2025年CFA一級Ethics道德準則專項題集考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容：1.Aninvestmentanalystisscheduledtospeakatamajorinvestmentconference.Theconferenceissponsoredbyacompanythatisacompetitorofoneoftheanalyst'semployer'smainclients.Theanalyst'semployerhasnotenteredintoanyagreementwiththeconferencesponsors.Theanalystwillbespeakingaboutgeneralmarkettrendsandwillnotbediscussinganyspecificcompanyorinvestmentstrategy.Whichofthefollowingactionsismostappropriate?a)Declinethespeakinginvitationduetothepotentialperceptionofaconflictofinterest.b)Acceptthespeakinginvitationanddisclosethesponsorshiprelationshiptotheaudienceduringthepresentation.c)Acceptthespeakinginvitationandmakenomentionoftheconferencesponsors.d)Acceptthespeakinginvitationonlyiftheclientcompanywhosebusinessisaffectedbythecompetitorofferscompensationforthespeakingengagement.2.Aportfoliomanagerisevaluatingapotentialnewinvestment.Theinvestmentinvolveslendingmoneytoastartupcompanyinexchangeforequity.Theportfoliomanagerhasaclosefriendwhoisthefounderofthestartup.Theportfoliomanagerisnotawareofanymaterialnonpublicinformationaboutthestartup.WhichofthefollowingactionsismostconsistentwithCFAInstituteRuleⅣ(B)-AvoidingConflictsofInterest?a)Informingthefriendaboutthepotentialinvestmentopportunitybutdecidingnottopursueitduetothefriendship.b)Conductingtheinvestmentanalysiswithoutrevealingthefriendshiptothefirm'scompliancedepartment.c)Disclosingthefriendshiptothecompliancedepartmentandobtainingwrittenpermissionbeforepursuingtheinvestmentopportunity.d)Decliningtheinvestmentopportunitytoavoidanypotentialconflict.3.ALevelIIcandidateispreparingfortheupcomingLevelIIexam.Thecandidateborrowsseveralstudyguidesfromacolleaguewhopreviouslypassedtheexam.Thecolleagueallowsthecandidatetomakecopiesoftheguidesforpersonalstudypurposesonly.Thecandidateusesthecopiedmaterialtocreateflashcardsandstudynotes.Thecolleaguedidnotreceiveanycompensationforsharingtheguides.Thecandidate'sactionsmostlikelyrepresentaviolationofCFAInstituteStandardsofProfessionalConductIV(A)IndependenceandObjectivityandV(A)Professionalismbecause:a)Thecandidateusedthestudyguideswithoutthecolleague'sexplicitpermissiontocreatederivatives.b)Thecandidateobtainedproprietaryinformation(thestudyguides)thatwasnotintendedforpublicdissemination.c)Thecandidatesharedtheflashcardswithothercandidates,creatingaconflictofinterest.d)Thecopyingoftheguidesconstitutesanimproperuseofinformationacquiredinaprofessionalcapacity.4.Anequityresearchanalystcoversacompanythatisasignificantclientoftheanalyst'semployer.Thecompanyisconsideringatakeoverbidfromarivalfirm.Theanalyst'sspouseownssharesoftherivalfirm.Theanalystinformstheemployer'scompliancedepartmentaboutthespouse'sholdingsbutarguesthatthesizeoftheholdingistoosmalltobematerialandthattheanalystcaneasilyrecuseherselffromanyrelevantworkduringthetakeoverprocess.Whichofthefollowingactionsbytheanalystismostappropriate?a)Continuecoveringthecompanynormallywhileavoidingdiscussionofthetakeoverbidwiththespouse.b)Recuseherselffromallworkrelatedtothecompany,includingwritingresearchreportsandmeetingwiththecompanymanagement.c)Informthecompliancedepartmentthatshewilllimitherworktoonlyanalyzingtherivalfirm'stakeoveroffertoensureobjectivity.d)Acceptthecompliancedepartment'srecommendationtodisclosetheinformationtothecompany'sboardbutcontinuenormalcoverage.5.Aportfoliomanagerrecommendsastocktoaclient.Therecommendationisbasedonfundamentalanalysisconductedbytheportfoliomanager'steam.Subsequently,theportfoliomanagerlearnsthataformercolleague,whorecentlyleftthefirmtoworkforacompetinginvestmentfirm,publishedanarticleinawidelyreadfinancialpublicationpraisingthestockandrecommendingittoherownclients.Theportfoliomanagerisunawareofanyconfidentialinformationthatwassharedwiththeformercolleague.Whichofthefollowingactionsismostappropriate?a)Donothingastheformercolleague'srecommendationisbasedonpubliclyavailableinformation.b)Contactthecompetingfirmandrequestthattheyceaseanddesistfrommakingtherecommendation.c)Informtheclientabouttheformercolleague'srecommendationandthebasisfortheportfoliomanager'sownrecommendation.d)Recuseherselffrommanagingtheclient'sportfoliotemporarilytoavoidanypotentialinfluence.6.Aninvestmentadvisorismeetingwithaprospectiveclient.Duringthemeeting,theadvisormentionsthatoneoftheadvisor'scurrentclientsrecentlyachievedaveryhighreturnbyinvestinginaspecificsector,partlyduetotheadvisor'sexceptionalstockpickingskill.Theadvisordoesnotmentionthatthehighreturnwaspartlyattributedtoaverybullishmarketconditionduringthatperiodandthatthesectorhassinceunderperformed.Whichofthefollowingstatementsbytheadvisorismostappropriate?a)"Ihaveconsistentlyoutperformedthemarket,asdemonstratedbymycurrentclient'sperformance."b)"Pastperformanceisnotindicativeoffutureresults.Marketconditionsplayedasignificantroleintherecenthighreturn."c)"Mystockpickingskillistheprimaryreasonforthehighreturnachievedbymyclient."d)"Investinginthatsectorwasacalculatedriskthatpaidoff,butmarketconditionswerecertainlyfavorable."7.Afinancialplannerispreparingareportforaclientthatincludesprojectionsoftheclient'sfuturewealth.Theprojectionsarebasedonhistoricalmarketdataandassumeaconstantannualrateofreturn.Theplannerknowsthathistoricaldatadoesnotguaranteefutureresultsandthattheclient'srisktoleranceisrelativelylow.Theplannerpresentstheprojectionstotheclientwithouthighlightingtheassumptionsusedorthepotentialrisksinvolved.Whichofthefollowingactionsismostappropriate?a)Presenttheprojectionsasthemostlikelyoutcomebasedonhistoricaldata.b)Clearlystatethattheprojectionsarehypotheticalandbasedonassumptionsthatmaynotholdtrueinthefuture.c)Includeadisclaimeratthebottomofthereportstatingthattheprojectionsareforinformationalpurposesonly.d)Showonlytheoptimisticscenariototheclienttoencouragesaving.8.Twoinvestmentanalystsatafirmarediscussingapotentialinvestmentinastartupcompany.AnalystAsuggestsbuyingthestockbecauseshehasspokentothecompany'sCEOandbelievestheCEOishighlyhonestandethical.AnalystBisconcernedbecauseshehasheardfromathird-partysourcethatthecompanymaybemisrepresentingitsfinancialperformance.Neitheranalysthasaccesstomaterialnonpublicinformation.WhichofthefollowingactionsismostconsistentwithCFAInstituteStandardsofProfessionalConductII(A)DutytoClientsandVI(B)CommunicationwithCurrent,Former,andProspectiveClients?a)AnalystAshouldproceedwiththeinvestmentbasedonherpositiveinteractionwiththeCEO,whileAnalystBshouldavoidcommentingpublicly.b)Bothanalystsshouldrefrainfrommakinganyinvestmentrecommendationsuntiltheycanindependentlyverifytheinformation.c)AnalystBshouldreportherconcernstothefirm'scompliancedepartmentandtheCEO.d)AnalystAshouldreportherpositivefindingstothecompliancedepartment,andAnalystBshouldshareherconcernswithothercolleaguesbutnotreportthemexternally.9.Aportfoliomanagerisconsideringaddinganewsecuritytoaclient'sportfolio.Thesecurityisissuedbyacompanythatrecentlymadeasignificantdonationtoacharitywheretheportfoliomanager'sspouseworks.Theportfoliomanagerbelievesthedonationisunrelatedtotheinvestmentdecisionandthatthesecurityisagoodinvestmentbasedonitsfundamentals.However,theportfoliomanagerhasnotdisclosedthedonationtotheclientorthefirm'scompliancedepartment.Whichofthefollowingactionsismostappropriate?a)Addthesecuritytotheportfolioandinformtheclientthatthemanagerhasapersonalconnectiontothecompany'scharitableactivities.b)Addthesecuritytotheportfoliobutdisclosethedonationtotheclientintheportfoliodisclosurestatement.c)Recuseherselffrommakingtheinvestmentdecisiontoavoidanypotentialconflictofinterest.d)Addthesecuritytotheportfoliobutinformthecompliancedepartmentaboutthepotentialperceptionofaconflictofinterest.10.ALevelIcandidateisattendingaconferencewhereaspeakerfromacompetingfirmispresenting.Thespeakerismakingcontroversialstatementsaboutmarketregulationsthatthecandidateknowsareinaccurate.Thecandidateisconcernedthatthestatementsmightmisleadtheaudience.Whichofthefollowingactionsismostappropriate?a)Waituntilaftertheconferencetocontactthespeakerprivatelyandcorrecttheinaccuracies.b)Speaktotheaudienceafterthepresentationandpubliclycorrectthespeaker'sstatements.c)Sendanemailtotheconferenceorganizersexpressingconcernabouttheaccuracyofthespeaker'sstatements.d)Donothingasitisnotthecandidate'splacetochallengethespeaker'sviews.11.Aninvestmentmanagerisanalyzingacompany'sfinancialreportsforpotentialinvestment.Themanagernoticesthatthecompany'saccountingpolicieshavechangedsignificantlyfromthepreviousyear,whichmayhaveapositiveimpactonreportedearnings.Themanagerisawarethatthechangeinaccountingpolicyisnotduetoanyimprovementinthecompany'sactualperformancebutisprimarilyaimedatpresentingamorefavorablefinancialpicture.WhichofthefollowingactionsismostconsistentwithCFAInstituteStandardsofProfessionalConductIII(B)UseofMaterialNonpublicInformation?a)Ignorethechangeinaccountingpolicyasitisalreadyreflectedinthestockprice.b)Continueanalyzingthecompanybasedonthereportedfinancialsbutnotethechangeinaccountingpolicyintheanalysisreport.c)Avoidmakinganyinvestmentrecommendationsuntilthecompanyprovidesmoredetailedinformationabouttheaccountingpolicychange.d)Reportthecompanytotheregulatoryauthoritiesforpotentialaccountingfraud.12.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Theclientasksthemanagertorecommendaspecificinvestmentthattheclienthasidentified.Theportfoliomanagerbelievesthattheinvestmentdoesnotalignwiththeclient'sstatedinvestmentobjectivesandrisktolerance.Themanageralsobelievesthattheinvestmentmaynotbeintheclient'sbestinterest.Whichofthefollowingactionsismostappropriate?a)Recommendtheinvestmenttotheclient,explainingthatthemanagerhasadutytofollowtheclient'sinstructions.b)Refusetorecommendtheinvestmentandexplaintotheclientwhyitisnotsuitable,suggestingalternativeinvestmentsthatalignwiththeclient'sobjectives.c)Recommendtheinvestmentbutobtainwrittenconsentfromtheclientacknowledgingthattherecommendationmaynotbeintheclient'sbestinterest.d)Discussthesituationwiththecompliancedepartmentandseeklegaladvicebeforemakinganydecision.13.Afinancialadvisorismeetingwithaclientwhoisconsideringwithdrawingasignificantportionoftheirretirementportfoliotopurchaseasecondhome.Theadvisorknowsthattheclient'swithdrawalcouldseverelyimpacttheirretirementsecurityandmayviolatetheadvisor'sfirm'spolicyonmajorclienttransactions.Theadvisorsuggeststhattheclientseekadvicefromadifferentfinancialprofessionalwhospecializesinrealestate.Whichofthefollowingactionsismostappropriate?a)Advisetheclienttoproceedwiththewithdrawalandinformthefirmabouttheclient'sdecisionafterwards.b)Refusetodiscussthewithdrawalfurtherandreportthesituationtothefirm'scompliancedepartment.c)Convincetheclienttoreducethewithdrawalamounttoalevelthatiswithinthefirm'spolicylimits.d)Persuadetheclienttodelaythepurchaseofthesecondhomeuntiltheirretirementportfolioismoresecure.14.TwoCFAcharterholdersareworkingatdifferentfirmsbutusedtoworktogetheratapreviousfirm.Theyregularlyexchangeinformationabouttheircurrentfirms'clients,includingnonpublicinformationabouttheclients'investmentportfoliosandfinancialsituations.Thecharterholdersjustifytheirinformationexchangebystatingthattheyareformercolleaguesandtheinformationissharedforpersonaluseonlyandnotforanyinvestmentortradingpurposes.WhichofthefollowingactionsismostconsistentwithCFAInstituteStandardsofProfessionalConductI(A)ProfessionalismandII(A)DutytoClients?a)Continueexchanginginformationaboutformerclientsaslongasnospecificinvestmentadviceisgiven.b)Refrainfromsharinganynonpublicinformationaboutclientsandfocusondiscussingindustrytrendsandmarketconditions.c)Stopsharingallclientinformation,includingpubliclyavailabledata,toavoidanypotentialconflictofinterest.d)Shareinformationaboutclientsonlyifitisnecessaryforcoordinatinginvestmentstrategiesacrossfirms.15.Aportfoliomanagerispreparingareportforaclientthatincludesasectiononalternativeinvestments.Thereportmentionsaspecificalternativeinvestmentstrategythathasgeneratedhighreturnsinthepastbutalsocarriessignificantrisks.Theportfoliomanagerknowsthatthestrategyiscomplexandnotsuitableforallinvestors.Themanagerdecidestoincludeonlythehighreturnfiguresinthereportandomitthediscussionoftheassociatedrisks.Whichofthefollowingactionsismostappropriate?a)Includeonlythehistoricalreturnsinthereporttohighlightthepotentialoftheinvestment.b)Provideabalanceddiscussionofboththepotentialreturnsandthesignificantrisksassociatedwiththealternativeinvestmentstrategy.c)Includeabriefmentionoftherisksattheendofthereport,assumingtheclientunderstandsthecomplexityofalternativeinvestments.d)Addadisclaimeratthebeginningofthereportstatingthattheinformationisforeducationalpurposesonlyandnotinvestmentadvice.16.Afinancialplannerisworkingwithaclientwhoisconcernedabouttheimpactofinflationontheirretirementsavings.Theplannerpreparesareportshowinghowtheclient'ssavingswillbeerodedbyinflationovertime.Theplannerthenrecommendsaspecificinvestmentproductthatguaranteesafixedreturnslightlyabovethecurrentinflationrate.Theplannerknowsthattheproducthashighfeesandcarriessomecreditrisk,butbelievesitisthebestsolutionfortheclientgiventheirconcernaboutinflation.Whichofthefollowingactionsismostappropriate?a)Recommendtheinvestmentproductandhighlighttheimportanceofprotectingtheclient'ssavingsfrominflation.b)Discusstheinvestmentproductwiththeclient,includingitsfeesandrisks,andexploreotheralternativesthatmightbemoresuitable.c)Recommendtheinvestmentproductbutfailtodisclosethehighfeesandcreditrisktotheclient.d)Advisetheclienttoavoidinvestingintheproductandinsteadfocusoninvestmentswithhigherpotentialreturnstooutpaceinflation.17.Aninvestmentanalystiscoveringacompanythatispreparingtoissuenewsharestothepublic.Theanalysthasbeenworkingontheprojectforseveralmonthsandhasaccesstodetailedinformationaboutthecompany'sfinancialsandfutureplans.Theanalyst'ssiblingisaninvestorwhohasnotbeengivenanyaccesstothepre-releaseinformation.Theanalystsendsanemailtothesiblingwithasummaryofthecompany'supcomingearningsandapositiverecommendationtobuythestockwhenitisreleasedtothepublic.WhichofthefollowingactionsismostconsistentwithCFAInstituteStandardsofProfessionalConductIII(A)MaterialNonpublicInformation?a)Donotsendtheemailtothesiblingastheinformationisnotyetmaterial.b)Sendtheemailtothesiblingbutinformthemthattheinformationisbasedonpreliminaryanalysisandshouldnotbeactedupon.c)Donotsendtheemailtothesiblingbutdiscussthecompany'sprospectswiththemingeneralterms.d)Sendtheemailtothesiblingandinstructthemtosellanyexistingsharesofthecompanyimmediately.18.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.Theportfolioconsistsprimarilyoflarge-capstocks.Theclientexpressesaninterestinaddingsomesmall-capstockstotheportfoliofordiversificationpurposes.Theportfoliomanager,however,isnotfamiliarwithsmall-capstocksandlackstheexpertisetoconductproperduediligence.Themanagerdecidestoincludeafewsmall-capstocksintheportfoliowithoutconductingthoroughresearch.Whichofthefollowingactionsismostappropriate?a)Includethesmall-capstocksintheportfolioandinformtheclientthatthemanagerisrelyingonrecommendationsfromanotherexpertinthefield.b)Refusetoincludethesmall-capstocksintheportfoliountilthemanagercangainthenecessaryexpertiseorconsultwithanexpert.c)Includethesmall-capstocksintheportfoliobutdisclosetotheclientthatthemanagerhaslimitedexperiencewiththesestocks.d)Discussthesituationwiththecompliancedepartmentandseekguidanceonwhethertheinvestmentisappropriategiventhemanager'slackofexpertise.19.ALevelIcandidateisstudyingfortheexamandcomesacrossaquestionthatrequiresapplyingtheAIMAmodeltoaspecificscenario.Thecandidateisunsureabouthowtoapplythemodelcorrectlyanddecidestorelyonastudyguide'sanswerkey,whichprovidesadifferentinterpretationthanwhatthecandidateunderstands.Thecandidatefollowsthestudyguide'sanswerbutisstilluncertainaboutthecorrectapplication.Whichofthefollowingactionsismostappropriate?a)Trustthestudyguide'sanswerandmoveontothenextquestion,assumingitiscorrect.b)SpendadditionaltimeresearchingthetopictounderstandthecorrectapplicationoftheAIMAmodel.c)Markthequestionasunansweredandhopeforthebestoutcomeontheexam.d)ContacttheauthorofthestudyguideandaskforfurtherclarificationontheapplicationoftheAIMAmodel.20.Aninvestmentadvisorismeetingwithaclientwhoisconsideringasignificantchangetotheirinvestmentportfolio,suchasswitchingtoadifferentinvestmentstrategyormovingalargeportionoftheirassetstoadifferentinvestmentmanager.Theadvisorknowsthatsuchachangecouldhavesignificanttaximplicationsfortheclient.Theadvisorfailstodiscussthesepotentialtaxconsequenceswiththeclientbeforemakingtherecommendation.Whichofthefollowingactionsismostappropriate?a)Maketherecommendationtochangetheportfolioandinformtheclientaboutthetaximplicationsafterthedecisionismade.b)Refusetomaketherecommendationuntiltheclientseeksadvicefromataxprofessional.c)Discussthepotentialtaxconsequenceswiththeclientandexplainhowtheymightaffecttheclient'soverallfinancialsituation.d)Advisetheclienttoconsultwiththefirm'staxdepartmentbutdonotprovideanyfurtherguidanceontheinvestmentdecisionitself.試卷答案：1.a解析思路：盡管沒有直接的商業(yè)關(guān)系，但分析師的雇主與競爭對手有業(yè)務(wù)往來，參加由競爭對手贊助的會議可能會引發(fā)利益沖突的合理懷疑。根據(jù)CFAInstituteStandardsofProfessionalConductI(A)Professionalism，會員應(yīng)避免任何可能損害其聲譽或違反道德原則的行為。接受演講邀請但披露贊助關(guān)系（選項b）可能不夠充分，因為贊助關(guān)系本身就可能引起疑問。接受邀請而不披露（選項c）風險較高。要求客戶公司補償（選項d）與CFAInstitute道德準則無關(guān)。不參與商業(yè)活動（選項a）是避免利益沖突最直接和最安全的方式。2.c解析思路：根據(jù)CFAInstituteRuleⅣ(B)-AvoidingConflictsofInterest，會員應(yīng)披露所有可能影響?yīng)毩⑿院涂陀^性的關(guān)系。盡管沒有非公開信息，但分析師與朋友（創(chuàng)始人）的關(guān)系構(gòu)成了一個潛在的利益沖突，因為朋友的成功可能與分析師未來的推薦有關(guān)。向合規(guī)部門披露友誼并尋求書面許可（選項c）是符合規(guī)則的做法，因為它確保了透明度和對潛在沖突的管理。不告知合規(guī)部門（選項b）違反了披露義務(wù)。告知朋友但決定不投資（選項a）和拒絕投資（選項d）都沒有解決披露問題。3.b解析思路：即使沒有直接獲得報酬，從同事處獲取并復(fù)制未公開的備考材料（如完整的LevelII學(xué)習(xí)指南）仍然構(gòu)成了對CFAInstituteStandardsofProfessionalConductIV(A)IndependenceandObjectivity和V(A)Professionalism的違反。這些材料包含由CFAInstitute或其認可機構(gòu)準備的專有內(nèi)容，屬于未公開信息。使用或傳播這些信息，即使是用于個人學(xué)習(xí)，也可能被視為不當利用職業(yè)中獲得的信息。選項a、c、d描述的情況與題目所述不符。4.b解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductI(D)ConflictofInterest，會員必須披露所有可能影響或被認為會影響其獨立性和客觀性的關(guān)系。分析師的配偶持有競爭對手的股份，這是一個需要披露的關(guān)系。盡管持股數(shù)額可能被視為“不重大”，但分析師有責任披露，并且通常需要采取措施避免利益沖突。完全recuse自己（選項b）是解決此類沖突最徹底的方式，確保了完全的客觀性。argueholdingistoosmall（選項a）和limitingwork（選項c）可能不夠充分。僅僅披露給董事會（選項d）可能沒有解決對分析師自身決策過程的影響。5.c解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductII(A)DutytoClients和VI(B)CommunicationwithCurrent,Former,andProspectiveClients，會員在向客戶推薦投資時，應(yīng)提供充分的信息，包括其他可能影響投資決策的因素。如果分析師知道有競爭對手的公開推薦，并且該推薦是基于與分析師無關(guān)的公開信息，那么告知客戶這一情況是適當?shù)摹＿@有助于客戶了解市場動態(tài)，并做出更全面的決策。不采取行動（選項a）、要求競爭對手停止（選項b）或recuse自己（選項d）都不是最直接或最符合標準的做法。6.b解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductIII(B)Misrepresentation和V(A)Professionalism，會員不應(yīng)做出可能誤導(dǎo)客戶的陳述。顧問提及客戶的“非常高”回報，但未提及市場環(huán)境的有利因素是主要貢獻，這構(gòu)成了一種誤導(dǎo)。完全忽略市場因素而歸功于顧問的技能（選項c）是不準確的?？浯筮^往業(yè)績（選項a）和過度解讀（選項d）也是不合適的。承認市場條件的重要性并強調(diào)“過往業(yè)績不代表未來結(jié)果”（選項b）是最準確和最符合道德的做法。7.b解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductV(A)Professionalism和III(B)Misrepresentation，會員在提供預(yù)測時必須誠實、公平，并充分披露所有重要假設(shè)和風險。規(guī)劃師有責任向客戶說明預(yù)測的假設(shè)性質(zhì)以及潛在風險。僅僅展示樂觀情景（選項d）或只加免責聲明（選項c）是不夠的。雖然需要展示預(yù)測，但必須包含對其基礎(chǔ)假設(shè)和局限性的清晰說明（選項b）。8.c解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductII(A)DutytoClients和VI(B)CommunicationwithCurrent,Former,andProspectiveClients，會員應(yīng)向客戶和雇主披露所有可能影響其獨立性和客觀性的信息，包括對第三方信息的擔憂。分析師B從第三方聽說可能存在誤導(dǎo)性陳述，這屬于需要警惕的情況。最適當?shù)男袆邮窍蚬竞弦?guī)部門報告這些擔憂，并告知CEO，以便公司采取適當?shù)恼{(diào)查或披露措施。選項a忽略了潛在問題。選項b建議避免公開評論，可能不夠充分。選項d建議向競爭對手報告或私下評論，超出了應(yīng)有的程序。9.c解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductI(D)ConflictofInterest，會員應(yīng)披露可能影響或被認為影響其獨立性和客觀性的關(guān)系或事實。即使捐贈看起來無關(guān)緊要，且投資決策基于基本面，但公司向員工（特別是經(jīng)理的配偶）捐贈的事實可能引發(fā)對投資決策是否真正獨立公正的合理懷疑。最適當?shù)淖龇ㄊ桥哆@一潛在利益沖突，通常是向合規(guī)部門報告，并避免讓客戶知道該捐贈。在這種情況下，recuse自己（選項c）是最安全的做法，因為它完全消除了潛在沖突。其他選項要么忽略了披露義務(wù)，要么未能充分解決潛在沖突。10.c解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductI(D)ConflictofInterest和II(A)DutytoClients，會員應(yīng)盡力確保信息的準確性和公平性，尤其是在公眾論壇上。如果會員知道一個競爭對手的演講包含可能誤導(dǎo)聽眾的錯誤信息，最合適的行動是私下向會議組織者反映這一情況，請求他們澄清或更正。直接公開挑戰(zhàn)演講者（選項b）可能顯得不專業(yè)或具有攻擊性。私下解決（選項a）可能不夠及時或有效。什么都不做（選項d）允許誤導(dǎo)信息傳播。11.b解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductIII(B)UseofMaterialNonpublicInformation，會員不得使用或交易基于未公開重大信息的信息。雖然會計政策的改變可能是公開的，但如果分析師知道該改變是為了利用會計規(guī)則的選擇來美化財務(wù)報表，而并非基于公司基本面改善，并且這種改變可能對未來業(yè)績有重大影響，那么分析師有責任認識到這可能構(gòu)成未公開信息的使用。最合適的做法是繼續(xù)分析，但在報告中明確指出會計政策的變化及其潛在影響，而不是忽略它或依賴可能誤導(dǎo)性的信息。選項a忽略了信息可能具有誤導(dǎo)性的風險。選項c過于被動。選項d可能構(gòu)成對潛在違規(guī)行為的指控，需要更確鑿的證據(jù)。12.b解析思路：根據(jù)CFAInstituteStandardsofProfessionalConductI(B)LoyaltytoClient和II(A)DutytoClients，會員的首要義務(wù)是客戶的最佳利益。如果會員認為客戶的指令或請求（如推薦特定投資）不符合客戶的最佳利益，會員有責任向客戶解釋原因，