2025年CFA一級(jí)Ethics道德準(zhǔn)則沖刺模擬考試時(shí)間：______分鐘總分：______分姓名：______試卷開始1.Ananalystisevaluatingacompanyforinclusioninaportfoliorecommendationreport.Thecompany'sCEO,apersonalfriendoftheanalyst,recentlyapproachedtheanalystprivatelyandexpressedstrongconfidenceinthecompany'sfutureprospects,suggestingthatthestockpricewillsignificantlyincreaseinthenearterm.TheCEOexplicitlyaskedtheanalystnottorevealtheirconversationbuttoincludethecompanyina"strongbuy"recommendation.Theanalyst'semployerisnotcurrentlyinvestedinthecompany,andtheanalysthasnootherfinancialinterestinthecompany.TheanalystisconcernedthatpubliclyrecommendingthestockbasedsolelyontheCEO'sprivatesuggestionmightviolateCFAInstituteStandardsofProfessionalConduct.Whichofthefollowingactionsismostappropriatefortheanalysttotakeinthissituation?a.ProceedwiththerecommendationasrequestedbytheCEO,astheinformationprovidedisbasedontheCEO'sexpertiseandconfidence.b.RecommendthestockbutincludeafootnoteinthereportacknowledgingthepositivefeedbackreceivedfromtheCEO.c.RefusetherecommendationrequestandinformtheCEOthattheanalystcannotrelyonprivate,non-publicinformationfromtheCEOforinvestmentrecommendations.d.Recommendthestockbutexpressacautionaryopinionaboutthepotentialforinformationasymmetryinthemarketregardingthecompany.2.Aninvestmentmanageratahedgefundisconsideringaddinganewequityposition.Themanagerlearnsthatamajorclient,whohasprovidedsignificantassetsundermanagement,recentlysoldasubstantialportionoftheirholdingsinacompetitorofthestockunderconsideration.Themanagerhasnotbeenprovidedanyspecificinformationregardingtherationalebehindtheclient'ssaledecision.Whichofthefollowingactionsismostappropriateforthemanager?a.Avoidinvestinginthestocktopreventanypotentialconflictofinterestwiththeclient.b.Investinthestockastheclient'sdecisionislikelybasedonproprietaryinformationthatthemanagercannotaccess.c.Conductthoroughduediligenceonthestock,independentoftheclient'ssale,anddisclosetheclient'ssalehistoryintheinvestmentreportifdeemedrelevant.d.Informtheclientaboutthemanager'sintentiontoinvestinthecompetitorandseektheclient'sconsentbeforemakingtheinvestment.3.Aportfoliomanagerispreparingaresearchreportonacompany.Thereportcontainspositiveviewsonthecompany'sstockperformance.Theportfoliomanageralsoownsasignificantamountofthecompany'sstockthroughapersonalbrokerageaccount.Theportfoliomanager'sspouseworksasanadministrativeassistantatthefirm,handlingtasksthatmayinvolveaccessingnon-publicinformationaboutthefirm'sclients.Theportfoliomanagerisconcernedaboutpotentialconflictsofinterestarisingfromboththeirpersonalholdingandtheirspouse'semployment.Whichofthefollowingactionsismostappropriatefortheportfoliomanagertomitigatethisconflictofinterest?a.Disclosethepersonalholdingofthecompany'sstockintheresearchreport'sappendix.b.Obtainwrittenconsentfromthespouse'semployernottoaccessnon-publicclientinformation.c.Recusethemselvesfromauthoringtheresearchreportandassignthetasktoanotheranalystwhodoesnothavethepersonalholding.d.Disclosethepersonalholdingofthecompany'sstockinthereportandprovideadetailedexplanationofhowthepersonalholdingwillnotinfluencetheresearchfindings.4.Anassociateataninvestmentbankisparticipatinginaprojecttodevelopanewstructuredproduct.Theproductinvolvescomplexderivativesandisintendedforinstitutionalclients.Duringthedevelopmentprocess,theassociatediscoversthatoneofthecomponentsoftheproductisbasedonnon-publicinformationobtainedfromaseniorexecutiveofacompanythatthebankissimultaneouslytryingtoacquire.Theexecutiveprovidedtheinformationinacasualconversation.Theassociateisawarethatusingthisnon-publicinformationcouldviolatetheCFAInstituteCodeandStandards.Whichofthefollowingactionsismostappropriatefortheassociate?a.Usethenon-publicinformationtoenhancetheattractivenessofthestructuredproduct,justifyingitasaminoradjustmentbasedonmarketinsights.b.Disclosethesourceofthenon-publicinformationtotheinstitutionalclientspurchasingtheproduct.c.Reporttheacquisitionattemptandtheuseofnon-publicinformationtothebank'sethicsdepartmentorcomplianceofficer.d.Avoiddiscussingthespecificdetailsofthestructuredproductwiththeseniorexecutivetopreventanyperceivedmisuseofinformation.5.Afinancialadvisorismeetingwithaclientwhoisconsideringswitchingfromonebrokeragefirmtoanother.Theadvisorhasbeenmanagingtheclient'sportfolioforseveralyearsandhasdevelopedastrongpersonalrelationshipwiththeclient.Theclientmentionsthatthenewfirmoffersasignificantlylowercommissionrateontrades.Theadvisorisawarethatthelowercommissionrateatthenewfirmmightlimittheadvisor'sabilitytoearncertaintypesoftransaction-basedrevenue.Theadvisorvaluestheclientrelationshiphighlyanddoesnotwanttolosetheclient.Whichofthefollowingactionsismostappropriatefortheadvisor?a.Encouragetheclienttoswitchtothenewfirmimmediatelytotakeadvantageofthelowercommissionrate.b.Informtheclientaboutthepotentialimpactofswitchingfirmsontheadvisor'sabilitytogeneraterevenueanddiscussalternativefeestructuresifapplicable.c.Suggestthattheclientswitchtothenewfirmbutdeclinetoprovideanyfurtherinvestmentadviceuntiltheclientcompletesthetransfer.d.Offertoprovidetheclientwithdetailedinformationaboutthenewfirm'sservicesandfeestructuretohelptheclientmakeaninformeddecision,whilealsoexplainingthevalueofthecurrentadvisoryrelationship.6.Duringaconference,aportfoliomanagerlearnsfromacompetitor'semployeethatthecompetitorisplanningtolaunchanewinvestmentstrategyfocusedonemergingmarkets.Theinformationisnotyetpublicandisconsiderednon-public.Theportfoliomanagerisimpressedbythestrategyandimmediatelybeginsincorporatingsimilarideasintotheirownfirm'sinvestmentprocess.Theportfoliomanager'sfirmhasapolicyrequiringemployeestoavoidusingnon-publicinformationobtainedfromcompetitors.Whichofthefollowingactions,iftakenbytheportfoliomanager,wouldbemostconsistentwithCFAInstituteStandardsofProfessionalConduct?a.Ignorethecompetitor'semployeeandcontinuewiththefirm'sexistinginvestmentstrategy.b.Documenttheencounterandtheideasdiscussed,acknowledgingthesource,andreporttheincidenttothefirm'scompliancedepartment.c.Usetheinformationtodevelopanewinvestmentstrategybutensurethatthefinalstrategyhasdistinctfeaturesthatarenotdirectlyderivedfromthecompetitor'splan.d.Disclosetheinformationtothecompetitor'semployee,explainingthattheportfoliomanageralsohassimilarideasindependently.7.Ananalystispreparingareportonacompany'sfinancialperformance.Thereportincludesanoptimisticforecastforthecompany'sfutureearningsgrowth.Thecompany'sCEOrecentlyprovidedtheanalystwithaprivateletterexpressingstrongsupportforthecompany'sfutureandsuggestingthattheearningsforecastisoverlyconservative.TheanalystisawarethatpubliclydisseminatingtheCEO'sprivatelettercouldbeseenasmisleadingifthelettercontainsclaimsthatcannotbeindependentlyverified.Whichofthefollowingactionsismostappropriatefortheanalyst?a.IncludetheCEO'sprivateletterinthereportverbatim,withadisclaimerthattheletterisbasedonprivatecommunication.b.Mentiontheprivateletterinthereportbutfocusprimarilyontheanalyst'sownindependentanalysisanddata.c.DonotmentiontheCEO'sprivateletterinthereporttoavoidanypotentialcontroversyregardingtheuseofnon-publicinformation.d.RequestadditionalpublicinformationfromthecompanytoverifytheCEO'sclaimsbeforeupdatingtheearningsforecast.8.Afinancialplannerisprovidinginvestmentadvicetoaclient.Theplannerrecommendsaportfolioconsistingprimarilyofstocksandbondsissuedbytheplanner'semployer.Theplannerreceivesasignificantportionoftheircompensationfromthesalescommissionsgeneratedfromtheclientinvestmentsintheseemployersecurities.Theplannerdoesnotdisclosethiscompensationstructuretotheclient,althoughtheemployersecuritiesareprominentlyfeaturedintherecommendedportfolio.Whichofthefollowingactions,iftakenbytheplanner,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?a.Disclosethecompensationstructuretotheclientinaseparatedocument,assumingtheclientwillreaditifinterested.b.Updatetheclient'sportfolioperiodicallytoensureitremainsalignedwiththeplanner'semployer'sofferings.c.Clearlydisclosethenatureoftheplanner'scompensationandthepotentialconflictofinterestarisingfromrecommendingemployersecuritiesintheinitialclientagreementandrecommendations.d.Offertheclientachoicebetweentheemployer'ssecuritiesandalternativeinvestments,butdonotprovideadditionalinformationaboutthealternativeinvestments.9.Twoportfoliomanagersatthesamefirmarediscussingtheirinvestmentstrategies.Onemanagermentionsthattheyrecentlyusedapieceofnon-publicinformationobtainedfromafriendwhoworksatacompanytheyareconsideringinvestingin.Thefriend,whoisnotaffiliatedwiththecompanyinanywayotherthanasanemployee,casuallymentionedthecompany'supcomingproductlaunchduringasocialgathering.Theothermanagerisconcernedaboutthepotentialethicalimplicationsofusingsuchinformation.Whichofthefollowingstatementsismostaccurateregardingtheuseofnon-publicinformationinthisscenario?a.Usingnon-publicinformationobtainedthroughsocialgatheringsispermissibleaslongastheinformationsourceisnotaffiliatedwiththecompanyinaprofessionalcapacity.b.Theuseofnon-publicinformation,regardlessofhowitwasobtained,alwaysconstitutesaviolationofCFAInstituteStandardsofProfessionalConduct.c.Usingnon-publicinformationobtainedfromacasualconversationwithanemployeeisaviolationoftheCFAInstituteCodeandStandards,evenifthesourceisnotformallyaffiliatedwiththecompany.d.Theethicalimplicationsofusingnon-publicinformationdependonthenatureoftheinformationandtheextenttowhichitcouldinfluenceinvestmentdecisions.10.Aresearchanalystiscoveringacompanythatisintheprocessofmergingwithanotherfirm.TheanalystreceivesacallfromtheCEOoftheacquiringcompany,whosuggeststhattheanalyst'srecentresearchreportonthetargetcompanyhasbeenoverlycriticalandnegativelyimpactedthecompany'sstockprice.TheCEOrequeststhattheanalystissuearevisedreportthatismorepositiveandsupportiveofthemerger.TheanalystisconcernedthatalteringthereportbasedontheCEO'srequestmightcompromisetheindependenceandintegrityoftheirresearch.Whichofthefollowingactionsismostappropriatefortheanalyst?a.Issuearevisedreportthatismorepositive,astheCEO'srequestisbasedontheirexpertiseandunderstandingofthetransaction.b.RefusetheCEO'srequestandmaintaintheoriginalresearchreport,explainingtotheCEOthatthereportisbasedonobjectiveanalysisandcannotbealtered.c.ConductadditionalanalysistoverifytheCEO'sclaimsandissuearevisedreportifthenewanalysissupportsamorepositiveview.d.MeetwiththeCEOtodiscusstheconcernsraisedinthereportandtheimportanceofmaintainingresearchintegrity,butdonotpromisetoissuearevisedreport.11.Aninvestmentbankerisleadingateamworkingonaninitialpublicoffering(IPO).Theteamispreparingabookofbusiness,whichincludespotentialunderwritingfeesandothercompensation.TheinvestmentbankerdiscoversthatakeyinputusedtoestimatethepotentialunderwritingspreadisbasedonaninflatedmarketassumptionprovidedbyaseniorcolleaguewhohasapersonalfinancialinterestinthesuccessoftheIPO.Theinvestmentbankerisawarethatusingthisinflatedassumptioncouldleadtoanoverestimationofthepotentialcompensationfortheteammembers,includingtheinvestmentbankerthemselves.Whichofthefollowingactionsismostappropriatefortheinvestmentbanker?a.Usetheinflatedmarketassumptioninthebookofbusinesstomaximizethepotentialcompensationfortheteam.b.Disclosethesourceofthemarketassumptionandthepotentialpersonalinterestofthecolleagueinthebookofbusiness.c.Reportthesituationtothefirm'sethicsdepartmentorcomplianceofficerandrequestanindependentreviewofthemarketassumption.d.Ignorethecolleague'sassumptionandrelyonstandardmarketdatatoestimatetheunderwritingspread.12.Afinancialadvisorismeetingwithaclientwhoisconsideringalargewithdrawalfromtheirinvestmentportfolio.Theadvisorrecommendsthattheclienttakethewithdrawalintheformofaseriesofsmaller,periodicdistributionsratherthanasinglelargelumpsum.Theadvisor'sprimarymotivationforthisrecommendationisthattheadvisorearnsahigherfeebasedontheassetsundermanagement(AUM)ratherthanonaflatfeeforthewithdrawaltransaction.Theadvisordoesnotdisclosethisincentivestructuretotheclient.Whichofthefollowingactions,iftakenbytheadvisor,wouldbemostconsistentwiththeCFAInstituteCodeandStandards?a.Clearlydisclosetheincentivestructuretotheclientandexplainthattherecommendationisbasedonbothtaxconsiderationsandtheadvisor'scompensationmodel.b.Recommendtheseriesofsmallerdistributionstominimizetheimpactontheportfolio'svalueandavoidincurringanypotentialtaximplicationsfortheclient.c.Refusetoprovideanyrecommendationsregardingthewithdrawalmethodtoavoidanypotentialconflictofinterest.d.Suggestthattheclientswitchtoadifferentadvisoriftheyareuncomfortablewiththeproposedwithdrawalmethod.13.Ananalystispreparingaresearchreportonacompany'supcomingquarterlyearningsrelease.Thecompanyhasahistoryofbeatinganalystestimates,andthemarketisexpectingstrongresults.Theanalyst'spersonalportfolioincludesasignificantholdingofthecompany'sstock.Theanalystisconcernedthatpositivenewsmightleadtoasharpincreaseinthestockprice,resultinginasubstantialcapitalgain.Thisconcerncreatesaninternalconflictbetweentheanalyst'spersonalinterestandtheirdutytoprovideobjectiveandindependentresearch.Whichofthefollowingactionsismostappropriatefortheanalysttomanagethisconflictofinterest?a.Adjusttheearningsforecastupwardtosupportthestockpriceandmitigatepotentialcapitalgainstaxes.b.Disclosethepersonalholdinginthereportandprovideadetailedexplanationofhowthepersonalinterestmightinfluencetheresearchfindings.c.Recusethemselvesfromworkingontheresearchreportandassignthetasktoanotheranalystwhodoesnothavethepersonalholding.d.Avoidanypersonaltradingdecisionsbasedontheresearchreportandrelysolelyontheobjectiveanalysispresented.14.Aportfoliomanagerismanagingaclient'sportfoliothatincludesasignificantinvestmentinacompany.Theportfoliomanagerlearnsthatthecompanyisunderinvestigationbyaregulatoryauthorityforpotentialaccountingirregularities.Theportfoliomanagerisconcernedthattheinvestigationcouldnegativelyimpactthecompany'sstockprice.Theportfoliomanager'sspouse,however,worksforalawfirmthatisrepresentingoneofthecompany'smajorsuppliersinaseparatelegaldisputewiththesameregulatoryauthority.Theportfoliomanagerisawareofthepotentialconflictofinterestarisingfromtheirspouse'semployment.Whichofthefollowingactionsismostappropriatefortheportfoliomanagertomitigatethisconflictofinterest?a.Sellthecompany'sstockimmediatelytoavoidanypotentialnegativeimpactontheclient'sportfolio.b.Disclosethepotentialconflictofinteresttotheclientandprovideregularupdatesontheinvestigation'sprogress.c.Recusethemselvesfrommakinganyinvestmentdecisionsrelatedtothecompanywhiletheinvestigationisongoing.d.Obtainwrittenconsentfromthespouse'semployernottoengageinanyworkrelatedtotheregulatoryinvestigation.15.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaseriesofcomplexfinancialproductsthatgeneratesignificantfeesfortheadvisor.Theclienthaslimitedfinancialknowledgeandexpressesconcernsaboutthecomplexityoftheproducts.Theadvisorexplainsthefeaturesoftheproductsinasimplifiedmannerbutfailstoadequatelydisclosetheassociatedrisksandpotentialforloss.Theadvisor'sprimarymotivationistomaximizethefeesearnedfromthesalesoftheseproducts.Whichofthefollowingstatementsismostaccurateregardingtheadvisor'sactions?a.Theadvisor'sactionsarepermissibleaslongastheclientsignsanagreementacknowledgingthattheyhavereceivedrecommendations.b.TheadvisorhasviolatedtheCFAInstituteStandardofProfessionalConductregardingcommunicationwithclients,astheyfailedtoprovideadequatedisclosureofrisks.c.Theadvisor'sactionsarejustifiedbecausetheclientexplicitlyaskedforrecommendationsoncomplexfinancialproducts.d.Theadvisor'sactionsareacceptableiftheadvisorprovidestheclientwithaseparatedocumentdetailingtheriskslater.試卷結(jié)束試卷答案1.c解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductI(A)–LoyaltytoClientsandNetProfit,theanalystmustactforthebenefitoftheirclientsandavoidconflictsofinterest.RelyingsolelyontheCEO'sprivate,non-publicinformationforarecommendationcreatesasignificantconflictofinterestandviolatestheStandard.Optionaisincorrectbecausetheinformationisnotindependentorpubliclyavailable.Optionbisincorrectbecauseitinvolvesusingnon-publicinformation.Optiondisincorrectbecauseitdoesnotaddressthecoreissueofusingnon-publicinformationfromapersonalconnection.2.c解析思路：AccordingtoStandardII(A)–LoyaltytoClientsandNetProfit,themanagermustavoidconflictsofinterestordisclosethemifunavoidable.Whiletheclient'ssalehistoryispublic,the*reason*forthesaleisnon-publicandcouldpotentiallybematerial.Themanagercannotactonassumedorspeculativenon-publicinformation.Conductingthoroughduediligenceanddisclosingthehistoryoftheclient'sholdings(withoutrevealingthenon-publicrationale)isthemostappropriatewaytomanagethepotentialconflicttransparently.Optionaisincorrectbecauseavoidingtheinvestmentbasedonspeculationisnotnecessarilyjustified.Optionbisincorrectbecauseactingonnon-publicinformationisprohibited.Optiondisincorrectbecausethemanagercannotseekconsentbasedonnon-publicinformation.3.d解析思路：StandardII(A)–LoyaltytoClientsandNetProfitrequirestheportfoliomanagertoavoidconflictsofinterestordisclosethem.Thepersonalholdingandthespouse'spotentialaccesstonon-publicinformationcreateadirectconflict.Themostappropriateactionisfulldisclosureofthepersonalholdinginthereportandexplaininghowitwillnotinfluencethefindings,therebymanagingtheconflicttransparently.Optionaisinsufficientasitonlydisclosestheholding,nottheunderlyingconflict.Optionbisincorrectbecauseobtainingconsentfromthespouse'semployerdoesnotresolvetheconflictforthemanager.Optioncisextremeandnotnecessarilyrequirediftheconflictcanbemanagedthroughdisclosure.Optiondisthebestbalanceofdisclosureandexplanation.4.c解析思路：Usingnon-publicinformationobtainedfromacompetitor'semployee,especiallyinacontextrelatedtoanewproductdevelopmentforthebank,clearlyviolatesStandardI(D)–UseofNon-PublicInformation.TheassociatehasadutytoreportpotentialviolationsoftheCodeandStandardstothefirm'sethicsdepartmentorcomplianceofficer.Optionaisaclearviolation.Optionbisincorrectbecausedisclosuretoclientsisnottheappropriateactionfortheassociate.Optiondisinsufficient;avoidingdiscussiondoesnotpreventpotentialmisuse.Optioncistherequiredcourseofaction.5.b解析思路：StandardII(A)–LoyaltytoClientsandNetProfitrequirestheadvisortoactfortheclient'sbestinterestandavoidconflictsofinterest.RecommendingproductsprimarilyforhighercommissionwithoutdisclosingtheincentivestructurecreatesaconflictofinterestandpotentiallyviolatestheStandardregardingfairtreatment.Themostappropriateactionistoinformtheclientaboutthecompensationstructureandthepotentialimpactontherecommendations.OptionaisincorrectandpotentiallyviolatestheStandardbyprioritizingtheadvisor'sinterest.Optioncisincorrectbecauseitinvolvesasignificantconflictofinterestthatneedsdisclosure.Optiondisinsufficientbecauseitfailstoaddresstheconflictofinterestarisingfromthecompensationstructure.6.b解析思路：StandardI(D)–UseofNon-PublicInformationprohibitsusingnon-publicinformationforpersonalorfirmadvantage.Learningnon-publicinformationfromacompetitor'semployeeandimmediatelyusingitfortheownfirm'sbenefitconstitutesaviolation.Themostappropriateactionistoreporttheincidentandtheobtainedinformationtothefirm'scompliancedepartment,documentingthedetails.Optionaisincorrectasitinvolvesusingtheinformation.Optioncisincorrectbecausetheinformationsourceisstillacompetitor,makingitsuseaviolation.Optiondisincorrectbecausedisclosuretothesourcedoesnotnegatetheviolation.7.b解析思路：StandardI(D)–UseofNon-PublicInformationprohibitsusingnon-publicinformationinresearch.TheCEO'sprivatelettercontainsnon-publicinformationandpotentiallyunverifiableclaims.Includingitverbatimorimplyingitsinfluencecouldbemisleading.Themostappropriateactionistofocusthereportonindependent,verifiableanalysisanddata.Whileacknowledgingthelettermightbenecessarycontextually,thecoreofthereportmustbeobjective.Optionaisincorrectasitusesnon-publicinformation.Optioncisincorrectbecausethereportshouldprimarilybebasedonindependentanalysis.Optiondisincorrectbecausetheforecastshouldbebasedonindependentverification,notsolelyonunverifiableprivatecommunication.8.c解析思路：StandardII(A)–LoyaltytoClientsandNetProfitrequirestheplannertoactfortheclient'sbestinterestanddiscloseallmaterialconflictsofinterest.Recommendingemployersecuritieswhilereceivingsignificantcommissionincomefromthemcreatesaconflict.Themostappropriateactioniscleardisclosureofthecompensationstructureandtheconflictarisingfromrecommendingemployersecurities.Optionaisincorrectasassumptionofclientreadingisnotsufficient.Optionbisincorrectasitprioritizestheplanner'sinterest.Optiondisincorrectasitfailstodisclosetheconflictandprovidesanunfairadvantage.9.c解析思路：StandardI(D)–UseofNon-PublicInformationstatesthatusingnon-publicinformationobtainedthroughanymeansisaviolation,regardlessofthesource'saffiliation.Theinformationabouttheupcomingproductlaunchisnon-publicandwasobtainedfromanemployee.Eventhoughtheemployeeisnotformallyaffiliatedinaprofessionalcapacityrelevanttothecompanybeinginvestedin,theinformationitselfisnon-publicandusingitviolatestheStandard.Optionaisincorrectasaffiliationisnotadefense.Optionbisincorrectasnon-publicinformationusageisalwaysaviolation.Optiondisincorrectasthesourcedoesnotnegatethenon-publicnatureoftheinformation.10.b解析思路：StandardIII(A)–IndependenceandObjectivityrequiresanalyststomaintainindependenceandobjectiveanalysis.AlteringresearchbasedontheCEO'srequest,whohasavestedinterestinapositiveoutcome,compromisesindependenceandobjectivity.Themostappropriateactionistorefusetherequestandmaintaintheoriginalreportbasedonobjectiveanalysis.Optionaisincorrectasitcompromisesresearchintegrity.Optioncisincorrectastheinitialreportshouldbeobjective,regardlessofpotentialverification.OptiondisincorrectasdiscussingtheCEO'sconcernsdoesnotjustifyalteringobjectiveanalysis.11.c解析思路：StandardII(A)–LoyaltytoClientsandNetProfitrequiresteammemberstoavoidconflictsofinterestordisclosethem.Usinganinflatedmarketassumptionbasedonacolleague'spersonalinteresttomaximizepotentialcompensationcreatesaconflictofinterest.Themostappropriateactionistoreportthesituationtothefirm'sethicsdepartmentorcomplianceofficerforanindependentreview,astheinputdirectlyimpactsthecompensationandpotentialconflicts.Optionaisincorrectasitinvolvesusingpotentiallybiasedinformation.Optionbisin