewart has been hired by Goodner Industries, Inc., to manage its pension fund. Stewart’s duty of loyalty, prudence, and care is owed to:

A.The management of Goodner
B.
The participants and beneficiaries of Goodner’s pension plan

C.The shareholders of Goodner

(4).Which of the following statements is a stated purpose of disclosure in Standard VI(C)–Referral Fees?

A.Disclosure will allow the client to request discounted service fees
B.
Disclosure will help the client evaluate any possible partiality shown in the recommendation of services

C.Disclosure means advising a prospective client about the referral arrangement once a formal client relationship has been established

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