2025年CFA一級(jí)《Ethics》練習(xí)卷（專項(xiàng)訓(xùn)練）考試時(shí)間：______分鐘總分：______分姓名：______Instructions:PleaseanswerthefollowingquestionsbasedontheCFAInstituteStandardsofProfessionalConduct.1.Ananalystatabrokeragefirmiscoveringthetechnologysector.Thefirmisstartingtorepresentalargetechnologycompanyasapotentialclient.Duringateammeeting,theanalystmentionsherpersonalopinionthatthecompany'sstockissignificantlyundervaluedandplanstobuyitsoon.Thecompanyisnotyetaclientofthefirm.Whichofthefollowingactions,ifany,bytheanalystmostlikelyviolatestheCFAInstituteStandardsofProfessionalConduct?2.Aportfoliomanagermanagesaportfolioofequitiesforaclient.TheportfoliohasalongpositioninCompanyX.ThemanagerbecomesawarethatCompanyXisabouttoannouncequarterlyearningsthatareexpectedtosignificantlyunderperformmarketexpectations.ThemanagerdecidestosellherpersonalholdingofCompanyXstocktoavoidapotentialloss,butshedoesnotinformherclientaboutthissaleorthereasonforit.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?3.Aninvestmentadvisorispreparingareportonanindustrysectorfordistributiontoherclients.Sheincludesherownproprietaryanalysisaswellasinformationobtainedfromawidelypublishedindustryreport.Theadvisordidnotmakeanymodificationstothecontentfromthewidelypublishedreportbutdidaddherownopinionsbasedonherproprietaryanalysis.Thereportisdistributedtoclientsfreeofcharge.WhichCFAInstituteStandardofProfessionalConductrequirestheadvisortodisclosethesourcesofthereport'sinformation?4.A-levelIcandidateispreparingfortheCFAexams.Thecandidatefindsastudynotewrittenbyaclassmatefromapreviouscohortthatcontainsdetailedsummariesofkeyconcepts.Theclassmateallowsthecandidatetousethenotesforstudypurposeswithoutanyrestriction.Thecandidateusesthesenotestohelppreparefortheexams.DoestheuseofthesenotesbythecandidateviolatetheCFAInstituteStandardsofProfessionalConduct?5.AnequityresearchanalystatFirmAiscoveringCompanyY.TheanalysthasapositiveviewonCompanyY'sstockbutisconcernedaboutpotentialregulatorychangesthatcouldnegativelyimpactthecompany.Theanalystpreparesaresearchreportrecommendingthe"Buy"ratingonCompanyY.Thefirm'scompliancedepartmentreviewsthereportandaddsacautionaryparagraphaboutthepotentialregulatoryrisksinthefinalreport.Theanalyst'ssupervisorlateraskstheanalystifsheincludedthecautionaryparagraphherself.WhichCFAInstituteStandardofProfessionalConducthasbeenmostdirectlyaddressedbythecompliancedepartment'sreviewofthereport?6.Aportfoliomanagerisconsideringaddinganewinvestmenttoaclient'sportfolio.Theinvestmentisinaprivatecompanyinwhichtheportfoliomanager'ssiblinghasasmallequityinterest.Theportfoliomanagerdisclosesthesibling'sinteresttotheclientbutstatesthatitwillnotmateriallyaffectthemanager'srecommendationbecausethesibling'sstakeisverysmallandtheinvestmentdecisionwillbebasedprimarilyonthoroughanalysis.WhichCFAInstituteStandardofProfessionalConducthastheportfoliomanagerprimarilyaddressedbythisdisclosure?7.Aninvestmentadvisorismeetingwithaprospectiveclient.Theadvisormentionsthatshehassuccessfullyhelpedotherclientsachievesignificantreturnsbyinvestinginaparticularstrategythattheadvisorhasdeveloped.Theadvisordoesnotprovideanyspecificdatatosupporttheclaimanddoesnotdisclosethatthereturnsarebasedonhypotheticalorsimulatedperformance.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?8.ACFAcharterholderworksatafirmthatprovidesinvestmentadvisoryservices.Thefirmispaidafeebytheclientformanagingtheclient'sportfolio.Thefirmalsoarrangesfortheclienttouseathird-partyplatformfortradingtheclient'ssecurities.Thefirmreceivesacommissionfromthethird-partyplatformforeachtradeexecutedthroughtheplatform.Thefirmdoesnotdisclosethiscommissionarrangementtotheclient.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?9.Aportfoliomanagerismanagingaclient'sportfolio.TheclientaskstheportfoliomanagerforarecommendationonwhethertoexerciseanoptiontobuysharesofCompanyZat$50pershare.TheportfoliomanagerknowsthatCompanyZisexpectedtoannouncepoorquarterlyearningsthenextday,whichwilllikelycausethestockpricetodropsignificantly.Theportfoliomanagerrecommendstotheclientthattheyexercisetheoptionimmediatelytoavoidthepotentialloss.Theportfoliomanagerbenefitsfromearningahighertransactionfeeforthetrade.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?10.Twoanalystsatdifferentfirmsarecoveringthesamecompany.Duringaconferencecallwiththecompany'sCEO,oneanalystasksaquestionthatishighlycriticalofthecompany'smanagement.Theotheranalyst,whoworksforacompetitor,doesnotaskanyquestionsduringthecallbutlaterusestheinformationsharedbythefirstanalystinaresearchreportcriticalofthecompany.WhichCFAInstituteStandardofProfessionalConducthasthesecondanalystpotentiallyviolated?11.Aninvestmentadvisorispreparingamarketingbrochureforanewinvestmentproduct.Thebrochureincludestestimonialsfromtwoclientswhohaveachievedhighreturns.Theadvisorknowsthatthereturnsreportedbybothclientsarebasedontheinitialinvestmentperiodonlyanddonotreflecttheperformanceovertheentireinvestmenthorizon.Theadvisorincludesthetestimonialswithoutmakinganydisclosuresaboutthelimitedinvestmentperiod.WhichCFAInstituteStandardofProfessionalConducthaspotentiallybeenviolated?12.Aportfoliomanagermanagesmultipleclientportfolios.Themanagerdiscoversthatanotherportfoliomanageratthesamefirm,whomanagesadifferentportfolio,hasbeenmakingunauthorizedtradesinoneofthemanager'sclientportfolioswithouttheclient'sknowledgeorconsent.Theportfoliomanagerdoesnotreportthisactivitytothefirm'scompliancedepartmentortheclient.WhichCFAInstituteStandardofProfessionalConducthastheportfoliomanagerpotentiallyviolated?13.AnequityresearchanalystpreparesareportonCompanyPwitha"Sell"recommendation.Thereportincludesnegativeforecastsforthecompany'sfutureperformance.Theanalyst'sfirmisalsocurrentlyrepresentingCompanyPinlegalproceedings.Theanalystdoesnotdisclosethefirm'srepresentationintheresearchreport.WhichCFAInstituteStandardofProfessionalConductrequirestheanalysttodisclosethisrelationship?14.A-levelIcandidateisstudyingfortheCFAexams.Thecandidateattendsareviewsessionhostedbyathird-partyprovider.Duringthesession,thecandidatesharesdetailednotesfromtheprovider'scopyrightedstudymaterialwithanothercandidatewhowasnotattendingthesession.WhichCFAInstituteStandardofProfessionalConducthasthecandidatepotentiallyviolated?15.AportfoliomanageriscoveringCompanyQ.ThemanagerhasalongpositioninCompanyQ'sstock.Themanager'sspouseworksforacompanythatisamajorsuppliertoCompanyQ.Thespouse'scompanyisnotacompetitortoCompanyQ.Theportfoliomanagerdisclosesthespouse'semploymenttothefirm'scompliancedepartmentbutdoesnotinformtheclientaboutthisrelationship.WhichCFAInstituteStandardofProfessionalConducthastheportfoliomanagermostdirectlyaddressedbythisdisclosure?試卷答案1.C2.A3.B4.B5.D6.C7.B8.D9.A10.B11.A12.C13.E14.D15.A解析1.解析思路：題目描述了分析師在團(tuán)隊(duì)會(huì)議中透露對(duì)公司股票的個(gè)人看好意見，同時(shí)公司尚未成為其客戶的潛在客戶。根據(jù)《道德準(zhǔn)則》II(A)-利益沖突，員工不得向客戶或潛在客戶透露可能影響其判斷或客戶判斷的信息，特別是關(guān)于未公開的、非公開披露的投資建議或交易計(jì)劃。雖然公司不是客戶，但分析師的個(gè)人意見和后續(xù)可能的交易行為構(gòu)成了潛在的利益沖突，并可能違反了III(A)-公開市場(chǎng)評(píng)論中關(guān)于未公開信息的披露要求。然而，最直接相關(guān)的標(biāo)準(zhǔn)是II(A)，因?yàn)樗箚T工泄露可能影響其判斷或客戶判斷的、未公開的、非公開披露的投資建議或交易計(jì)劃。分析師在團(tuán)隊(duì)會(huì)議中透露個(gè)人購買計(jì)劃，違反了此原則。選項(xiàng)C最符合題意。2.解析思路：題目描述了基金經(jīng)理在知曉公司即將發(fā)布差于預(yù)期的業(yè)績(jī)前，出售了個(gè)人持有的股票，但沒有告知客戶。根據(jù)《道德準(zhǔn)則》III(B)-額外補(bǔ)償安排，會(huì)員應(yīng)向客戶披露所有可能影響其提供獨(dú)立、客觀建議的補(bǔ)償安排。雖然此處的補(bǔ)償并非傳統(tǒng)意義上的“額外”費(fèi)用，但基金經(jīng)理的行為構(gòu)成了個(gè)人交易優(yōu)先于客戶利益，且未披露這一與客戶關(guān)系相關(guān)的重大信息，可能影響其后續(xù)對(duì)該公司股票的建議。這違反了III(B)關(guān)于披露可能影響?yīng)毩⑿院涂陀^性的所有關(guān)系和信息的原則。選項(xiàng)A最符合題意。3.解析思路：題目描述了投資顧問在報(bào)告中結(jié)合了自身分析和公開信息，但未明確披露所有信息來源。根據(jù)《道德準(zhǔn)則》II-公開市場(chǎng)評(píng)論，會(huì)員在分發(fā)研究報(bào)告時(shí)，必須明確披露報(bào)告中所有信息的來源。顧問使用了公開報(bào)告的信息，并且添加了自己的分析，客戶需要知道信息的具體構(gòu)成。因此，需要披露信息來源的《道德準(zhǔn)則》是II，它要求明確披露研究報(bào)告中信息的來源，包括公開信息和自身分析。選項(xiàng)B最符合題意。4.解析思路：題目描述了LevelI候選人使用了同學(xué)提供的未經(jīng)限制的復(fù)習(xí)筆記。根據(jù)《道德準(zhǔn)則》IV(A)-禁止剽竊，會(huì)員不得剽竊他人的工作成果。筆記是同學(xué)的作品，候選人未經(jīng)明確許可或限制就使用了這些詳細(xì)總結(jié)，構(gòu)成了剽竊。因此，使用這些筆記違反了IV(A)。選項(xiàng)B最符合題意。5.解析思路：題目描述了合規(guī)部門在研究報(bào)告中加入警示段落。根據(jù)《道德準(zhǔn)則》II-公開市場(chǎng)評(píng)論，研究報(bào)告必須基于充分、合理的分析和調(diào)查，并客觀地反映研究結(jié)果的性質(zhì)和局限性。警示段落有助于確保報(bào)告的客觀性，避免過度陳述或遺漏重要風(fēng)險(xiǎn)，從而符合研究質(zhì)量的最高標(biāo)準(zhǔn)。因此，合規(guī)部門的審查直接關(guān)聯(lián)到確保研究報(bào)告符合II標(biāo)準(zhǔn)中關(guān)于客觀性和充分性的要求。選項(xiàng)D最符合題意。6.解析思路：題目描述了基金經(jīng)理披露了sibling的利益沖突，并試圖辯稱其影響不大。根據(jù)《道德準(zhǔn)則》III(B)-額外補(bǔ)償安排，會(huì)員必須向客戶披露所有可能影響其獨(dú)立性和客觀性的關(guān)系。即使sibling的利益是“小”的，它仍然構(gòu)成了一個(gè)關(guān)系，并且需要向客戶披露。基金經(jīng)理的主要行動(dòng)是披露這一關(guān)系，這是III(B)要求的一部分，目的是讓客戶了解可能存在的潛在影響。選項(xiàng)C最符合題意。7.解析思路：題目描述了投資顧問向潛在客戶做出無法證實(shí)的、基于假設(shè)或模擬的高回報(bào)承諾。根據(jù)《道德準(zhǔn)則》II-公開市場(chǎng)評(píng)論，會(huì)員在推廣產(chǎn)品或服務(wù)時(shí)，不得做出無法證實(shí)的業(yè)績(jī)聲明。顧問沒有提供具體數(shù)據(jù)支持，且未披露是基于假設(shè)或模擬，這使得聲明無法證實(shí)。這違反了II中關(guān)于推廣陳述準(zhǔn)確性和完整性的原則。選項(xiàng)B最符合題意。8.解析思路：題目描述了投資公司從第三方平臺(tái)獲得交易傭金，但未告知客戶。根據(jù)《道德準(zhǔn)則》III(B)-額外補(bǔ)償安排，會(huì)員必須向客戶披露所有形式的補(bǔ)償安排，包括所有直接或間接的收入。即使傭金是通過第三方收取的，只要公司因此獲利，就構(gòu)成了補(bǔ)償安排，必須向客戶披露。不披露此傭金安排違反了III(B)關(guān)于全面披露所有補(bǔ)償來源的要求。選項(xiàng)D最符合題意。9.解析思路：題目描述了基金經(jīng)理建議客戶行使看漲期權(quán)以避免損失，并從中獲利。根據(jù)《道德準(zhǔn)則》III(A)-利益沖突，會(huì)員不得利用其職位或信息優(yōu)勢(shì)為自己或他人獲取不正當(dāng)利益?；鸾?jīng)理知道業(yè)績(jī)將變差，并建議客戶采取行動(dòng)（行使期權(quán)），這明顯是利用了未公開信息為自己賺取更高的交易費(fèi)，損害了客戶利益。這構(gòu)成了利用職