"morality" exercise:Ethics of the US Food and Drug Administration

下載正保會計網(wǎng)校APP 訂閱最新報考消息

來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/11/27 09:50:40　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報考指南

報考條件一鍵了解

報考指南

學(xué)習(xí)是一個不斷積累的過程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會計網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

Priscilla Moab, CFA, is the director of marketing at Red Lantern Investments. Red’s investment approach uses technical and fundamental analysis as well as portfolio construction to minimize risk. Moab plans to market an online investment newsletter to retail clients. Moab decides to let prospective clients have access to Red’s buy and sell recommendation list by posting this information on a social media site. The posting also provides information on Red’s basic investment process and logic. To avoid viol the CFA Institute Code of Ethics and Standards of Professional Conduct, Moab should most likely:

A、 describe the investment approach in detail.

B 、update investment process changes annually.

C、 indicate that additional information and analysis are available.

Questions 2:

The Global Investment Performance Standards (GIPS) least likely require:

A、 non-discretionary portfolios to be included in composites.

B 、non–fee-paying portfolios to be excluded in the returns of appropriate composites.

C 、composites to be defined according to similar investment objectives and/or strategies.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct because if recommendations are contained in capsule form (such as a recommended stock list), members and candidates should notify clients that additional information and analysis are available from the producer of the report as required by Standard V(B)–Communication with Clients and Prospective Clients. In this case, a clear statement on the website that more information is available upon request would be required.

A is incorrect because Moab’s plans for the social media recommendations do not violate Standard V(B)–Communication with Clients and Prospective Clients, so it does not need to describe the investment system in detail. The recommendation outlines the basic process and logic of Red’s investment approach and is sufficient enough for clients to understand its limitations or inherent risks.

B is incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, the member or candidate must keep clients and other interested parties informed on an ongoing basis about changes to the investment process, and an annual update may not be sufficient.

【Answer to question 2】A

【analysis】

A is correct because composites must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites while only fee-paying portfolios are to be included in composites. Non-discretionary portfolios must not be included in a firm’s composites.

B is incorrect because only fee-paying portfolios are to be included in composites.

C is incorrect because composites are required to be made up of portfolios with similar investment objectives and/or strategies.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點(diǎn)擊了解>