Mini CFA 考试练习题 Ethics and Investment Professionalism

伦理道德与投资职业水准

这一章109道题目,第一次看,算上中间吃晚饭大约半个小时,追剧一个多小时,一共耗时近4个小时,准确率61%,还要努力争取下次70%以上。

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Q. Which of the following most likely represents potential violation of ethical principles due to a conflict of interest?

An analyst writes a research report about a company for which he owns a significant number of shares.
A financial salesperson, who sells specific investment products, recommends an investment product to a client and is paid a commission on the sale.
An employee sells her own shares of a company after placing a client’s order to sell shares of the same company.

A是正确的。 当拥有所有权权益时,除非该权益明显不重要,否则分析师准备有关公司的研究报告会产生利益冲突。 分析人员的个人利益可能会影响其撰写无偏见的客观报告的能力,这有悖于其雇主和雇主客户的利益。 B是不正确的,因为负责销售特定投资产品的金融销售员和正在帮助客户规划和实现其个人财务目标的投资顾问有不同级别的责任。 C是不正确的,因为尽管由于利益冲突,在执行客户订单之前进行操作(抢先)表示违反了道德原则,但员工在执行客户订单之后执行操作可能是适当的。


Q. In fulfilling obligations to their employer, employees should:

be careful in carrying out their responsibilities.
accept and diligently complete any assigned task.
balance their personal interests with their employer’s interests.

A是正确的。 认真履行职责是所有员工的义务。 如果员工不能胜任和谨慎行事,可能会损害公司的有效运营。 B是不正确的,因为如果员工缺乏适当的知识或技能来执行任务,存在利益冲突或担心道德问题,则他们不应接受任务。 C是不正确的,因为忠诚是雇主应承担的义务,其中包括期望雇员在履行工作义务时会出于雇主的利益行事。


Q. If the required structural and procedural controls have not been established, then an employee should:

refrain from assuming supervisory duties.
notify the appropriate regulatory authorities.
perform their supervisory duties with utmost care.

A是正确的。 仅当工作环境提供必要的结构和程序控制以防止和发现违规时,才应承担监督职责。 监督员应负责任地履行监督职责,包括确保遵守道德,法律,专业和组织标准。 B和C是不正确的,因为如果发现缺陷,则员工应记录所有问题,并避免在建立控制措施之前承担监督职责。 员工不一定有义务通知适当的监管机构。


Q. Which of the following outcomes of acting with high ethical standards will most likely directly benefit both clients and investment professionals?

Enhanced employment security
Reduced risk of adverse legal consequences
Increased trust in the fairness of financial markets

C是正确的。 遵循高道德标准行事可提高客户对金融市场公平性的信任,从而提高市场效率,进而帮助客户实现其投资目标。 由于客户之间越来越多的信任增加了客户寻求建议的可能性,因此也增加了投资专业人员的利益,从而增强了他们的就业安全性。 A和B是不正确的,因为增强的就业保障和降低的不利法律后果的风险使投资专业人士直接或仅间接地使客户受益。


Q. For individuals working in the investment industry, ethical standards are most needed when

legal obligations are ambiguous.
market innovations are infrequent.
different jurisdictions have unambiguous and similar laws.

A是正确的。 当法律义务含糊不清时,最需要道德标准。 在模糊或不明确的法律规则为不道德行为提供机会的情况下,对道德标准的需求尤其明显。 B是不正确的,因为法律法规往往赶不上市场创新。 因此,在频繁的市场创新中,对道德标准的需求将非常巨大。 但是在市场创新很少的环境中,需求并不是那么明显。 C是不正确的,因为在不同司法管辖区进行的活动可能会因法律义务不一致而变得复杂,这将使对道德标准的需求变得重要。 但是在法律义务明确且相似的不同司法管辖区中,对道德标准的需求并不那么重要。


Q. According to fundamental ethical and professional principles applicable to the investment industry, which group should have their interests ranked first

Clients
Employers
Co-workers

A是正确的。 在投资行业工作的个人有义务将客户利益置于个人利益或雇主利益之上。 B和C是不正确的,因为尽管投资行业中的个人对雇主和同事都有义务,但客户的利益才是首要的


Q. The fundamental ethical principle to act with independence and objectivity is best upheld when:

client confidentiality is maintained.
personal education and professional development are undertaken.
work and opinions are unaffected by any potential conflict of interest.

C是正确的。 利益冲突会通过产生可能影响判断的偏见而对客观性和独立性产生不利影响。 A是不正确的,因为维护客户机密性与保护机密信息的基本道德原则有关。 B是不正确的,因为进行个人教育和职业发展与勤勉尽责的基本道德原则有关。


Q. According to fundamental ethical and professional principles for the investment industry, trading on insider information on behalf of clients is:

not allowed.
allowed only if the trade benefits the client.
allowed only if the trade is disclosed as a conflict of interest.

A是正确的。 不允许进行内幕信息交易,因为它会破坏投资者对交易市场的信心,从而损害所有投资者。 B是不正确的,因为在内部人信息交易中,维护金融市场完整性的责任优先于客户利益。 因此,即使该交易将使客户受益,也违反了基本的道德和专业原则。 C是不正确的,因为无论是否公开内幕信息,都不允许交易。 可能不存在利益冲突,这不是问题。


Q. Which of the following is most likely a potential effect of unethical behaviour by people in the investment industry?

Increased employment
Decreased economic output
Decreased regulatory scrutiny

B是正确的。 投资行业中的不道德行为可能会导致投资者丧失信心,这可能会减少公司的资本可用性并导致经济产出下降。 A是不正确的,因为减少而不是增加就业是投资行业不道德行为的潜在结果。 C是不正确的,因为不道德的行为通常会导致监管审查的增加。


Q. Unethical behaviour by investment professionals may lead to higher:

employment.
long-term growth expectations for the economy.
cost of capital for those companies requiring capital.

C是正确的。 投资专业人员的不道德行为可能导致公司发现难以在金融市场上筹集资金,从而导致更高的资本成本。 如果维持高道德标准,则获得股本和债务融资的机会可能会增加,而需要资本的公司的资本成本将减少。 A和B是不正确的,因为投资专业人员的不道德行为可能会导致较低的经济产出,较低的就业机会以及对经济的长期增长预期


Q. The last step in an ethical decision-making process should be to:

assess how a decision turned out and learn from it.
assess how others might view a possible course of action.
determine whether the decision is affected by outside factors.

A是正确的。 道德决策过程的最后一步应该是评估决策的结果并从中学习。 B和C是不正确的,因为评估其他人如何看待可能的行动方针,并确定决策是否受到外部因素的影响是在决策过程中较早发生的


Q. A breach of ethical standards most likely results in:

higher public trust.
reduced financial market efficiency.
fulfilment of clients’ investment goals.

B是正确的。 违反道德标准可能会破坏受道德标准影响的因素,例如市场效率。 A和C是不正确的,因为较高的道德标准既可以提高公众的信任度,也可以实现客户的投资目标。


Q. According to fundamental ethical and professional principles for the investment industry, conflicts of interest with:

clients should be avoided.
clients and employers should be avoided.
clients and employers should be avoided or disclosed.

C是正确的。 在业务过程中可能会与客户和雇主发生利益冲突。 应避免或通过披露解决冲突,以便所有相关的利益相关者都知道这些冲突及其对关系的潜在影响。 A和B是不正确的,因为尽管最好避免利益冲突,但并非总是可以避免或消除它们。 在缺乏这种能力的情况下,员工应以通俗易懂的语言显着地披露冲突,以有效地传达信息。


Q. Decreased cost of capital may lead to the growth of:

only the investment industry.
only companies seeking capital in financial markets.
the investment industry, companies seeking capital in financial markets, and the overall economy.

C是正确的。 资本成本的降低可能对需要资本的公司的成长以及投资行业和整体经济的增长产生积极影响。 A和B是不正确的,因为降低资金成本的好处不仅限于募集资金的公司和投资行业。


Q. Which of the following best describes an internal factor that could affect judgment in ethical decisions?

Incentives
Rationalization
Authority figures

B是正确的。 可能影响判断的内部因素包括过度自信和合理化。 A和C是错误的,因为它们都是外部因素,而不是内部因素。 影响一个人的判断力的外部因素包括权威人物,声音人群和激励措施


Q. Ethical behaviour in the financial industry helps to strengthen the:

fairness of financial markets.
credibility of the legal framework.
regulatory capability to conduct examinations/inspections.

A是正确的。 以道德行为行事的投资行业员工通过增加市场参与度和市场效率来增强金融市场的公平性。 B不正确。 道德行为不会影响法律框架的信誉。 道德标准是必需的,因为法律不能涵盖行为的所有方面。 C不正确。 市场中的道德行为水平不会影响监管机构评估道德违规的能力。


Q. Increased market efficiency and trust can lead to increased:

access to capital.
cost of financing.
transaction costs.

A是正确的。 市场效率和信任度的提高可以增加获得股权和债务融资的机会,并降低公司和政府的资本成本。 B不正确。 市场效率和信任度的提高可以增加获得股权和债务融资的机会,并降低公司和政府的资本成本。 C不正确。 随着更多交易的进行,服务提供商可以降低费用,在效率更高的市场中交易成本可能会降低。


Q. Companies with ethical employees face:

fewer legal risks.
a decline in profitability.
higher levels of staff turnover.

A是正确的。 如果员工遵守道德规范,那么他们的行为就不太可能对雇主产生负面影响,包括法律后果。 B不正确。 拥有道德员工的公司可能会因所需控制措施减少而获得更高的利润。 获利能力源于信任,有道德的员工会增加客户之间的信任。 C不正确。 在有道德的工作环境中,员工流动率可能会更低,而不是更高。 合规可以增强就业保障并增加职业发展的确定性。


Q. The benefits of increased market participation include:

an increase in financial illiteracy.
larger security price movements.
quicker security price adjustments.

C是正确的。 市场参与度的提高导致市场效率的提高,这意味着资产价格能够迅速调整以适应有关市场资产价值的新信息。 A不正确。 市场参与度的提高也提高了公众对金融体系的认识和理解,即提高了金融知识水平。 B不正确。 市场参与的增加增加了流动性,从而使投资者能够在不大幅影响价格的情况下进行资产交易。


Q. Unethical conduct in the investment industry can lead to:

significantly lower levels of firm risk.
a decline in the number of declared bankruptcies.
clients failing to meet their investment objectives.

C是正确的。 投资行业的不道德行为可能导致客户遭受痛苦,包括由于市场参与者信任度下降而导致市场参与度降低,从而无法实现其投资目标。 A不正确。 不道德的行为会增加风险,包括声誉风险。 B不正确。 投资行业的不道德行为可能导致传染,从而导致金融服务公司以及投资行业以外的其他公司中宣告破产的人数增加。


Q. When using an ethical decision-making framework, the process should be concluded by:

reviewing the outcome.
seeking additional guidance.
identifying and evaluating alternate actions.

A是正确的。 审查结果应在道德决策框架中结束流程,并在下次应用该框架时提供反馈。


Q. To ensure clients receive value-added investment services based on an ethical framework, investment firms must:

treat all clients equally.
conduct due diligence on third-party research providers.
guarantee clients receive a positive net investment return.

B是正确的。 当投资公司使用第三方研究供应商的服务来提供投资信息时,它必须对第三方进行尽职调查以确保所接收信息的可靠性。 A不正确。 应公平对待客户,而不是平等对待。 C不正确。 保证回报并不一定能确保道德投资决策框架


Q. One of the consequences of unethical behaviour by members of the securities industry is that the:

pace of economic development increases.
stability of financial markets is put at risk.
use of investment professionals to advise investors increases.

B是正确的。 证券业成员不遵守道德标准会降低金融市场的稳定性。 A不正确。 不道德的行为会导致经济发展放缓。 C不正确。 不道德的行为会导致人们对该行业失去信任,从而导致投资者减少以及他们对投资专业人员的使用。


Q. When facing an ethical dilemma, a person needs to:

identify potential personal biases.
determine whose opinions matter.
only consider consequences for the client.

A是正确的。 在做出有关道德困境的决定之前,一个人应该了解什么个人偏见或过去的经验会影响他或她做出客观决定的能力。 B不正确。 在做出有关道德困境的决定时,应考虑事实而不是意见。 他人的意见可能会对适当的判断产生负面影响。 C不正确。 对所有人的责任不仅应考虑到客户。 道德困境也可能影响雇主,同事甚至公众。


Q. Ethical standards help to uphold trust in the investment industry because laws and regulations:

can be vague.
change too quickly.
do not guide individual behaviour.

A是正确的。 法律法规可能含糊不清或含糊不清,也无法定论,并且对金融市场变化的反应速度很慢。 结果,需要道德行为来维持对金融市场的信任。 B不正确。 法律法规通常变化缓慢,因此需要道德标准来指导法律法规缓慢适应变化环境的行为。 C不正确。 在法律不模糊不清的地方,法律和法规能够指导个人的行为。


Q. Mandatory compliance with the CFA Institute Code of Ethics is determined by:

country of residence.
local laws and regulations.
membership in CFA Institute.

C是正确的。 无论居住国家或当地法律法规如何,CFA学院的所有成员均必须遵守CFA学院的道德守则


Q. A regulator’s discovery of systemic unethical behaviour by a group of employees over a long period would likely cause an employer to:

decrease fees paid to lawyers.
increase scrutiny of other employees.
retain their current compliance officer.

B是正确的。 监管者一旦发现一群员工的系统性不道德行为,就很可能会要求公司通过加强对其员工的审查来改善对合规性的监督。 监管机构还可能要求公司聘请独立的合规顾问来改善政策和程序。 A不正确。 员工的不道德行为可能导致雇主增加向律师支付的费用,以捍卫法院或监管机构中的不道德和/或非法行为。 C不正确。 考虑到一组员工的不道德行为具有系统性的长期性,雇主可能会替换现有的合规官,因为他们没有以适当的方式进行监督。


Q. When investigating an employee for suspected unethical behaviour, a firm’s compliance officer should most likely:

quickly close the case.
make all decisions without consulting others.
determine the information needed to make a decision.

C是正确的。 掌握事实是道德决策框架中的一步。 此过程的一部分是确定在处理可疑的不道德行为时可以做出审慎决定之前需要哪些信息。 收集所需的信息可能会花费一些时间,并且需要其他人的投入。 当员工的职业处于平衡状态时,急于做出决定是不公平的。 这样做是不道德的,因此不尊重同事会违反CFA研究所的道德守则。 A不正确。 了解事实是道德决策框架中的一步。 收集所需信息可能需要一些时间。 B不正确。 了解事实是道德决策框架中的一步。 所需信息的收集可能需要其他人的输入。


Q. A report was recently published in a magazine widely read across the world by retail and high-net-worth investors. The report exposed a common unethical practice among stockbrokers in small illiquid emerging markets. The report focused on practices in a particular local market. This report may negatively affect investor confidence in:

financial markets worldwide.
the highlighted local market only.
the emerging markets specifically mentioned.

A是正确的。 任何关于不道德行为的报告,无论发生在何处,都会使全世界的投资者想知道他们的市场中是否也在发生类似的不道德行为,这可能导致公众信任度和投资者信心下降。


Q. Which of the following is affected by high ethical standards?

Public trust
Market volatility
Financial market performance

A是正确的。 高道德标准可增强公众信任。 市场波动和金融市场表现未必会受到高道德标准的影响。 B是不正确的市场波动和金融市场表现未必会受到高道德标准的影响。 C是不正确的,因为市场波动和金融市场表现未必会受到高道德标准的影响。


Q. An accounting clerk working for an investment bank buys shares in a highly sought after initial public offering (IPO) that is anticipated to be over-sold and is being recommended to all of the investment bank’s clients. Which obligation to his employer and/or to his employer’s clients did the clerk violate?

His obligation to be loyal
His obligation to avoid conflicts of interest
His obligation to recommend suitable investments

B是正确的。 该业务员违反了避免利益冲突的义务。 投资银行的所有员工都有义务将公司客户的利益置于个人之上。 在这种情况下,业务员将其利益放在客户之前。 A是不正确的,因为店员没有违反其对雇主的忠诚度。 C是不正确的,因为会计人员不会负责向客户推荐合适的投资。


Q. The chief investment officer (CIO) of a portfolio management firm discovers that a coworker who reports to him is not following new investment regulations because he was ill and out of work the day of the regulations training by the compliance officer. The CIO should:

immediately terminate the coworker’s employment.
write a negative report about the coworker’s performance.
check all of the coworker’s work to ensure it meets the new regulations.

C是正确的。 首席信息官应亲自检查所有已完成的工作,直到他感到同事可以理解新规定下的义务为止。 首席信息官不应对同事写负面报告,也不应将其终止,因为他有正当理由错过培训。 A是不正确的,因为同事有正当理由错过培训,因此不应立即终止。 B是不正确的,因为CIO不应给同事写负面报告,因为他有正当的理由错过培训。 作为主管的CIO确实有责任确保遵守所有规定,并确保同事有机会接受培训。


Q. Regarding the principles of fair dealing, under what circumstance can a firm treat two clients differently?

When one client has different investment objectives than the other
When one client has more assets under management than the other
When one client agrees to a higher fee rate than that paid by the other

A是正确的。 公平交易要求以相似的方式对待所有具有相似投资目标的客户。 支付较高费用或拥有更多资产管理的客户无法比其他客户得到更优惠的待遇。 B是不正确的,因为管理更多资产的客户无法得到比其他客户更优惠的待遇C是不正确的,因为支付较高费用的客户无法比其他客户得到更优惠的待遇


Q. Should a firm always put client interests first?

Yes
No, not when the firm’s profitability will be harmed
No, not when the client’s trading activities are unethical

C是正确的。 当客户的活动非法或不道德时,资本市场的完整性优先于客户利益。 公司和投资专业人员对行业负有责任,以确保客户的行为不会损害市场诚信。 A是不正确的,因为当客户的活动是非法的或不道德的时,资本市场的完整性优先于客户的利益。 B是不正确的,因为公司的获利能力并不优先于客户利益。


Q. A regulator determines that a trade is a case of insider trading. During the investigation, the regulator learns that a receptionist at the firm had suspected the violation but didn’t report it to his supervisor because the firm did not have a whistleblower policy. Which of the following is an expected consequence?

The firm’s share price may increase.
The regulator increases future scrutiny of the firm.
The regulator bans the receptionist from working in the investments industry.

B是正确的。 监管者可能会加强对该公司的未来审查。 接待员不太可能会因为没有真正参加内幕交易而失业。 但是,监管机构可能会对公司实施罚款,因为没有吹哨政策可能会导致股东价值下降。 A是不正确的,因为监管机构可能会因为没有吹口哨政策而对公司处以罚款,这可能会导致股东价值的损失而不是增加。 C是不正确的,因为监管机构可能会增加对公司的未来审查,而且接待员不太可能因为他实际上没有参与内幕交易而失去工作。 但是,监管机构可能会因为没有举报人政策而对公司处以罚款,这将有助于更快地发现道德违规行为,并对公司实施更严格的监管报告要求。 两者都可能对公司产生财务影响。


Q. Which of the following is a consequence of unethical behaviour in the investment industry?

A vibrant capital market
Investment firms going out of business
More private companies seeking a listing on an exchange

B是正确的。 由于投资行业不道德的行为,由于市场信心丧失,交易量减少,企业可能倒闭。 A是不正确的,因为投资行业中的不道德行为会使投资者对金融市场的完整性失去信心,这很可能导致资本市场不活跃或不活跃。 C是不正确的,因为由于失去市场信心导致的不活跃市场不会鼓励许多IPO


Q. A compliance officer is investigating a potential ethical violation reported through a company’s whistleblower procedures. As part of the “Get the Facts” step within her decision framework, the compliance officer determined the relevant facts of the case and decided that what she did not know would likely be inconsequential. The compliance manager then asked herself, “Do I have enough information to determine whether a violation actually occurred?” Which of the following questions should the compliance officer also ask herself as part of the “Get the Facts” step?

What options do I have when acting on my decision?
Is there anyone else I can discuss this situation with?
How should I manage the whistleblower’s conflicts of interest?

B是正确的。 在道德决策框架中的“获取事实”步骤下,另一个问题是:“我应该咨询任何人吗?” 此步骤中的另一个问题是:“我如何才能了解有关情况?” A不正确,因为此问题是“确定和评估替代措施”步骤的一部分,C不正确,因为此问题是“确定利益冲突”步骤的一部分。


Q. Which of the following is a factor that is affected by high ethical standards in the investment profession?

Market integrity
Regulators’ trust
Clients’ investment goals

A是正确的。 市场诚信是受投资行业高道德标准影响的因素。 B是错误的,因为市场诚信而不是监管者的信任会影响投资专业人士的道德标准。 C是错误的,因为客户的信任或投资目标而不是成功是影响投资行业道德标准的因素。


Q. Compared with his co-workers in the investment department, an employee working in the information and communication technologies department has general obligations to an investment firm’s clients and prospective clients that are:

similar.
less stringent.
more stringent.

A是正确的。 客户和准客户以及雇主和同事的一般义务对于投资行业的所有员工都是相似的。


Q. A research analyst writes an investment report on a company he holds in his personal investment portfolio. In the report, he makes a “buy” recommendation. Does the analyst have an obligation to disclose his personal holdings of shares in that company to any of his employer’s potential clients?

Yes
No, he would only need to if he had made a “sell” recommendation
No, he only needs to disclose his ownership to his employer’s existing clients

A是正确的。研究分析师有义务让其雇主及其雇主的现有和潜在客户披露潜在的利益冲突。他正在对自己拥有的个人投资组合中的股票提出买入建议,这是利益冲突。客户和准客户有权了解此信息,以便他们可以尝试了解分析师提出建议的任何潜在动机。 B是不正确的,因为客户和准客户有权了解此信息,因此他们可能会尝试了解分析师提出建议的任何潜在动机。分析师可能会提出“卖出”建议,以压低股价,以便他可以以比当前市场价格低的价格为自己的投资组合购买更多股票。 C是不正确的,因为研究分析师对他的雇主,他的雇主的客户和准客户有义务披露潜在的利益冲突。


Q. A client who has been with an investment advisory firm for more than 10 years informs the CEO that he is taking his portfolio to another firm. When asked why, he states that the other company has products that better meet his new risk profile. At this point, the firm’s obligation to the client should lead the CEO to first ask:

Has the client been treated fairly over the past 10 years?
Do we have a comparable product that would meet the client’s best interests?
Has sufficient competence been applied to achieve the client’s best interests?

B是正确的。 尽管首席执行官不想失去客户,但他有义务要求客户将自己的利益置于公司利益之上。 因此,首席执行官有义务确定公司是否拥有可以满足客户新风险要求的产品。 如果不是这样,首席执行官应让客户前往竞争对手。 A是不正确的,因为此问题是一个汇报问题,不能直接帮助客户满足其新的风险状况,但将来可能会帮助公司改善其客户服务。 C是不正确的,因为此问题是一个汇报问题,不能直接帮助客户满足其新的风险状况,但有可能在将来帮助公司提高其能力和勤奋程度。


Q. Max Brown, a software programmer, was recently fired from his job at a portfolio administration company, despite having successfully designed a software programme during his employment that greatly improved the company’s productivity. Subsequently, Brown sold a copy of the software programme to a competitor. Has Brown violated any obligation to his former employer?

Yes
No, he is no longer an employee
No, he designed the software programme

A是正确的。 尽管被解雇,布朗还是有义务忠于其前任雇主。 由于Brown是在工作中设计该软件的,因此该软件属于公司。 他有义务要求其前任雇主不要挪用公司财产。 B是不正确的,因为无论被解雇,Brown都有忠于其前雇主的义务,尽管自己设计了该软件,也不得挪用公司的资产。 C是不正确的,因为尽管布朗本人亲自设计了软件,但他有忠于其前雇主的义务,不得挪用该公司的资产。


Q. Employees of a small asset management company that hires only CFA charterholders have complained that their bosses do not allow them to attend training courses related to their work. The bosses have justified the policy because the courses were only offered during work hours when the employees needed to look after clients. Do the bosses likely comply with principles of the CFA Institute Code of Ethics?

Yes
No, because they are hindering the development of their employees
No, because they are discouraging others to practice in a professional manner

B是正确的。 CFA协会《道德守则》要求会员保持和提高其专业能力,并努力保持和提高其他投资专业人士的能力。 A是不正确的,因为CFA道德守则要求会员保持和提高其专业能力,并努力保持和提高其他投资专业人士的能力。 C是不正确的,因为CFA道德守则要求成员保持和提高其专业能力,并努力维护和提高其他投资专业人士的能力。


Q. A supervisor under an extremely tight deadline presses members of his team to get their client reporting assignments done on time. Despite his efforts, he realises the client reports will not be out until the next day and decides to leave for home earlier than normal. As a result, the clients’ reports are delivered two days late, in violation of the company’s internal policies. Subsequently, he reports the violation to his superior. Which of the supervisor’s actions violated the CFA Code of Ethics?

Going home early
Reporting the violation
Putting pressure on the team

A是正确的。 通过比平常早离开,他将自己的兴趣放在了希望按时收到报告的客户的前面。 B是不正确的,因为主管通过向其老板报告违规行为,从而通过将其雇主的利益置于自己的利益之上来维护CFA道德守则。 C是不正确的,因为督促团队成员按时完成报告,而主管并未违反《道德守则》,他只是试图将客户利益放在首位。


Q. A high-net-worth client calls the receptionist of her asset management company to request a copy of her portfolio’s year-end statement be sent to her tax accountant to help prepare her income tax filing before the statutory deadline in two days. To prevent violating the CFA Institute Standards of Professional Conduct, what action should the receptionist take?

E-mail the report as quickly as possible, as requested by the client.
First seek permission from her boss to send the information as requested.
Inform the client’s portfolio manager and ask him to contact the client directly.

C是正确的。 CFA专业行为标准要求对客户信息保密。 接待员不太可能具有通过电话识别客户的能力。 因此,应将请求通知投资组合经理,以便可以直接联系客户以确认请求,并遵循必要的程序来确认客户的身份。 A是不正确的,因为接待员不太可能通过电话识别客户。 B是不正确的,因为她的老板可能没有适当的权限来发布机密信息。


Q. A conflict of interest can occur when interests of an employer are given priority over the interests of a(n):

client.
employee.
competitor.

A是正确的。 当雇主的利益优先于其客户之一的利益时,就会发生利益冲突。 B是错误的,因为当雇主的利益优先于其雇员之一的利益时,就不会发生利益冲突。 C是不正确的,因为当雇主的利益优先于其竞争对手之一的利益时,就不会发生利益冲突。


Q. Increased market efficiency and trust will have what impact on access to debt and equity capital and cost of funds, respectively?

Access to debt and equity capital will increase; cost of funds will increase.
Access to debt and equity capital will increase; cost of funds will decrease.
Access to debt and equity capital will decrease; cost of funds will decrease.

B是正确的。 市场效率和信任度的提高将导致债务和股权资本的获取增加,资金成本减少。 A是不正确的,因为提高市场效率和信任度将导致获得债务和股权资本的机会增加和减少资金成本。 C是不正确的,因为提高市场效率和信任将导致获得债务和股权资本的增加或减少资金成本。


Q. A supervisor has to make a very difficult decision regarding one of his firm’s top performing employees as a result of his actions during a trip, as reported by another colleague who was with him. Before making the decision, the supervisor discusses with his superior his choices in response to the unethical behaviour. Which of the following steps in a decision-making framework is the supervisor taking?

Get the facts
Identify an ethical issue
Seek additional guidance

C是正确的。 主管正在寻求第三方的其他指导,以帮助确定主管应采取的适当措施。 A是不正确的,因为事实似乎已经收集到,因为同事报告了表现最好的人的不道德行为。 B是不正确的,因为同事发现了不道德的行为并进行了举报。


Q. Maintaining high ethical standards in the investment industry will most likely result in:

decreased market efficiency.
fewer conflicts of interest.
increased market participation.

C是正确的。 通过维持高道德标准,对金融市场公平的信任将增加,从而增加市场参与度。 A是不正确的,因为维持高道德标准的最终结果应该是提高市场效率。 B是不正确的,因为高道德标准可帮助个人处理潜在的利益冲突,但不会影响这些固有冲突的数量。


Q. An investment manager who also actively runs her own restaurant until late in the evening each day often misses morning investment strategy meetings as a result. She justifies missing these meetings by stating she is directly servicing clients when she holds late-night dinner meetings with them. The investment manager might not be loyal to her employer because she:

does not invite the firm’s other clients to have similar dinners.
submits reimbursement forms for her client’s wholesale dinner costs.
jeopardises her investment clients’ interests by missing the strategy meetings.

C是正确的。 由于在餐厅工作到深夜而错过了投资策略会议,因此投资经理对她的雇主不忠。 在错过这些会议的过程中,她在会议期间共享了可能影响客户投资组合的重要信息,因此她没有为客户的利益采取必要的照顾。 A不正确。 不需要平等对待客户,因此只邀请她的客户而不是公司的所有客户,就不会对她的雇主不忠。 B不正确。 如果晚餐在另一家餐厅,则投资经理应提交一份报销表。 通过仅收取批发费用,投资经理可以帮助减轻利益冲突,从而使她从晚餐中获利。


Q. An exception to the ethical principle that investment managers must put a client’s interests before those of his own or his firm occurs when by doing so:

it would harm market integrity.
sales commissions would be diminished.
the firm’s other clients would not be treated equally.

A是正确的。 客户利益必须高于公司利益或公司雇员利益的原则的唯一例外是,将客户利益放在首位会损害资本市场的完整性。 B不正确。 公司的员工不得根据提供给他们的产品或公司最高的销售佣金来建议客户。 C不正确。 不必平等对待所有客户,因为他们具有不同的投资目标和限制。


Q. A company policy that restricts employees from accepting gifts that may prejudice their judgment reflects a professional standard of practice regarding:

disclosing conflicts of interest.
acting with independence and objectivity.
exercising reasonable care and prudent judgment.

B是正确的。 具有独立性和客观性的专业原则要求投资行业的工作人员以周到和客观的方式履行其专业职责,没有任何可能影响其判断力的义务,负担或偏见,例如天赋或人际关系。


Q. The need for ethical behaviour has increased over the last few decades because:

regulatory and cultural values are increasingly similar.
organisations are less willing to operate across borders.
financial products and services have become more complex.

C是正确的。 在过去的几十年中,随着投资产品和金融服务的广度和复杂性的增加,道德困境的可能性也在增加。 因此,这增加了对道德行为的需求。 B不正确。 组织更有可能跨越国界运作。 A不正确。 监管和文化环境是多种多样的,并且越来越不相似。


Q. When an investment professional is explaining her obligations as a supervisor, she should state, "As part of my key obligations, I must:

never self-assess my personal conduct".
always identify all to whom my duty of obligation is owed".
examine the competence applied in achieving the employer’s best interest".

B是正确的。 监事必须确定对谁负有义务,这是其作为监事的责任的一部分。 这种澄清将帮助她确定如何治疗道德困境。 A不正确。 主管必须进行自我评估,以确保其个人行为符合客户,雇主和投资行业的诚信,道德标准和目标。 C不正确。 主管有责任评估为实现客户(而不是雇主)的最大利益而应用的能力和勤奋。


Q. An investment manager receives a recommendation to buy a certain security for his client’s portfolio. The recommendation is based on extensive research by his firm’s research team. Although he believes the research to be sound and the recommendation justified, he does not buy the shares for his client’s portfolio because five years ago he owned the same security and sold it for a substantial loss. The investment manager is failing to:

avoid conflicts of interest.
make full and fair disclosures.
act with independence and objectivity.

C是正确的。 投资经理在为客户做出投资决策时,不得允许个人偏见(例如先前的不良投资经历)影响其专业判断。 A不正确。 没有明显的利益冲突,因为他不再持有其个人投资组合中的股份。 B不正确。 由于他不再持有其投资组合中的股份,因此无需披露。


Q. To meet his obligation to the firm’s clients, a back-office employee should:

treat all client information as confidential and protect its security.
refuse to meet clients because they do not make investment decisions.
not hold any of the same securities in his personal portfolio as are in client portfolios.

A是正确的。 所有员工都有义务对客户的信息保密,并确保信息的安全性,以便其他人不会未经授权访问信息。 B不正确。 有时,后台办公室员工需要与客户见面以回答客户的问题,因此应该准备以专业的方式进行。 C不正确。 只要客户有机会首先进行交易并且已经进行了适当的披露,因此雇员被禁止在其个人投资组合中持有相同的股份,这样就宣布了任何潜在的利益冲突,使客户可以就使用该资产做出明智的决定。 公司的服务。


Q. Two employees of a prominent investment adviser who get into a loud argument with some pushing and shoving when attending a private company event held at the company’s offices are violating their obligations to their:

employer.
co-workers.
employer and co-workers.

B是正确的。 员工有义务尊重他们的同事。 通过在办公室引起纠纷,两名员工不仅尊重另一名员工,而且也无视任何目睹了这一争端的员工。 A不正确。 由于争执是在私人活动中进行,因此雇主的声誉不太可能受到损害。 C不正确。 由于争执是在私人活动中进行,因此雇主的声誉不太可能受到损害。


Q. Consequences are most severe for market participants who violate which of the following?

Regulations
Ethical principles
Professional standards

A是正确的。 对于违反法规的后果最为严重。 B和C是不正确的,因为违反道德准则和专业标准会带来后果,但这些后果可能不如带有法律效力的违反法规的后果严重。


Q. Regulations that affect the financial services industry are most likely needed because:

power is equally distributed among industry participants.
the same information is available to all industry participants.
a high number of interconnections exists among industry participants.

C是正确的。 由于行业参与者之间存在大量的相互联系,因此需要影响金融服务行业的法规。 行业参与者之间的互连存在系统性故障的风险。 A和B是不正确的,因为行业参与者之间的相对权力和获取信息的方式有所不同,这就需要进行监管。


Q. Which of the following best describes a broad objective of regulation in the context of the financial services industry?

To protect consumers
To eliminate financial risk
To enforce corporate policies and procedures

A是正确的。 在金融服务行业中,保护消费者是监管的广泛目标。 B是不正确的,因为降低风险可能是监管的目标,但是消除金融服务行业中的风险是不可能的。 C是不正确的,因为公司制定了公司政策和程序,目的是确保良好的商业行为并遵守法规; 但是,执行公司内部政策并不是监管的目标。


Q. Regulations to ensure that companies in the financial services industry do not engage in practices that could cause failures in the financial markets most likely have:

a social objective.
an efficiency objective.
an economic stability objective.

C是正确的。 确保经济服务目标的法规是确保金融服务行业中的公司不从事可能导致金融市场失败的做法。 A是不正确的,因为监管的社会目标包括增加对特定群体的信贷可用性,鼓励拥有房屋,提高国民储蓄率以及防止犯罪活动。 B是错误的,因为监管的效率目标旨在降低成本并提高经济效率。 例如,采用规则来标准化文档或如何传输信息。


Q. Regulations intended to increase the national savings rate and encourage home ownership most likely have:

a social objective.
a fairness objective.
an economic stability objective.

A是正确的。 旨在提高国民储蓄率并鼓励拥有住房的法规具有社会目标。 B是不正确的,因为监管的公平目标旨在促进没有参与者具有不公平优势的公平有序市场。 C是错误的,因为经济稳定目标旨在确保金融服务行业的公司不从事可能破坏经济的行为。


Q. In working toward ensuring fairness in the markets, regulators most likely attempt to:

increase information asymmetries.
maintain fair and orderly markets.
prevent public release of insider information.

B是正确的。 法规试图通过推广消除对选定参与者不公平优势的规则来维护公平有序的市场。 A是不正确的,因为信息不对称是指某些市场参与者比其他参与者拥有更多与投资相关的信息。 法规试图减少而不是信息不对称。 C是不正确的,因为法规试图阻止参与者进行内部信息交易,从而损害其他市场参与者。 公开发布或传播减少了内部信息的不公平优势。


Q. Which of the following is most likely a regulatory failure?

Only inadequate regulation
Only failure to enforce regulation
Both inadequate regulation and failure to enforce regulation

C是正确的。 监管不力和未能正确执行法规都是监管失败的例子,有可能对市场参与者和整个行业造成伤害。


Q. The step in the regulatory process at which regulators weigh the costs and benefits of a proposed regulation is the:

analysis.
identification of perceived need.
dispute resolution process.

A是正确的。 分析是监管过程中的一步,在此过程中,监管机构会权衡拟议法规的成本和收益。 B是不正确的,因为确定感知需求是识别未来需求或先前问题并导致监管的步骤。 C是错误的,因为争议解决过程是确定争议处理方式的步骤。


Q. In establishing a merit-based rule, regulators are most likely to:

restrict access to specific products deemed to be risky.
mandate disclosure of information relevant to decision making.
establish broad principles within which the industry is expected to operate.

A是正确的。在基于绩效的监管体系中,监管机构试图通过限制向消费者出售的产品来保护消费者。 B是不正确的,因为基于披露而不是基于绩效的监管系统要求披露与决策相关的信息。在基于公开信息的系统中,监管机构不决定产品对消费者是好是坏,而只是确保消费者有足够的信息来做出自己的决定。 C是不正确的,因为基于原则而不是基于绩效的监管体系建立了广泛的原则,预期该行业将在其中运作。实际上,大多数监管系统都是混合使用四种方法中的每一种:基于规则,基于原则,基于绩效和基于披露的方法。结果,某些法规将非常详细,某些法规将建立广泛的原则,某些法规将试图通过限制对被认为有风险或有害的产品的访问来保护消费者,而某些法规则将重点放在确保提供适当的信息上。


Q. In the regulatory process, regulators must assess whether firms and individuals are complying with regulations. This step in the regulatory process is best described as:

monitoring.
enforcement.
implementation.

A是正确的。 在典型的监管过程中,涉及监视公司和个人的合规性(包括检查和调查等)的步骤是监视步骤。 B是不正确的,因为监管过程的执行步骤涉及监管者识别和惩罚违规行为。 C是不正确的,因为监管过程的实施步骤是在新法规生效时进行的,并且可能包括将新法规告知公司和个人。


Q. Regulations that require large financial firms to create virtual and physical barriers between investment banking activities and research activities are examples of:

trading rules.
gatekeeping rules.
sales practice rules.

C是正确的。 要求大型金融公司在投资银行业务和研究活动之间创建虚拟和物理障碍的法规是销售实践规则的示例。 当金融服务提供商在其客户的决策中具有财务利益时,销售业务规则会尝试解决潜在的利益冲突。 此类法规还包括对广告和价格的控制。 A是不正确的,因为交易规则着重于市场中的交易惯例和金融参与者的交易活动,以确保公平,有组织和有效的市场。 B是不正确的,因为网守规则旨在确保行业人员符合能力和完整性标准,并且所提供的金融产品符合某些标准。


Q. Regulations that attempt to prevent market manipulation are examples of:

trading rules.
operational rules.
sales practice rules.

A是正确的。 试图防止市场操纵的法规是交易规则的例子。 交易规则侧重于市场中的交易惯例和金融参与者的交易活动,以确保公平,有组织和有效的市场。 市场操纵涉及投资者采取旨在改变股票价格以产生短期利润的行动。 B是错误的,因为运营规则与公司的运营方式有关; 操作规则包括有关财务杠杆以及如何处理客户帐户的规则。 C是不正确的,因为销售惯例规则旨在确保行业专业人员就推荐的产品和所收取的费用适当对待客户。 此外,此类规则旨在减少行业专业人员在销售和推荐金融产品时可能面临的潜在利益冲突。


Q. An objective of establishing corporate policies and procedures is to:

promote economic growth and stability.
ensure compliance with laws and regulations by employees.
set standards for employee conduct that carry the force of law.

B是正确的。 建立公司政策和程序的目的是确保员工遵守法律法规。 A是不正确的,因为促进经济增长和稳定是监管的广泛目标。 C是不正确的,因为公司的政策和程序不具有法律效力。


Q. With respect to corporate policies and procedures, when should supervision of employees begin?

Before an employee is hired
During an employee’s orientation
During an employee’s job training

A是正确的。 在雇用员工之前就开始进行监督; 公司应进行背景调查,以确定潜在雇员的能力和性格。 B和C是不正确的,因为最初的方向和培训应强调公司政策和程序以及法规遵从性的重要性和作用,但这些都是在雇用员工之后发生的。


Q. The consequences of failure to comply with regulations and corporate policies and procedures:

include costs to only the firm and employees.
range from individual costs to damage to the global economy.
are borne by the employee who failed to comply and not by the employee’s supervisor or employer.

B是正确的。 不遵守法规以及公司政策和程序的后果可能会产生深远的后果。 A是不正确的,因为这些故障不仅影响公司及其员工。 C是不正确的,因为主管和雇主可能会为失败承担一些责任。


Q. Regulatory sanctions against firms include:

only financial penalties.
only financial penalties and loss of licences.
financial penalties, loss of licences, and forced closure.

C是正确的。 不遵守法规和内部政策可能会导致监管制裁,包括罚款,失去执照和强制关闭。 A和B是不正确的,因为制裁可能包括罚款,失去许可证和强制关闭。


Q. An example of a type of regulation would most likely be:

company policies on personal trading.
a trade association’s member rules.
stock broker licensing and reporting requirements.

C是正确的。 证券经纪人的许可和报告要求将是一种法规,因为它们设置了行为标准并具有法律效力,法律效力由政府机构或政府机构授权的实体执行。 A不正确。 公司政策既不由政府机构制定也不执行,因此从定义上讲不是法规。 B不正确。 贸易协会规则既未由政府机构制定也未执行,因此从定义上讲不是法规。


Q. When the failure of a large financial services company leads to the subsequent failure of many other financial services companies, causing serious damage to the economy, it is called:

fraud.
contagion.
corruption.

B是正确的。 当一家大型金融服务公司的倒闭导致其他金融服务公司倒闭,从而严重损害经济时,就会发生传染。 A不正确。 欺骗不是传染的形式。 使用不诚实或欺骗手段时会发生欺骗。 C不正确。 腐败不是传染的形式。 腐败是利益冲突(通常是个人利益)破坏他人利益的时候。


Q. When an employee fails to abide by his firm’s personal trading rules, which require pre-clearance of any transaction, it may lead to the firm’s regulator:

finding additional problems in other areas.
requiring the firm’s personal trading rules to be abolished.
insisting the firm undertake its pre-clearance procedures through the regulator.

A是正确的。 公司会不断与监管机构进行互动,因此,在某个领域忽视监管机构的意见可能会导致其他领域出现问题。 B不正确。 监管机构不会废除要求员工提前清算交易的个人交易政策,因为这可能导致与客户和公司以及内部交易的利益冲突增加。 C不正确。 监管者不从事与个别公司的政策和程序有关的活动。 他们不能同时执行和执行,因为这会造成利益冲突。


Q. Which of the following is an objective of regulation?

To help borrowers minimise costs
To help governments achieve social objectives
To help informed investors earn higher returns

B是正确的。 政府可以使用法规来实现社会发展目标。 A是不正确的,因为法规旨在保护消费者免受滥用和操纵性的市场惯例的侵害。 监管机构无法确保市场表现良好。 C是不正确的,因为监管机构旨在确保没有投资者拥有不公平优势的公平有序市场,而不是获得利益。


Q. A capital market regulator who implements rules that increase the use of dispute resolution mechanisms is addressing which broad objective of regulation?

Fairness
Efficiency
Economic stability

B是正确的。 争端解决系统可以通过减少得出结论所需的时间来减少法律索赔的成本。 这一结果有助于提高金融市场的效率。 A是不正确的,因为公平与监管者为维持“公平有序”的市场而做出的努力有关,在该市场中没有参与者具有不公平的优势。C是不正确的,因为监管者制定了法规以确保从业者不会从事会破坏经济的行为。


Q. Which of the following statements regarding documented corporate policies and procedures is true? Corporate policies and procedures serve to:

ensure firm compliance with regulations.
guide employees on acceptable behaviour.
ensure a high success rate when bidding for new business.

B是正确的。 成文的公司政策和程序建立了可接受的员工行为准则。 A是不正确的,因为文件化的公司政策和程序不能确保遵守法规,它们只是允许公司监视和识别偏差。 C是不正确的,因为客户根据几种标准任命金融服务公司,而这些标准中已记录了公司政策和程序的只是其中之一。 成功竞标新业务不能仅归因于已记录的公司政策和程序的可用性。


Q. Which of the following corporate procedures or policies best protects the interests of a financial services firm’s clients?

Front office staff remuneration packages are commissioned based.
An employee is allowed to report suspected violations anonymously.
New employees receive extensive training; thereafter, employees are required to ensure that they understand any changes occurring in the market.

B是正确的。 对于员工而言,重要的是要知道他们可以举报可疑活动,而不必担心会受到报复。 通过能够匿名举报,举报者受到了保护。 主管和高级管理层应承担进一步调查以确定是否确实发生违规行为的责任。 A是不正确的,因为仅基于绩效的薪酬待遇会鼓励不道德的做法,例如内幕交易。 C是不正确的,因为必须持续进行员工培训,而不仅仅是在雇用员工时。 确保公司所有员工接受持续培训是公司的责任,即使它旨在提醒员工他们对客户的法律和道德责任。


Q. A regulator heavily fined Pinnacle Advisors after employees were found to be front running. In addition to the fine, the regulator required the firm to hire an external compliance consultant to review and create conflict of interest policies and enforcement procedures where necessary. The regulator also required the firm to inform all of its clients of the penalties faced. Which of the following is a consequence for Pinnacle?

Loss of client accounts
Lower operational expenses
Decline in client investment returns

A是正确的。 品尼高可能会损失客户账户,因为客户通常不愿意与没有严格执行法规的公司合作。 B是不正确的,因为Pinnacle由于被迫雇用外部合规顾问而将面临更高的运营费用。 C是不正确的,因为此监管措施不太可能对客户的投资组合业绩产生不利影响。 如果员工一直处于领先地位,一旦停止领先,客户的投资回报可能会增加。


Q. Which of the following helps to increase economic efficiency?

Unique documentation
Effective dispute resolution system
Requiring dispute resolution in law courts

B是正确的。 有效的争议解决系统有助于提高经济效率。 A是不正确的,因为标准文档(而不是唯一文档)表明如何传输信息有助于提高经济效率。 拥有唯一的文档可能会导致重复和混乱的风险,从而降低经济效率。 C是不正确的,因为要求将争议提交法院会增加成本,从而降低经济效率。


Q. Which of the following is a consequence of information asymmetries in financial markets?

Strong economic growth.
Fair and orderly markets.
Investors are deterred from investing.

C是正确的。 信息不对称(可用信息的差异)会阻止投资者进行投资。 A是不正确的,因为当投资者认为金融市场不公平时,经济增长会变慢。 B是不正确的,因为信息不对称会导致某些市场参与者具有不公平的优势,从而无法促进公平有序的市场。


Q. It is often difficult to convict a portfolio manager for manipulating share prices because it is difficult to prove or determine the:

profits made as a result of the manipulation.
intent on the part of the market manipulator.
ownership of the assets used to manipulate the market.

B是正确的。 通常很难直接就某人进行滥用交易行为(例如市场操纵)定罪,因为很难证明所指控的操纵者有意图。 A是不正确的,通常很难直接证明发生了市场操纵,因为很难证明所指控操纵者的意图。 C是不正确的,通常很难直接证明发生了市场操纵,因为很难证明所指控操纵者的意图。


Q. When a regulator wants to clarify a new regulation for the benefit of market players, it may publish:

staff interpretations.
additional regulations.
a report showing market acceptance.

A是正确的。 实施新法规后,监管机构通常会发布准则,常见问题解答(FAQ)和/或员工解释,以帮助市场参与者了解他们在满足新要求方面的义务。 B不正确。 监管机构通常不会引入其他法规来澄清法规。 C不正确。 市场接受度的证据无助于澄清新规定。


Q. An alternate dispute resolution process involving a regulator often uses the expertise of:

a court of law.
an ombudsman.
another regulator.

B是正确的。 替代性纠纷解决程序通常使用第三方,例如法庭,调解员,仲裁员或监察员,以帮助当事方解决纠纷。 A不正确。 替代性纠纷解决程序通常使用第三方,例如法庭,调解员,仲裁员或监察员来帮助当事方解决纠纷。 仲裁过程中不使用法院-整个目的是避免诉诸法院以降低成本并缩短解决期限。 C不正确。 替代性纠纷解决程序通常使用第三方,例如法庭,调解员,仲裁员或监察员来帮助当事方解决纠纷。


Q. A regulation that requires investment banks to provide private equity investors with all material information pertaining to raising capital for an investment company would most likely be classified as:

merit based.
disclosure based.
principles based.

B是正确的。 基于披露的法规旨在确保仅投资者获得了与投资有关的所有必需的重大披露。 A不正确。 基于绩效的监管者试图通过限制投资者可获得的投资产品来保护他们。 C不正确。 在基于原则的环境中,监管机构制定了董事会原则,期望该行业能够在其中运作。


Q. The supervision of an employee begins:

before the employee is hired.
at the time the employee is hired.
when the employee violates corporate policy.

A是正确的。 公司有责任在雇用该雇员之前确定该雇员是否具备足够的资格和良好品格。 B不正确。 公司有责任在聘用前而不是在聘用后确定准雇员是否具有足够的资格和良好品格。 C不正确。 公司有责任在雇用新员工之前确定其是否具备适当的资格和良好品格,而不是在他们违反公司政策时确定。


Q. An employee compensation plan with a potentially negative impact on a firm’s reputation is a compensation scheme based on:

sales levels.
quality of work.
time spent at work.

A是正确的。 基于销售水平的员工薪酬方案如果没有严格的监督,可能会导致员工根据所赚取的佣金水平向客户出售不合适的产品。 如果没有监督控制来限制这种可能性,那么公司的声誉就会受到损害。 B不正确。 基于工作质量的补偿方案不太可能损害雇主的声誉。 C不正确。 如果在工作期间进行的工作被认为可以接受,则基于在办公室花费的时间的补偿方案可能不会损害雇主的声誉。


Q. To facilitate healthy securities markets, regulators seek to:

eliminate risk.
avoid duplication.
encourage unfair advantage.

B是正确的。 法规可以避免重复和混乱,从而有助于提高经济效率。 A不正确。 监管机构旨在减少而不是消除风险。 C不正确。 监管者试图维持“公平有序”的市场,在这种市场中没有任何参与者具有不公平的优势。


Q. Despite a perceived need based on public outcry, a regulator might not implement a new regulation because the costs of implementing and monitoring the new regulation outweigh the benefit. This lack of implementation reflects a typical regulatory process step called:

analysis.
perceived need.
public consultation.

A是正确的。 在典型监管过程的分析步骤中,监管者将考虑实施新法规的成本效益分析。 如果成本大于收益,尽管有任何需要,监管机构仍可以选择不实施任何新法规。 B不正确。 典型监管流程中的“感知需求”步骤可能会导致制定法规。 但是只有在进一步分析后才能执行。 C不正确。 当确定收益大于成本时,通常在分析步骤之后进行公众咨询。 在这一点上,寻求公众舆论对新法规的预期实施提出建议和意见。


Q. The purpose of public consultation before implementation of a new regulation is to ensure that the:

public is in favour.
final outcome is improved.
affected parties are aware.

B是正确的。 监管机构通常会与可能会受到新法规实施影响的各方进行磋商。 这样做可以确保讨论诸如成本,收益和替代方案之类的问题,以提高最终规则的质量。 A不正确。 新法规不是在公众的支持下实施的,而是为了提高市场的完整性。 通常,服务提供商不赞成新法规,因为这会增加业务成本。 C不正确。 监管机构可以执行新法规,而无需与受影响的各方联系。 行业参与者有责任及时了解新法规。


Q. A good regulatory process has procedures in place to ensure that regulations are:

stable over time.
reviewed annually.
changed when needed.

C是正确的。 有效的监管流程将在需要时审查法规并对其进行更改,以确保其有效性。 “何时需要”的示例包括引入新产品或技术变化。 A不正确。 随着新产品和技术等的引入,将需要做出改变,以确保保护市场的完整性。 B不正确。 引入新产品和/或技术时需要进行更改。 年度审查可能会导致监管方面的差距,导致市场受到滥用。


Q. When using an alternative dispute resolution mechanism, parties typically will resolve the dispute through:

a court of law.
an impartial third party.
the parties’ compliance officers.

B是正确的。 争端解决机制通常使用第三方,例如法庭,仲裁员,调解员或监察员。 A不正确。 争端解决机制通常使用第三方,例如法庭,仲裁员,调解员或监察员。 C不正确。 争端解决机制通常使用第三方,例如法庭,仲裁员,调解员或监察员。


Q. Gatekeeping rules are designed, in part, to:

dictate how firms operate.
ensure firms have sufficient capital.
determine the integrity of personnel.

C是正确的。 看门规则的设计部分是为了确定谁可以在行业内运作。 因此,要求人员满足某些最低要求,以确保他们达到能力和诚信标准。 A不正确。 确定公司如何运作是制定业务规则的一个例子。 B不正确。 最低的充足资本要求是制定运营规则的一个示例。


Q. Operational rulemaking–based regulations may restrict firms from:

self-dealing.
making false advertising claims.
mixing client assets with firm assets.

C是正确的。 运营规则制定通常涉及确定公司如何处理客户资产。 公司经常被禁止将客户的资产与公司的资产混为一谈。 A不正确。 限制自我交易是销售惯例规则的一个示例。 B不正确。 公司如何做广告的限制是销售惯例规则的一个例子


Q. Regulations concerning soft money arrangements are designed to ensure that:

firms have access to research.
client interests are given highest priority.
research provided has an adequate basis.

B是正确的。 有关软货币安排的法规旨在确保公司与服务提供商进行交易是为了客户的最大利益,而不是公司的最大利益。 A不正确。 软货币法规旨在确保客户利益优先于公司利益。 C不正确。 软货币法规旨在确保客户利益优先于公司利益。


Q. One of the expected features of a compliance manual is to:

concentrate only on applicable laws and regulations.
indicate how compliance procedures are implemented and monitored.
act as reference material for supervisors to remove the need for refresher training.

B是正确的。 正确的合规性相关文档对于向监管机构证明合规性和强制性至关重要。 仅仅证明存在合规政策还不够。 公司的文件必须包括执行政策和程序的证据。 A不正确。 合规文档对于提供为确保遵守公司政策和程序以及法律法规而开展的活动的证据是必要的。 C不正确。 应该进行进修培训以加强合规性要求,否则公司冒着员工伤害公司的风险。


Q. Which of the following is most likely the first step in a typical regulatory process?

Public consultation
Compliance monitoring
Perceived need identification

C是正确的。 在典型的监管流程中,第一步是确定感知到的需求。 预期的监管需求可以在预期需求或针对当前情况时主动采取。 A是不正确的,因为公众咨询是监管步骤的一部分,但它是在确定需求,确定法律权限和分析之后进行的。 B是不正确的,因为在实施法规之后会进行合规性监视。


Q. Insider trading is best defined as:

trading for internal company accounts before placing a customer’s order.
trading based on material, non-public information that is likely to affect prices.
taking actions intended to move the price of a security to generate a short- term profit.

B是正确的。 内幕交易是基于重大的非公开信息进行的交易。 A是不正确的,因为在下达客户订单之前进行公司内部帐户的交易是抢先一步。 C是不正确的,因为采取旨在改变股票价格以产生短期利润的动作是市场操纵。


Q. Sales Practice Rules may be implemented by regulators to control:

net capital.
advertising content.
market transparency.

B是正确的。 销售实践规则可以涵盖公司如何宣传其服务和产品,并可以限制销售佣金的范围,以确保公司不利用客户。 A是不正确的,因为对净资本的控制是操作规则,而不是销售惯例规则。 C是不正确的,因为市场透明度规则是披露的一部分,而不是销售惯例规则。


Q. Why would a company agree to pay a regulatory fine despite not being guilty of any regulatory violation?

The cost of defending their innocence is considered to be minimal.
The reputational risk is felt to be too great if mistakenly found guilty.
The time needed to defend their case is too disruptive to their business.

C是正确的。 在时间和金钱上,为法院辩护指称的违反法规的行为可能是昂贵的。 因此,这可能会对企业造成破坏。 但是,对于同意支付罚款的公司来说,声誉风险也可能很高。 B是不正确的,因为对于同意支付罚款的公司来说,声誉风险也可能很高。 A是不正确的,因为在法庭上抗辩所谓的违反监管规定的成本可能很高。


Q. Who is responsible for ensuring compliance with regulations by financial market participants?

Regulators
Financial market participants
Both regulators and financial market participants

C是正确的。 监管机构将在其监督下对公司和个人进行监控,以确保其合规性。 此外,公司还将监视其流程,程序和员工,以确保它们遵守适用的法规,以免失去失去经营能力的危险。 A是不正确的,因为公司还将监视其流程,程序和员工,以确保他们遵守适用的法规,以确保他们不会失去失去经营能力的危险。 B是不正确的,因为监管机构将在其监督下监视公司和个人,以确保其合规


Q. In order to efficiently resolve a dispute between a broker and its customers, a regulator should depend on:

legislative action.
an arbitration process.
a regular court system.

B是正确的。 通过常规法律法院系统进行的争端解决可以由很少或没有金融知识的法官裁决,从而金融专家可能会进行仲裁程序,从而导致更公正,更快速的解决,从而改善市场的诚信声誉并促进 经济效率。


Q. A financial advisory firm that implements internal policies regarding information barriers, suitability standards, and restrictions on self-dealing is most likely addressing issues related to which of the following types of regulation?

Trading rules
Disclosure rules
Sales practice rules

C是正确的。 销售实践规则解决了服务提供商在其客户决策中有财务利益而引起的可能的利益冲突。 旨在创建信息壁垒,适用性标准和自我交易限制的政策都是为了管理此类潜在的利益冲突而设计的。


Q. Unlike ethical principles and professional standards, regulations are most likely established and enforced by:

employers.
government bodies.
private institutions.

B是正确的。 法规由政府机构和政府机构授权的其他实体制定和执行。 A不正确。 法规由政府机构制定和执行。 C不正确。 法规由政府机构制定和执行。


Q. Best practice dictates that employees of a financial services firm should most likely undertake training on corporate policies and procedures:

on a continuous basis.
only at the time of joining the firm.
only when new policies are created.

A是正确的。 尽管应在加入公司时和新政策制定时对员工进行培训,但员工也应接受持续的培训以加强遵守公司政策和程序的重要性。 在雇用之时和制定新政策时进行培训不足以确保所有员工都了解其合规要求。


Q. To help prevent money laundering, regulators typically require a financial services firm to collect the following items from their clients:

soft dollar arrangements with brokers.
copies of birth records for a client’s children.
proof that income taxes have been paid on dividend income.

C是正确的。 从客户那里收集的有助于防止洗钱的信息通常包括对已付股息等投资收入的证明税。 A是不正确的,因为有关交易规则的法规可能会要求这样做。 B是错误的,因为从客户那里收集的有助于防止洗钱的信息通常会包含某种形式的客户身份证明,而不是客户的子女身份


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