1、Madeline Smith, CFA, was recently promoted to senior portfolio manager. In her new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of her firm's written supervisorypolicies and procedures but is advised that no such policies are required by regulatory standards in the country where Smith works. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to:

A．decline to accept supervisory responsibility until her firm adopts procedures to allow her to adequately exercise such responsibility

B．require the employees she supervises to a dopt the CFA Institute Code of Ethics and Standards of Professional Conduct

C．require her firm to adopt the CFA Institute Code of Ethics and Standards of Professional Conduct

【答案】A查看答案

【解析】According to guidance for Standard (IV(C), if a member cannot fulfill supervisory responsibilities because of the absence of a compliance system or because of an inadequate compliance system, the member should decline in writing to accept supervisory responsibility until the firm adopts reasonable procedures to allow the member to adequately exercise such responsibility.

2、Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. In response, Bennett pushed the trader and knocked him to the ground. After investigating the incident, the exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett's conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct?

Bennett:

A．violated the standard relating to professionalism

B．did not violate any of the Code of Ethics or Standards of Professional Conduct

C．violated both the standard relating to professionalism and integrity of capital markets

【答案】A查看答案

【解析】

The CFA Institute Code of Ethics requires members to act with integrity, competence, diligence, respect, and in an ethical and professional manner. The Standards of Professional Conduct relating to professional misconduct state members and candidates must not commit any act reflecting adversely on their professional reputation, integrity, or competence. Bennett's actions violated the Code of Ethics and Standard1(D)-Professionalism, but not Standard II-lntegrity of Capital Markets.


3、According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing:

A．personal trading limitations

B．selective disclosure

C．firewalls

【答案】B查看答案

【解析】

Selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-tradingviolations. See Standard II(A).

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