2020年CFA考試《CFA三級》考試共題，分為。小編為您整理Ethical and Professional Standards (1)5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、【單選題】

A.disassociate from Blackmore’s activities.

B.

C.

正確答案:A

答案解析:Blackmore's use of derivatives without knowing whether they are allowed according to the Plan's IPS is a violation of Loyalty, 

2、Kim's relationship with Miriam is consistent with the CFA Institute Standards of Professional Conduct concerning:【單選題】

A.Priority of Transaction.

B.Fair Dealing.

C.Material Nonpublic Information.

正確答案:A

答案解析:Standard VI(B)–Priority of Transactions concerns investment transactions for clients and employers having priority over investment transactions in which a member or candidate is the beneficial owner. Because Kim does not have beneficial ownership in securities traded in client accounts, this standard has not been violated. By purchasing shares for Miriam's account before other client accounts, Kim has violated Standard III(B)–Fair Dealing, which requires members and candidates to treat all clients fairly when taking investment action with regard to general purchases. In addition, because Kim's trades are based on material nonpublic information, they are in violation of Standard II(A)–Material Nonpublic Information. The mosaic theory is not applicable here because Kim used it as a way to hide her receipt of material nonpublic information.

3、【單選題】

A.Loyalty to Clients.

B.Investment Process and Actions.

C.Risk Management, Compliance, and Support.

正確答案:C

答案解析:The AMC applies to organizations, not individuals. It does not conflict with the AMC but requires actions only the firm can 

4、When describing himself as a CFA candidate on his résumé (curriculum vitae) and listing the CFA exams he passed, did Pena violate any CFA Institute Standards of Professional Conduct?【單選題】

A.Yes, with regard to completion level.

B.Yes, with regard to candidacy.

C.No.

正確答案:B

答案解析:Pena violated Standard VII(B)–References to CFA Institute, the CFA Designation, and the CFA Program. Pena is not a candidate in the CFA Program because he is not enrolled to sit for a specific examination.

5、Anderb, a portfolio manager for XYZ Investment Management Company—a registered investment organization that advises investment firms and private accounts—was promoted to that position three years ago. Bates, her supervisor, is responsible for reviewing Anderb’s portfolio account transactions and her required monthly reports of personal stock transactions. Anderb has been using Jonelli, a broker, almost exclusively for brokerage transactions for the portfolio account. For securities in which Jonelli’s firm makes a market, Jonelli has been giving Anderb lower prices for personal purchases and higher prices for personal sales than Jonelli gives to Anderb’s portfolio accounts and other investors. Anderb has been filing monthly reports with Bates only for those months in which she has no personal transactions, which is about every fourth month. Which of the following is most likely to be a violation of the Code and Standards?【單選題】

A.Anderb failed to disclose to her employer her personal transactions.

B.Anderb owned the same securities as those of her clients.

C.Bates allowed Anderb to use Jonelli as her broker for personal trades.

正確答案:A

答案解析:The correct answer is A. This question involves three of the Standards. Anderb, the portfolio manager, has been obtaining more favorable prices for her personal securities transactions than she gets for her clients, which is a breach of Standard III(A)—Loyalty, Prudence, and Care. In addition, she violated Standard I(D)—Misconduct by failing to adhere to company policy and by hiding her personal transactions from her firm. Anderb’s supervisor, Bates, violated Standard IV(C)—Responsibilities of Supervisors; although the company had requirements for reporting personal trading, Bates failed to adequately enforce those requirements. Answer B does not represent a violation because Standard VI(B)—Priority of Transactions requires that personal trading in a security be conducted after the trading in that security of clients and the employer. The Code and Standards do not prohibit owning such investments, although firms may establish policies that limit the investment opportunities of members and candidates. Answer C does not represent a violation because the Code and Standards do not contain a prohibition against employees using the same broker for their personal accounts that they use for their client accounts. This arrangement should be disclosed to the employer so that the employer may determine whether a conflict of interest exists.