2026年CFA《EthicsandProfessionalStandards》練習測試卷專項訓練

2026年CFA《EthicsandProfessionalStandards》練習測試卷專項訓練考試時間：______分鐘總分：______分姓名：______SectionA:MultipleChoiceQuestions1.WhichofthefollowingactionstakenbyaCFAcharterholderismostlikelyaviolationoftheProfessionalismstandard?A.Failingtodiscloseaprivateinvestmentinapubliclytradedcompanytoheremployer.B.Providinginvestmentadvicewithoutalicensefromtheregulatoryauthority.C.Makingexaggeratedclaimsaboutpastperformancetoattractnewclients.2.Aportfoliomanagerismanagingamutualfundthatisheavilyweightedtowardtechnologystocks.Hereceivesatipfromafriendthataspecifictechnologycompanyisabouttoannounceamajorbreakthroughthatwillcauseitsstocktotriple.Thestockhasnotbeenannouncedpubliclyyet.Themanagerpurchasesasignificantamountofthestockinthefundbeforetheannouncement.Thisactionisaviolationofwhichstandard?A.StandardI(B)-IndependenceandObjectivityB.StandardII(A)-MaterialNon-PublicInformationC.StandardII(B)-FairDealing3.AnanalystpublishesaresearchreportonCompanyXYZ,projectingasignificantincreaseinearnings.TheanalysthasapersonalshortpositioninCompanyXYZ’sstock.Theanalystfailstodisclosethisshortpositioninthereport.Isthisaviolation?A.Yes,becauseitviolatesthedutytodisclosematerialconflicts.B.No,becausetheshortpositionisnotmaterial.C.Yes,becausetheshortpositionisrelatedtotheanalyst’sresearch.4.Awealthmanagerlearnsthathisclient,Mr.Jones,planstowithdrawalargeportionofhisportfoliotoinvestinastartupventurethatthemanagerbelieveshasahighriskoffailure.ThemanageradvisesMr.Jonesagainstthisinvestment,citingthehighrisk.Mr.Jonesproceedsanyway.IsthemanagerincompliancewiththeStandards?A.Yes,becausethemanagerprovidedadvicebasedontheclient'sbestinterest.B.No,becausethemanagerdidnotstopMr.Jonesfrommakingtheinvestment.C.Yes,aslongastheinvestmentisnotillegal.5.AccordingtotheStandardregarding"PreservationofConfidentiality,"aCFAcharterholdermaybreakthedutyofconfidentialityinwhichofthefollowingsituations?A.Tocomplywithlawfulprocess.B.Todiscloseinformationtotheemployerofacurrentclientwithouttheclient'sconsent.C.Todiscloseinformationtoaprospectiveclientofthefirmwithouttheclient'sconsent.6.Aresearchanalystispreparingapresentationforaclientmeeting.Duringthepreparation,theanalystrealizesthattheinvestmentrecommendationinthepresentationisbasedonaflawedvaluationmodelduetoacalculationerror.Theanalystcorrectsthemodelbeforepresentingittotheclient.DidtheanalystviolatetheStandardregarding"CommunicationwithClientsandProspectiveClients"?A.Yes,becausetheerrorwasnotdisclosed.B.No,becausetheerrorwascorrectedbeforethepresentation.C.Yes,becausetheanalystshouldhavedisclosedtheerrorandthecorrectionprocess.7.Aportfoliomanagertradesforherownaccountbeforetradingforherclients.Thispracticeis:A.Allowed,providedthetradesareplacedatthesametimeastheclienttrades.B.Allowed,providedthemanagerinformstheclientsbeforehand.C.Prohibited,asitviolatesthedutyoffairdealing.8.Aninvestmentbankinganalyst,whoisalsoaCFAcandidate,preparesaresearchreportonacompanyforwhichhisfirmisdoinganunderwriting.Heisconcernedthatthecompany'sfinancialsdonotreflectthetrueeconomicvalue.However,hisfirmrequireshimtoissuea"Buy"ratingtohelptheunderwritingsucceed.Theanalystissuesthereportwitha"Buy"rating.Thisisaviolationof:A.StandardI(B)-IndependenceandObjectivityB.StandardV(B)-CommunicationwithClientsC.StandardVI(A)-DisclosureofConflicts9.WhichofthefollowingisleastlikelyarequirementundertheStandard"Misconduct"?A.ACFAcharterholdermustnotengageinanyconductthatcompromiseshisprofessionalorbusinessreputation.B.ACFAcharterholdermustnotcommitacriminalact.C.ACFAcharterholdermustnotengageinbehaviorthatreflectspoorlyontheprofession.10.Afinancialadvisorismanagingadiscretionaryaccountforaclient.Theclienthasexplicitlyinstructedtheadvisortoneversellaspecificstock,eveniftheadvisorbelievesthestockisgoingtodropsignificantly.Theadvisorsellsthestocktoprotecttheclient'scapital.Istheadvisorinviolation?A.Yes,becausetheadvisordidnotfollowtheclient'sinstructions.B.No,becausetheadvisoractedintheclient'sbestinterest.C.Yes,becausetheadvisorexceededthescopeofdiscretionaryauthority.11.Ananalystatabrokeragefirmiswritingaresearchreportonacompanythatisamajorclientofthefirm'sinvestmentbankingdivision.TheanalysthasaclosepersonalrelationshipwiththeCEOofthecompany.Whichofthefollowingdisclosuresisnecessary?A.Theanalystmustdisclosethenatureoftherelationshiptoallreadersofthereport.B.Theanalystmustdisclosetherelationshiptotheinvestmentbankingdivisionbutnottothereportreaders.C.Theanalystmustdisclosetherelationshiponlyifrequestedbytheclient.12.ACFAcharterholderdiscoversthatafellowemployeeisengagedinfraudulentactivitythatisillegalunderlocalsecuritieslaws.AccordingtotheStandards,thecharterholdermust:A.Ignoretheactivityifitdoesnotaffectherownwork.B.Reporttheactivitytoheremployerimmediately.C.Reporttheactivitytotheappropriateregulatoryauthorities.13.WhenisaCFAcharterholderrequiredtodisclosecompensationreceivedfromsourcesotherthantheemployerinaresearchreport?A.Always,regardlessofwhetherthecompensationismaterial.B.Onlyifthecompensationisfromthesubjectcompanyofthereport.C.Onlyifthecompensationismaterialtotheresearchprocessortheanalyst'sindependence.14.Aportfoliomanagerisevaluatingtwostocksforinclusioninamutualfund.StockAisalarge-cap,well-establishedcompany.StockBisasmall-capcompanyinasectorthatthemanagerknowsverylittleabout.ThemanagerspendsmostofhistimeanalyzingStockAandonlybrieflyreviewsStockB.IsthisaviolationoftheStandard"DiligenceandReasonableBasis"?A.Yes,becausethemanagerdidnotspendsufficienttimeonStockB.B.No,becausethemanagerismorefamiliarwiththelarge-capcompany.C.Yes,becausethemanagershouldhavespentequaltimeonboth.15.Aregisteredinvestmentadvisorisrecommendingamutualfundtoaclient.Thefundhasahighexpenseratioandarelativelylowhistoricalreturncomparedtosimilarfunds.Theadvisorrecommendsthefundbecausetheadvisor'sbrotheristheportfoliomanagerofthefund.Theadvisorfailstodisclosethisrelationship.Thisisaviolationof:A.StandardI(B)-IndependenceandObjectivityB.StandardIII(C)-SuitabilityC.StandardVI(A)-DisclosureofConflicts16.Ananalystispreparingaresearchreportonacompanythatisnotacurrentclientoremployerofthefirm.Theanalystusesdatafromacompetitor'spublicannualreport,butdoesnotcitethesource.Isthisaviolation?A.Yes,itisaviolationofplagiarism.B.No,becausethedataispubliclyavailable.C.Yes,becausetheanalystshouldhavecontactedthecompanydirectly.17.ACFAcharterholderisresigningfromherfirmtojoinacompetitor.Beforeleaving,shecreatesalistofallherfirm'sclientsandcontacts,intendingtobringthemtohernewemployer.Isthisaviolation?A.Yes,becausesheistakingherfirm'sclients.B.No,becausesheisentitledtoherownlistofcontacts.C.Yes,becausesheisusingthefirm'sresourcestopreparethelist.18.UndertheStandard"PriorTransactions,Positions,andHoldings,"whenmustaCFAcharterholderdisclosepersonaltransactionsinsecuritiesthatarethesubjectofaresearchreport?A.Never,becausepersonaltransactionsareprivate.B.Onlyifthetransactionsareinthesamesecurityasthereport.C.Onlyifthetransactionsarematerialandthereportisdisseminatedtoclients.19.Aportfoliomanagerismanagingasegregatedaccountforafamilytrust.Thetrusthasaveryhighrisktolerance.Themanagerinvests80%oftheassetsinaspeculativeventurecapitalfund.Aregulatorasksthemanagertojustifythisallocation.Themanagerexplainsthatthetrust'sinvestmentpolicystatementallowsforhigh-riskinvestments.Isthemanagerincompliance?A.Yes,becausethetrust'sIPSallowsforit.B.No,becausetheallocationisexcessivelyconcentrated.C.Yes,aslongasthetrusthassufficientwealthtoabsorbthelosses.20.ACFAcharterholderisattendingaconferencewherehemeetsaprospectiveclient.Duringthemeeting,thecharterholderlearnsthattheprospectiveclientisinterestedinaspecifictypeofinvestmentstrategy.Thecharterholderrecommendsaproductthatisnotsuitablefortheclient'sneedsbutoffersthehighestcommissiontothecharterholder.Thisisaviolationof:A.StandardIII(C)-SuitabilityB.StandardI(B)-IndependenceandObjectivityC.StandardV(A)-DiligenceandReasonableBasisSectionB:MultipleChoiceQuestions(Select2or3Answers)21.ACFAcharterholderispreparingaresearchreportonacompany.Thereportincludesforward-lookingstatementsandestimatesthatarebasedonindustryaveragesandtheanalyst'sownjudgment.Whichofthefollowingdisclosuresarerequiredinthereport?A.Thefactthattheestimatesarebasedonindustryaverages.B.Thefactthatthereportcontainsforward-lookingstatements.C.Thefactthattheanalysthasapersonalfinancialinterestinthecompany.22.Ananalystatabrokeragefirmiswritingareportonacompanythatisaclientofthefirm'sconsultingdivision.Theanalystisconcernedaboutthecompany'sliquidityposition.However,theconsultingengagementismanagedbyadifferentdepartmentandtheanalysthasnoinvolvement.Whichofthefollowingbestdescribestheanalyst'sresponsibility?A.Theanalystmustnotissuethereportbecauseofthepotentialconflict.B.Theanalystmustdisclosetheconsultingrelationshipinthereport.C.Theanalystmustnotissuethereportuntiltheconsultingengagementisterminated.23.Aportfoliomanagerismanagingamutualfund.Themanagerreceivesanordertosellalargeblockofsharesforaclientaccount.Simultaneously,themanagerreceivesanordertosellthesamestockforthefund'saccountfromadifferentclient.Themanagersellsthestockforthefundfirst,causingthepricetodropbeforetheclientorderisfilled.Isthisaviolation?A.Yes,becausethemanagerfailedtogiveprioritytothefirstclientorder.B.No,becausethemanagerwasactinginthebestinterestofthefund.C.Yes,becausethemanagershouldhavedisclosedtheconflicttobothclientsbeforeexecutingthetrades.24.WhichofthefollowingarerequireddisclosuresinaresearchreportwhenaCFAcharterholderhasamaterialconflictofinterest?A.Thenatureofthecompensationreceivedfromthesubjectcompany.B.Thenatureofanypersonalinvestmentpositioninthesubjectcompany.C.Thenameoftheresearchdepartmenthead.25.ACFAcandidateisinterviewingforajobatanewfirm.Duringtheinterview,thecandidatementionsthathehasacopyofhisformeremployer'sproprietarydatabase.Thecandidateusesthedatabasetodemonstratehisanalyticalskillstothenewfirm'sinterviewers.Isthisaviolation?A.Yes,becausethecandidateisusingproprietaryinformation.B.No,becausethedatabaseispubliclyavailable.C.Yes,becausethecandidatedidnotobtainpermissionfromtheformeremployer.26.ACFAcharterholderisworkingforamutualfund.Shereceivesatipfromafriendthatastockisabouttobeacquired.Thestockisnotinthefund'sportfolio.Thecharterholderpurchasesthestockforherownaccountbeforetheacquisitionisannounced.Thisisaviolationof:A.StandardI(B)-IndependenceandObjectivityB.StandardII(A)-MaterialNon-PublicInformationC.StandardVI(A)-DisclosureofConflicts27.WhendoesaCFAcharterholderhaveadutytodiscloseapersonalinvestmentinasecuritythatisthesubjectofaresearchreport?A.Onlyifthereportisdisseminatedtoclients.B.Onlyifthepersonalinvestmentismaterial.C.Onlyifthereportisbeingdistributedtoprospectiveclients.28.Awealthmanagerismanagingadiscretionaryaccountforaclient.Theclientprovidesasignedletterstatingthatthemanagerhasfulldiscretiontobuyandsellsecuritiesintheaccount.Themanagerthenusestheaccounttomakepersonaltradesforhisownbenefit,arguingthatheisallowedtodosobecausehehasdiscretionaryauthority.Isthemanagerinviolation?A.Yes,becausetheclient'sletterdidnotgrantpermissionforpersonaltrading.B.No,becausethemanagerhasdiscretionaryauthority.C.Yes,becausethemanagershouldhaveobtainedseparatewrittenpermissionforpersonaltrading.29.WhichofthefollowingarepotentialviolationsoftheStandard"Misconduct"?A.Acharterholderisconvictedofamisdemeanorinvolvingfraud.B.Acharterholderisarrestedfordrivingundertheinfluenceofalcohol.C.Acharterholderengagesinabusinessventurethatcompeteswithhisemployer.30.Ananalystiswritingareportonacompanythatisacurrentclientofthefirm'sresearchdepartment.Theanalyst'scompensationisbasedinpartontheamountofassetstheclientmanageswiththefirm.Theanalystbelievesthecompany'sstockisovervaluedandrecommendsselling.Thefirm'scompliancedepartmentreviewsthereportandrequirestheanalysttochangetherecommendationto"Buy."Theanalystcompliestoavoidlosingtheclientrelationship.Istheanalystinviolation?A.Yes,becausetheanalystdidnotactwithindependenceandobjectivity.B.No,becausethecompliancedepartmentapprovedthereport.C.Yes,becausetheanalystfailedtodisclosethecompensationarrangementtothereportreaders.31.UndertheStandard"PreservationofConfidentiality,"aCFAcharterholdermayberequiredtodiscloseconfidentialinformationto:A.Regulators.B.Theemployerofacurrentclient.C.Aprospectiveclientofthefirm.32.Aportfoliomanagerismanagingasegregatedaccountforaclient.Theclienthasalowrisktoleranceandashortinvestmenthorizon.Themanagerinvests90%oftheassetsinaspeculativederivativeproduct.IsthisaviolationoftheStandard"Suitability"?A.Yes,becausetheinvestmentisnotsuitablefortheclient'srisktolerance.B.No,becausethemanagerhasdiscretion.C.Yes,becausetheinvestmenthorizonistooshortforderivatives.33.ACFAcharterholderdiscoversthataclienthasusedillegalinsiderinformationtotradestocks.AccordingtotheStandards,thecharterholdermust:A.Ignoretheinformation.B.Reporttheclient'sactivitiestotheregulatoryauthorities.C.Reporttheclient'sactivitiestotheemployer.34.Whichofthefollowingdisclosuresarerequiredforaresearchreportonasecuritywheretheanalysthasamaterialfinancialinterest?A.Thepercentageoftheanalyst'snetworthinvestedinthesecurity.B.Thenatureofthefinancialinterest(e.g.,ownership,option).C.Thevalueofthefinancialinterest.35.Aresearchanalystispreparingareportonacompanythatisalsoaclientofthefirm'sinvestmentbankingdivision.Theanalystbelievesthestockisundervalued.Theinvestmentbankingdivisioniscurrentlyworkingonapotentialmergerforthecompany.Whichofthefollowingdisclosuresisrequired?A.Theanalystmustdisclosetheinvestmentbankingrelationship.B.Theanalystmustdisclosetheanalyst'scompensation.C.Theanalystmustdisclosethecurrentstockprice.36.Aportfoliomanagerismanagingamutualfund.Sheisconsideringaddinganewstocktothefund'sportfolio.Shespeakswithafriendwhoisaseniorexecutiveatthecompany.Thefriendgivesheraverbalindicationthatthecompanywillbeatearningsexpectations.Themanageraddsthestocktotheportfolio.Isthisaviolation?A.Yes,becausetheinformationisnon-public.B.No,becausetheinformationisfromaseniorexecutive.C.Yes,becausethemanagerdidnotverifytheinformationthroughindependentsources.37.WhichofthefollowingarerequiredtobedisclosedinaresearchreportifaCFAcharterholderhasasignificantfinancialinterestinasecurity?A.Thefactthatthecharterholderownsthesecurity.B.Thefactthatthecharterholder'sfamilymembersownthesecurity.C.Thefactthatthecharterholderisrelatedtoanofficerofthecompany.38.ACFAcharterholderisresigningfromherfirmtostartherowninvestmentadvisoryfirm.Beforeleaving,shecontactsherformerclientstoofferherservicesdirectly.Isthisaviolation?A.Yes,becausesheiscompetingwithherformeremployer.B.No,aslongasshedoesnotusenon-publicinformationorsolicitclientsduringhernoticeperiod.C.Yes,becausesheisusingthefirm'sclientlist.39.Ananalystiswritingareportonacompany.Thereportincludesagraphshowingthecompany'sstockpriceperformanceoverthelastfiveyears.Thegraphisnotlabeledwiththesourceofthedata.Isthisaviolation?A.Yes,itisaviolationofplagiarism.B.No,becausethestockpriceispublicinformation.C.Yes,becausethechartshouldhavebeencited.40.Aportfoliomanagerismanagingadiscretionaryaccountforaclient.Theclienthasaveryhighnetworthandasophisticatedunderstandingofinvestments.Theclientinstructsthemanagertouseleveragetoincreasereturns.Themanagerexecutesthetradesusingmargin.Isthisaviolation?A.Yes,becausethemanagerdidnotgetwrittenpermission.B.No,becausetheclienthashighnetworthandsophistication.C.Yes,becauseleverageisgenerallyprohibitedforindividualinvestors.41.ACFAcharterholderiswritingaresearchreportonacompany.Thereportstatesthatthecompanyisaleaderinitsindustry.Thisstatementis:A.Afactualclaimthatdoesnotneedtobedisclosed.B.Asubjectiveopinionthatdoesnotneedtobedisclosed.C.Asubjectiveclaimthatshouldbesupportedbyreasonableevidence.42.Whichofthefollowingareexceptionstothedutyofconfidentiality?A.Legalprocess.B.Preventingsubstantialfinanciallosstoclients.C.TocomplywiththeCodeandStandards.43.Aportfoliomanagerismanagingamutualfund.Shereceivesanordertosellalargeblockofsharesforaclientaccount.Simultaneously,shereceivesanordertosellthesamestockforthefund'saccountfromadifferentclient.Themanagersellsthestockforthefundfirst,causingthepricetodropbeforetheclientorderisfilled.Isthisaviolation?A.Yes,becausethemanagerfailedtogiveprioritytothefirstclientorder.B.No,becausethemanagerwasactinginthebestinterestofthefund.C.Yes,becausethemanagershouldhavedisclosedtheconflicttobothclientsbeforeexecutingthetrades.44.ACFAcharterholderisattendingaconferencewhereshemeetsaprospectiveclient.Duringthemeeting,thecharterholderlearnsthattheprospectiveclientisinterestedinaspecifictypeofinvestmentstrategy.Thecharterholderrecommendsaproductthatisnotsuitablefortheclient'sneedsbutoffersthehighestcommissiontothecharterholder.Thisisaviolationof:A.StandardIII(C)-SuitabilityB.StandardI(B)-IndependenceandObjectivityC.StandardV(A)-DiligenceandReasonableBasis45.Aresearchanalystispreparingareportonacompanythatisnotacurrentclientoremployerofthefirm.Theanalystusesdatafromacompetitor'spublicannualreport,butdoesnotcitethesource.Isthisaviolation?A.Yes,itisaviolationofplagiarism.B.No,becausethedataispubliclyavailable.C.Yes,becausetheanalystshouldhavecontactedthecompanydirectly.46.WhichofthefollowingarerequireddisclosuresinaresearchreportwhenaCFAcharterholderhasamaterialconflictofinterest?A.Thenatureofthecompensationreceivedfromthesubjectcompany.B.Thenatureofanypersonalinvestmentpositioninthesubjectcompany.C.Thenameoftheresearchdepartmenthead.47.ACFAcharterholderismanagingasegregatedaccountforafamilytrust.Thetrusthasaveryhighrisktolerance.Themanagerinvests80%oftheassetsinaspeculativeventurecapitalfund.Aregulatorasksthemanagertojustifythisallocation.Themanagerexplainsthatthetrust'sinvestmentpolicystatementallowsforhigh-riskinvestments.Isthemanagerincompliance?A.Yes,becausethetrust'sIPSallowsforit.B.No,becausetheallocationisexcessivelyconcentrated.C.Yes,aslongasthetrusthassufficientwealthtoabsorbthelosses.48.Aportfoliomanagerisevaluatingtwostocksforinclusioninamutualfund.StockAisalarge-cap,well-establishedcompany.StockBisasmall-capcompanyinasectorthatthemanagerknowsverylittleabout.ThemanagerspendsmostofhistimeanalyzingStockAandonlybrieflyreviewsStockB.IsthisaviolationoftheStandard"DiligenceandReasonableBasis"?A.Yes,becausethemanagerdidnotspendsufficienttimeonStockB.B.No,becausethemanagerismorefamiliarwiththelarge-capcompany.C.Yes,becausethemanagershouldhavespentequaltimeonboth.49.ACFAcandidateisinterviewingforajobatanewfirm.Duringtheinterview,thecandidatementionsthathehasacopyofhisformeremployer'sproprietarydatabase.Thecandidateusesthedatabasetodemonstratehisanalyticalskillstothenewfirm'sinterviewers.Isthisaviolation?A.Yes,becausethecandidateisusingproprietaryinformation.B.No,becausethedatabaseispubliclyavailable.C.Yes,becausethecandidatedidnotobtainpermissionfromtheformeremployer.50.Aportfoliomanagerismanagingamutualfund.Shereceivesatipfromafriendthatastockisabouttobeacquired.Thestockisnotinthefund'sportfolio.Thecharterholderpurchasesthestockforherownaccountbeforetheacquisitionisannounced.Thisisaviolationof:A.StandardI(B)-IndependenceandObjectivityB.StandardII(A)-MaterialNon-PublicInformationC.StandardVI(A)-DisclosureofConflicts51.WhichofthefollowingarerequireddisclosuresinaresearchreportifaCFAcharterholderhasasignificantfinancialinterestinasecurity?A.Thefactthatthecharterholderownsthesecurity.B.Thefactthatthecharterholder'sfamilymembersownthesecurity.C.Thefactthatthecharterholderisrelatedtoanofficerofthecompany.52.ACFAcharterholderisresigningfromherfirmtostartherowninvestmentadvisoryfirm.Beforeleaving,shecontactsherformerclientstoofferherservicesdirectly.Isthisaviolation?A.Yes,becausesheiscompetingwithherformeremployer.B.No,aslongasshedoesnotusenon-publicinformationorsolicitclientsduringhernoticeperiod.C.Yes,becausesheisusingthefirm'sclientlist.53.Ananalystiswritingareportonacompany.Thereportincludesagraphshowingthecompany'sstockpriceperformanceoverthelastfiveyears.Thegraphisnotlabeledwiththesourceofthedata.Isthisaviolation?A.Yes,itisaviolationofplagiarism.B.No,becausethestockpriceispublicinformation.C.Yes,becausethechartshouldhavebeencited.54.Aportfoliomanagerismanagingadiscretionaryaccountforaclient.Theclienthasalowrisktoleranceandashortinvestmenthorizon.Themanagerinvests90%oftheassetsinaspeculativederivativeproduct.IsthisaviolationoftheStandard"Suitability"?A.Yes,becausetheinvestmentisnotsuitablefortheclient'srisktolerance.B.No,becausethemanagerhasdiscretion.C.Yes,becausetheinvestmenthorizonistooshortforderivatives.55.ACFAcharterholderdiscoversthataclienthasusedillegalinsiderinformationtotradestocks.AccordingtotheStandards,thecharterholdermust:A.Ignoretheinformation.B.Reporttheclient'sactivitiestotheregulatoryauthorities.C.Reporttheclient'sactivitiestotheemployer.56.Whichofthefollowingareexceptionstothedutyofconfidentiality?A.Legalprocess.B.Preventingsubstantialfinanciallosstoclients.C.TocomplywiththeCodeandStandards.57.Aportfoliomanagerismanagingamutualfund.Shereceivesanordertosellalargeblockofsharesforaclientaccount.Simultaneously,shereceivesanordertosellthesamestockforthefund'saccountfromadifferentclient.Themanagersellsthestockforthefundfirst,causingthepricetodropbeforetheclientorderisfilled.Isthisaviolation?A.Yes,becausethemanagerfailedtogiveprioritytothefirstclientorder.B.No,becausethemanagerwasactinginthebestinterestofthefund.C.Yes,becausethemanagershouldhavedisclosedtheconflicttobothclientsbeforeexecutingthetrades.58.ACFAcharterholderisattendingaconferencewhereshemeetsaprospectiveclient.Duringthemeeting,thecharterholderlearnsthattheprospectiveclientisinterestedinaspecifictypeofinvestmentstrategy.Thecharterholderrecommendsaproductthatisnotsuitablefortheclient'sneedsbutoffersthehighestcommissiontothecharterholder.Thisisaviolationof:A.StandardIII(C)-SuitabilityB.StandardI(B)-IndependenceandObjectivityC.StandardV(A)-DiligenceandReasonableBasis59.Aresearchanalystispreparingareportonacompanythatisnotacurrentclientoremployerofthefirm.Theanalystusesdatafromacompetitor'spublicannualreport,butdoesnotcitethesource.Isthisaviolation?A.Yes,itisaviolationofplagiarism.B.No,becausethedataispubliclyavailable.C.Yes,becausetheanalystshouldhavecontactedthecompanydirectly.60.WhichofthefollowingarerequireddisclosuresinaresearchreportwhenaCFAcharterholderhasamaterialconflictofinterest?A.Thenatureofthecompensationreceivedfromthesubjectcompany.B.Thenatureofanypersonalinvestmentpositioninthesubjectcompany.C.Thenameoftheresearchdepartmenthead.試卷答案1.C解析：夸大業績屬于誤導性陳述，違反了StandardI(B)-Independencea