CFA一级Mock试题

1. 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. fire-walls.

B. watch lists.

C. selective disclosure.

Answer: C

CFA Institute Standards

2010 Modular Level I, Vol. 1, pp. 36-42

Study Session 1-2-c

Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct

C is correct as 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-trading violations. Standard II (A).

2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to:

A. duty to clients.

B. reasonable basis.

C. priority of transactions.

Answer: B

“Guidanc e for Standards I-VII”, CFA Institute

2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95

Study Session 1-2-a

Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.

B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).

3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:

A. it relates to a tender offer.

B. it was overheard and might be considered unreliable.

C. she does not have a reasonable and adequate basis for taking investment action.

Answer: A

“Guidance for Standards I-VII”, CFA Institute

2009 Modular Level I, Vol. 1, pp. 36-42

Study Session 1-2-a

Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity.

A is correct because trading on the information is restricted as it relates to a tender offer。it is clearly material, nonpublic information. Standard II (A).