2025年CFA一級金融市場道德專項測試（含答案）考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容：1.Aninvestmentanalystiscoveringacompanythatisexploringforoil.Thecompanyrecentlydiscoveredapotentiallylargeoilfieldandannouncedthatitwillconductapreliminarydrillnextmonthtodeterminetheviabilityoftheproject.Theanalysthasbeengivenexclusiveaccesstodetailedgeologicalreportsfromtheexplorationcompanyhiredbytheclient,whicharenotyetpublic.Thereportscontainproprietaryinformationaboutthelikelihoodofsuccessandpotentialreserves,farmorespecificthanwhatisinthepublicannouncement.Theanalystisconsideringusingthisinformationtogenerateapositiveresearchreportonthecompany,expectingthestockpricetoriseafterthedrill.Thecompanyhasnotyetfiledanymaterialdisclosureregardingthedrill'sspecificswiththesecuritiesregulator.Whatisthemostappropriatecourseofactionfortheanalyst?2.Aportfoliomanagermanagesalargeportfolioforseveralinstitutionalclients.Amajorclient,ClientX,requeststheportfoliomanagertoengageinmarkettimingstrategies,specificallyaskingtosellsignificantportionsoftheportfoliobeforeamajormarketdownturnthatthemanagerbelievesishighlyunlikelybasedonfundamentalanalysisbutisworriedcouldoccurduetogeopoliticaltensions.ClientXemphasizesthatthemanagershouldprioritizepreservingtheircapitaloverpotentiallong-termgains.Theportfoliomanagerknowsthatwhilemarkettimingisgenerallyconsideredpoorpracticeandisnottypicallyalignedwiththeirinvestmentstrategy,ClientXhassignificantinfluenceoverthefirm'sleadershipandfuturebusiness.Whatshouldtheportfoliomanagerdo?3.Anequityresearchassociateisworkingonareportdetailingthefinancialperformanceofacompanyinthetechnologysector.Duringthedataverificationprocess,theassociatediscoversthatthecompanyhasbeenconsistentlyunderstatingitsresearchanddevelopment(R&D)expensesbycapitalizingtheminsteadofexpensingthem,asperaccountingstandards.Theamountunderstatedissignificantenoughtopotentiallyimpactthecompany'sprofitabilitymetricsandvaluation.Theassociate'ssupervisorisunderpressuretocompletethereportbythedeadlineandhasindicatedapreferenceforapositiveoutlookonthecompany.Theassociateisconcernedabouttheethicalimplicationsofpublishingmisleadinginformation.Whatarethemostethicalstepstheassociateshouldtake?4.Ahedgefundmanagerisconsideringtakingashortpositioninapubliclytradedcompany'sstock.Themanagerhasnon-publicinformationsuggestingthecompanyisengaginginfinancialstatementmanipulationtomeetearningstargets.Whilethemanagercannotconfirmthemanipulationwithcertainty,thecircumstantialevidenceiscompelling.Themanagerisawarethatifthemanipulationisdiscovered,thestockpricecouldpotentiallycollapse,causingsignificantlossesforthehedgefund.However,takingashortpositionreliesonpredictinganadverseevent,whichinherentlyinvolvesuncertainty.Whatarethekeyethicalconsiderationsandpotentialregulatoryimplicationsforthemanageriftheyproceedwiththeshortposition?5.Afinancialadvisorismeetingwithaclientwhoisinterestedinpurchasingsharesofastartupcompany.ThestartupisnotyetpubliclytradedbutisindiscussionswithseveralinvestmentfirmsaboutapotentialInitialCoinOffering(ICO)inthenearfuture.Thefinancialadvisorknowsthattheclienthasaverylowrisktoleranceandprefersinvestmentswithhighliquidityandlowvolatility.Thestartup'sbusinessmodelisunproven,andtheadvisorhasseriousdoubtsaboutitslong-termviability.However,theadvisoralsoknowsthatiftheICOissuccessful,thepotentialreturnsforearlyinvestorscouldbeveryhigh.Theadvisorisconsideringrecommendingthestartupsharestotheclient,potentiallydeviatingfromtheirstatedriskprofile,inthehopeofgeneratingasignificantcommission.Whatethicalobligationsdoestheadvisorhaveinthissituation?6.Twoportfoliomanagersatdifferentfirmsareformercolleagues.Theyfrequentlydiscussmarkettrendsandgeneralinvestmentideasovercoffee.However,onemanager,ManagerA,sometimessharesnon-public,materialinformationaboutstocksintheirportfoliowithManagerB,informationthattheyacquiredthroughtheirposition.Thisinformationincludesupcomingmergers,earningssurprises,orchangesinmanagement,whichManagerBhasnotyetreceivedfromthecompaniesthemselvesorpublicannouncements.ManagerBusesthisinformationtoinformtheirowntradingdecisionsandgeneratessubstantialprofits.ManagerAclaimstheinformationis'justtalking'anddoesn'tbelieveitfallsunderthedefinitionofinsidertrading.WhatistheethicalissuewithManagerA'sbehavior?7.Atradingdeskanalystisresponsibleforexecutingordersforalargeinstitutionalclient.TheclientrequeststheanalysttoexecutealargeblockordertobuysharesofCompanyZovermultipledaystominimizemarketimpact.TheanalystnoticesthatCompanyZ'sstockpriceisunusuallyvolatileandthatalargeinstitutionalseller,whoisnotassociatedwiththecurrentclient,istryingtodumpamassiveamountofsharessimultaneously.Theanalystisconcernedthatexecutingtheclient'sordercouldinadvertentlyhelpthelargesellerbyprovidingliquidityatunfavorableprices,potentiallyhurtingtheclient.Whatshouldtheanalystconsiderdoing?8.Aninvestmentbankerisleadingtheunderwritingprocessforacompany'sinitialpublicoffering(IPO).Thebankerhasdevelopedastrongrelationshipwiththecompany'sCEOandhasbeenassuredthatthecompany'sfinancialprojectionsarerealisticandbasedonsoundassumptions.However,thebankerindependentlyreceivesconflictinginformationfromthecompany'sCFO,whoexpressesconcernsthattheprojectionsareoverlyoptimisticandthatthecompanymaystruggletomeetthempost-IPO.TheIPOisstructuredtopricesharesatthehighendoftheexpectedrange,maximizingproceedsforthecompanyandunderwriters.IftheIPOissuccessfulandthestockpriceperformswellimmediatelyafterlisting,basedontheinitialprojections,whatistheprimaryethicalresponsibilityoftheinvestmentbankertowardspotentialinvestors?9.Afundoffundsmanagerisevaluatingpotentialsub-fundstoincludeintheirportfolio.Onesub-fundusesastrategythatinvolvesshort-sellingstocksthattheybelieveareovervalued,oftentargetingcompaniestheyperceiveasengaginginunethicalbusinesspracticesorfinancialengineering.Whilethefund'sprospectusallowsforshortselling,themanagernoticesthatthesub-fund'smanagerfrequentlychangesthejustificationsfortheirshortpositions,andtheactualperformancedoesnotseemtostronglycorrelatewiththestatedethicalreasons.Whatduediligencestepsshouldthefundoffundsmanagertakeregardingthesub-fund'sstrategyanditsadherencetostatedethicalprinciples?10.Afinancialprofessionalisattendingaconferencewhereaspeaker,whoisnotanapprovedspeakerfortheconference,makesanunsolicitedrecommendationtotheaudiencetoinvestheavilyinaparticularcryptocurrency,claimingithasunprecedentedgrowthpotentialandisvirtuallyrisk-free.Thespeakerdoesnotdiscloseanypotentialconflictsofinterest,suchasreceivingacommissionforeachnewinvestmentmadethroughaspecificplatform.Theaudienceincludesmanyinexperiencedinvestorswhoareeasilyimpressedbysuchclaims.Whatresponsibilitiesdoesthefinancialprofessionalhaveinresponsetothissituation?試卷答案：1.Theanalystmustnotusethenon-public,proprietaryinformationintheresearchreport.Thisinformationconstitutesmaterial,non-publicinformationanditsusewouldlikelyconstituteinsidertradingoraviolationofmarketmanipulationrules,dependingonthejurisdiction.Theanalystcanonlyuseinformationthatispubliclyavailableorproperlydisclosedaccordingtoregulations.Themostappropriatecourseistowaitfortheinformationtobecomepublicortobasethereportonpubliclyavailabledataandindependentanalysis,avoidinganyrelianceontheproprietaryreports.2.Theportfoliomanagermust拒絕ClientX'srequesttoengageinmarkettiming.WhileClientXhastherighttodirecttheirowninvestmentswithinagreeduponparameters,requestingmarkettiming,especiallybasedonnon-fundamentalfactorsorforthepurposeofavoidingadownturnpredictedbythemanager,islikelyinconsistentwithprudentinvestmentpracticesandpotentiallyviolatesfiduciarydutiestootherclientsorthefirm'sownpolicies.ThemanagershouldexplaintherisksandethicalconcernstoClientXandadheretotheirestablishedinvestmentstrategybasedonfundamentalanalysis.IfClientXpersistsorexertsundueinfluence,themanagershouldescalatetheissuewithinthefirmorconsiderthepossibilityofterminatingtherelationshipiftheclient'srequirementscannotbemetethicallyandprofessionally.3.Theassociateshouldfirstverifytheinformationindependentlyifpossibleandthenreportthediscrepancytotheirdirectsupervisorimmediatelyandaccurately,explainingthepotentialimpactonthereport'sintegrityandtheviolationofaccountingstandards.Ifthesupervisordismissestheconcernsorpressurestheassociatetoignoretheissue,theassociateshoulddocumenttheconversationandreportthemattertoahigherlevelofmanagement,potentiallythroughthefirm'sethicshotlineorombudsmanifinternalchannelsareineffective.Theethicalobligationistoensuretheaccuracyandfairnessoftheresearchreport,whichoverridesthepressuretomeetdeadlinesorproduceapositiveoutcome.4.Thekeyethicalconsiderationsinvolvetheprincipleofavoidingharmandthepotentialformarketmanipulation.Takingashortpositionbasedonnon-public,suspiciousinformation,evenifpredictinganadverseevent,risksprofitingfrompotentiallymisleadingorfalseinformation,whichcanbeseenasbenefitingfromanunfairadvantage.Thiscouldbeviewedascontributingtodownwardpricepressurewithoutfull,verifiedknowledge,potentiallyharmingthecompany'slegitimateshareholders.Themanagermustensuretheyhavesufficient,verifiableevidence(notjustsuspicion)andconsiderwhethertakingthepositionalignswiththeirdutytoactingoodfaithandavoidcontributingtomarketinstabilityorharminghonestmarketparticipants.Regulatoryimplicationscouldincludeinvestigationsunderinsidertradingormarketmanipulationstatutesiftheinformationqualifiesasmaterialnon-publicinformation.5.Theadvisorhasafiduciarydutytoactinthebestinterestoftheclient,whichincludesconsideringtheclient'srisktolerance,liquidityneeds,andinvestmentobjectives.Recommendingsharesofanunprovenstartupwithhighvolatilityandlowliquidity,especiallytoaclientwhopreferstheoppositecharacteristics,potentiallyconflictswiththisduty.Theadvisormustprioritizetheclient'sstatedpreferencesandlong-termfinancialwell-being.Iftheadvisorbelievestheopportunityissuitabledespitetheclient'sprofile,theymustprovidecomprehensivedisclosure,thoroughlyexplaintherisksandpotentialbenefits,andobtainexplicit,informedconsentfromtheclient.Iftheadvisorcannotreasonablyjustifytherecommendationbasedontheclient'sprofile,theyshoulddeclineorsuggestalternativeinvestmentsthataremorealignedwiththeclient'sstatedneedsandrisktolerance.Generatingsignificantcommissionisnotanethicaljustificationforrecommendingapotentiallyunsuitableinvestment.6.ManagerA'sbehaviorisunethicalandconstitutesinsidertradingorthedisseminationofinsiderinformation,dependingonthespecificregulations.Sharingnon-public,materialinformationobtainedthroughapositioncreatesanunfairadvantagefortherecipient(ManagerB).Thisviolatesprinciplesoffairdealingandmarketintegrity.Thefactthatinformationissharedcasually("justtalking")doesnotnegateitslegalorethicalstatusifitismaterialandnon-public.ManagerAhasadutytorefrainfromsharingsuchinformationandtoensureallcommunicationswithcolleaguesregardingclients'holdingsarerestrictedtopubliclyavailableinformation.7.Theanalystmustprioritizetheclient'sinstructionswhilebeingmindfulofmarketintegrityandavoidingadverseselection.Theyshouldattempttoexecutetheorderaccordingtotheclient'srequestovermultipledays,butshoulddosowithdiscretion.Theanalystshouldavoidexecutingordersinawaythatdirectlyfacilitatesthelargeseller'sdumpingstrategy,suchasprovidingliquidityatprogressivelylowerpricesnearthemarketbottomifpossible.Theyshouldmonitorthemarketimpactcloselyandreportanyunusualmarketactivityorconcernstotheirsupervisor.Theethicalobligationistoexecutetheclient'sordereffectivelywhilecomplyingwithmarketrulesandactinginawaythatdoesnotunreasonablyharmothermarketparticipantsorcompromisemarketstability.8.TheprimaryethicalresponsibilityoftheinvestmentbankeristoensurefairnessandaccuracyintheIPOprocessandtoactinthebestinterestofthepublicinvestors.IfthebankerhasindependentreasontodoubttherealismoftheprojectionsbasedoninformationfromtheCFO,theyhaveadutytoraisetheseconcernsinternally.ThebankermustnotallowpersonalrelationshipsorthedesireforahighIPOpricetooverridetheirresponsibilitytopotentialinvestors.Thisincludesensuringthattheprospectusandotherofferingdocumentsdonotcontainmisleadingstatementsandthattheunderwritingprocessdoesnotunfairlyadvantagethecompanyorunderwritersattheexpenseofinvestors.Ifsignificantdoubtsremain,thebankershouldconsidertheethicalimplicationsofparticipatingintheofferingortakestepstoaddresstheconcernswiththecompanymanagementbeforetheIPOproceeds.9.Thefundoffundsmanagermustconductthoroughduediligenc