2025年CFA一級Ethics道德準(zhǔn)則模擬測試卷下載考試時間：______分鐘總分：______分姓名：______第一部分1.Ananalystisevaluatingacompanyforinclusioninaportfoliorecommendedtoaclient.Theclienthasprovidedtheanalystwithnon-publicinformationaboutanupcomingacquisitionthatthecompanyisconsidering.Theanalystisnotapartytotheacquisitionnegotiationbuthasbeengiventheinformationbytheclientinconfidence.Whatisthemostappropriatecourseofactionfortheanalyst?a)Usetheinformationtomakeaninvestmentrecommendationtotheclientregardingthecompany'sstock,astheinformationwasprovidedbytheclient.b)Sharetheinformationwithotheranalystsfortheirconsiderationbutdonotactuponit.c)Maintainconfidentialityregardingtheinformationandrefrainfrommakinganyinvestmentrecommendationsbasedonituntilitbecomespublicknowledge.d)Discusstheinformationwiththecompany'smanagementtounderstandtheirperspectiveontheacquisition.2.Aportfoliomanagerisresponsibleformanagingclientassets.Theportfoliomanagerlearnsthatalargeportionoftheportfolio'sgaininthepastmonthisduetoanunsolicitedtipreceivedfromafriendlybrokerwhoworksatacompetitorfirm.Thetipwasnotbasedonanyindependentresearchbytheportfoliomanager.Whatactionmusttheportfoliomanagertake?a)Acknowledgethecontributionofthebrokerandcontinueusingtheirtipsforfutureinvestmentdecisions.b)Informtheportfolio'sclientsaboutthesourceoftherecentgainandtherelianceonthebroker'stip.c)Disclosetheuseoftheunsolicitedtipintheportfolio'sperformancereportandensureitisattributedtothecompetitorbroker.d)Maintainconfidentialityaboutthetip'soriginbutensurefutureinvestmentdecisionsarebasedonindependentresearch.3.WhichofthefollowingactionsbyaninvestmentadvisorwouldmostlikelyviolateStandardII(A)-LoyaltytoClientsandNetAssetValue?a)Recommendinginvestmentsthathavebeenapprovedbyathird-partyduediligencecommittee.b)Prioritizinginvestmentsthatofferthehighestpotentialreturnfortheadvisor,eveniftheyarenotthebestfitfortheclient.c)Ensuringthatclientinterestsaregivenprecedenceovertheadvisor'sowninterestswhenmakingrecommendations.d)Obtainingwrittenconsentfromclientsbeforeacceptingcompensationinformsotherthanstandardfees.4.Aninvestmentassociateisparticipatingintheresearchprocessforanumberoffirms.Theassociatediscoversnon-public,materialinformationaboutoneofthefirmssuggestingsignificantfuturedifficulties.Theassociateisconcernedthatifthisinformationisnotactedupon,thefirm'sstockpricemayartificiallyinflate,harmingcurrentshareholders.Whatshouldtheassociatedo?a)Immediatelysellallpositionsinthefirmtopreventpotentialharmtocurrentshareholders.b)Informthefirm'smanagementabouttheconcernsandrequesttheydisclosetheinformation.c)Sharetheinformationwithaclosecolleaguewhoisalsoaninvestmentassociatebutdoesnotmakeanytradingdecisionsbasedonit.d)Waitfortheinformationtobecomepublicbeforetakinganyaction,astradingbasedonsuchinformationwouldlikelyconstituteinsidertrading.5.Aportfoliomanagerisconsideringincludinganewsecurityinaclient'sportfolio.Thesecurityisissuedbyacompanythatrecentlyhiredtheportfoliomanager'sspouseasaseniorexecutive.Theportfoliomanagerhasnotreceivedanypersonalbenefitfromthisrelationship.Whatistheprimaryethicalconcernandtherequiredcourseofaction?a)Thereisnoethicalconcernastheportfoliomanagerhasnotreceivedpersonalbenefit.Thesecuritycanbeaddedwithoutanyfurtheraction.b)Thepotentialforaconflictofinterestexists.Theportfoliomanagermustdisclosetherelationshiptotheclientandobtainwrittenconsentbeforeaddingthesecurity.c)Therelationshipisirrelevanttotheinvestmentdecision.Thesecurityshouldbeevaluatedbasedsolelyonitsinvestmentmerits.d)Theportfoliomanagershouldrecusethemselvesfromthedecision-makingprocessregardingthissecurityentirely.第二部分6.Aninvestmentadvisoriscommunicatingwithapotentialclientoveremail.Theadvisorincludesinformationaboutanewinvestmentproductthatguaranteesa10%returnwithnorisk.Theadvisorknowsthatsuchguaranteesaremisleadingandnotinlinewiththeclient'srisktolerance,buttheybelievehighlightingtheguaranteedreturnwillattracttheclient'sinterest.WhichStandardofProfessionalConductistheadvisorpotentiallyviolating?a)StandardI(D)-Professionalismb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(A)-DiligenceandReasonableBasisd)StandardIV(A)-AdditionalCompensationArrangements7.Ananalystiscoveringacompanyinthetechnologysector.Thecompany'sstockhasbeenperformingwell,andtheanalystisunderpressurefromtheirmanagertoissuea"Buy"recommendation.Theanalysthasconcernsaboutthecompany'sfinancialhealthandbelievesa"Hold"ratingismoreappropriate.Theanalystissuesthe"Buy"recommendation,citingpositiveindustrytrendswithoutfullyaddressingthecompany'sweaknesses.Whathastheanalystmostlikelyviolated?a)StandardI(B)-Objectivityb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(C)-FullyDisclosingConflictsd)StandardV(A)-AdditionalCompensationArrangements8.Aportfoliomanagerismanagingaportfolioforaclient.Theclientaskstheportfoliomanagertorecommendaninvestmentthatalignswiththeclient'svalues,specificallyavoidingcompaniesinvolvedintobaccoproducts.Theportfoliomanagerknowsofaprivateequityfundthatinvestsexclusivelyinthetobaccoindustrybutoffersveryhighreturns.Theportfoliomanagerrecommendsthefundtotheclient,claimingitisoneofthebestinvestmentopportunitiesavailable,whiledownplayingtheclient'sstatedpreference.Whatistheprimaryethicalissue?a)Theportfoliomanagerhasadutytoprovideunbiasedinformation,butrecommendingthefundcouldstillbejustifiableifthereturnsaretrulysuperior.b)TheportfoliomanagerhasviolatedStandardII(A)bynotprioritizingtheclient'sinstructionsandpotentiallyviolatingtheprincipleofloyalty.c)TheportfoliomanagerhasviolatedStandardIII(A)bynotconductingthoroughduediligenceontheprivateequityfund.d)TheportfoliomanagerhasviolatedStandardI(D)bynotmaintainingprofessionalcompetenceinunderstandingtheclient'svalues.9.Twoportfoliomanagersatthesamefirmarediscussingtheirclientportfolios.ManagerAasksManagerBaboutthespecificholdingsinalargeclientportfoliothatisnottheirown.ManagerBprovidesdetailedinformationabouttheportfolio'sholdings,includingpositionsinprivatecompanies.Whatistheethicalissue,ifany?a)Thereisnoethicalissueasbothmanagersareemployeesofthesamefirmandworkingtowardsthefirm'sgoals.b)ManagerBhasviolatedStandardI(A)-Professionalismbypotentiallybreachingclientconfidentiality.c)ManagerAhasviolatedStandardIII(B)-CommunicationwithColleaguesbyrequestingconfidentialclientinformation.d)Theethicalissuedependsonthefirm'sinternalpoliciesregardinginformationsharingamongemployees.10.Aninvestmentadvisoriscompensatedprimarilythroughmanagementfeesbasedontheassetsundermanagement.Theadvisoralsoreceivesabonusbasedonthetotalreturngeneratedfortheportfolio,regardlessofwhetherthereturnisgeneratedbytradingorthroughmarketappreciation.Whatisthemostsignificantpotentialconflictofinterestarisingfromthiscompensationstructure?a)Theadvisormightbeincentivizedtoengageinexcessivetradingtogeneratemorefees.b)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsbyacceptingcompensationbasedontotalreturn.c)Theadvisormustdisclosethebonusstructuretoclients,butitdoesnotcreateaconflictofinterest.d)Theadvisor'sdutyofloyaltytoclients(StandardII(A))issupersededbytheneedtomaximizereturnsforthebonus.11.Aclientprovidesaninvestmentadvisorwithalistofstockstheyownandasksfortheadvisor'sopiniononwhethertohold,sell,orbuyadditionalsharesofthesestocks.Theadvisorhasnotconductedanyindependentanalysisonthecompaniesbutrecommendssellingallthestocks,citinggeneralmarketconcerns.Whatactionistheadvisormostlikelyviolating?a)StandardI(D)-Professionalismb)StandardIII(A)-DiligenceandReasonableBasisc)StandardII(A)-LoyaltytoClientsandNetAssetValued)StandardV(B)-ResponsibilitiestoEmployers12.Ananalystispreparingaresearchreportonacompany.Thereportisscheduledforpublicationbuthasbeendelayedduetounforeseencircumstances.Duringthedelay,theanalystlearnsofasignificantnegativeeventaffectingthecompanythatwasnotknownbeforetheresearchwasinitiated.Whatshouldtheanalystdo?a)Waituntiltheoriginalpublicationdatetoincludethenewinformationinthereport.b)Issueanimmediateupdateoranewreportincludingthenegativeinformation,aslongasitdoesnotaffecttheoverallpositiverecommendation.c)Includethenegativeinformationinthereportbutde-emphasizeitsimpacttomaintainthepositiverecommendation.d)Withholdthenegativeinformationuntilitbecomespublicknowledgethroughotherchannels,toavoidcausingmarketdisruption.13.Aportfoliomanagerisresponsibleforaclientportfolio.Theclientisalsoadirectorofacompanythatisplanningtobeacquired.Theportfoliomanagerlearnsthattheclientdirectorisinastrongpositiontonegotiateafavorableacquisitionprice.Theportfoliomanagerconsiderspurchasingasignificantamountoftheacquiringcompany'sstock,hopingtoprofitfromtheanticipatedacquisition.Whatmusttheportfoliomanagerdo?a)Purchasethestockimmediately,asthemarketopportunityislikelytobeshort-lived.b)Disclosetheclient'spositiontotheportfolio'sotherclientsandobtaintheirconsentbeforemakinganytrades.c)Recusethemselvesfrommakingtheinvestmentdecisionandinformthecompliancedepartmentaboutthepotentialconflict.d)Waitfortheacquisitiontobeofficiallyannouncedbeforemakinganyinvestmentdecisionsrelatedtoit.14.Whichofthefollowingstatementsbestdescribestheconceptof"KnowYourClient"asoutlinedintheCFAInstituteCodeandStandards?a)Understandingtheclient'sinvestmentpreferences,suchaspreferredindustriesorethicalconsiderations.b)Knowingtheclient'sexactageandplaceofresidence.c)Havingdetailedknowledgeoftheclient'sentirefinancialsituation,includingunrelatedassetsandliabilities.d)Knowingtheclient'shistoricaltradingactivityandfrequencyoftransactions.15.Aninvestmentadvisorismeetingwithapotentialclient.Duringthemeeting,theadvisordiscussesseveralinvestmentoptions,focusingprimarilyonthosethatofferthehighestpotentialreturnsanddownplayingtheassociatedrisks.Theadvisorrealizesthatthediscussionhasnotadequatelyaddressedtheclient'srisktoleranceandinvestmentobjectives.Whatshouldtheadvisordo?a)Continuethemeeting,focusingonthehigh-returnoptionsastheclientseemsinterestedinaggressiveinvestments.b)Asktheclientiftheyunderstandthathigherreturnstypicallycomewithhigherrisk.c)Politelyexcusethemselvesfromthemeeting,astheydonotfeelqualifiedtoadvisetheclient.d)Pausethediscussionandasktheclientclarifyingquestionsabouttheirrisktolerance,investmentgoals,andtimehorizon.第三部分16.Aninvestmentmanagerisconsideringofferingaloyaltypaymenttoalargeclientasanincentivetomaintaintheirrelationship.Thepaymentwouldbeaone-timebonusbasedonapercentageoftheassetsundermanagement.Thefirm'scompliancedepartmentadvisesthatsuchpaymentsmaybeconsideredaviolationofStandardIV(A)-AdditionalCompensationArrangements.Whatistheprimaryreasonforthecompliancedepartment'sconcern?a)Thepaymentcouldcreateaconflictofinterestbetweenthemanagerandtheclient.b)Thepaymentisnotclearlydisclosedandcouldmisleadtheclientabouttheadvisor'sservices.c)Loyaltypaymentsaregenerallyprohibitedbyregulatorstopreventundueinfluenceonclients.d)Thepaymentstructureistoocomplexandcouldunderminethefee-onlymodelofthefirm.17.AresearchanalystworksforaninvestmentbankthatissimultaneouslyactingasanunderwriterforCompanyX'sinitialpublicoffering(IPO).TheanalystcoversCompanyXandhasbeenworkingontheIPOforseveralmonths.Duringthistime,theanalystdevelopsapositiveviewonthecompany'sstock.AftertheIPOiscompletedandthestockbeginstrading,theanalystwantstosellthesharestheyreceivedaspartoftheIPOallocation.Whatisthemostappropriatecourseofaction?a)Sellthesharesimmediatelytoavoidpotentialinsidertradingallegations.b)Sellthesharesgraduallyovertimetoavoidimpactingthestockprice.c)Waitforasignificantpriceincreasetomaximizeprofitsbeforeselling.d)Disclosetheirholdingandthereasonforthepotentialsaleintheirnextresearchreportonthecompany.18.Aninvestmentadvisorrecommendsaparticularinvestmentproducttoaclient,buttheadvisorknowsthattheproductcarriessignificantrisksthatarenotfullyexplainedinthemarketingmaterialsprovidedbytheproduct'ssponsor.Theadvisorisconcernedthattheclientmaynotunderstandtherisks.Whatistheadvisor'sethicalresponsibility?a)Relyonthemarketingmaterialsprovidedbytheproductsponsor,astheyaregenerallyaccurate.b)Disclosetheknownriskstotheclient,evenifitmightdetertheclientfrommakingtheinvestment.c)Obtainwrittenconsentfromtheclientacknowledgingthattheyhavebeeninformedabouttherisks.d)Recommendtheproductbutincludeadisclaimerthattheadvisorisnotresponsiblefortheinvestment'sperformance.19.Aportfoliomanagerismanagingtwoseparateclientportfolios.ClientAhasaveryhighrisktoleranceandClientBhasalowrisktolerance.Theportfoliomanagerdiscoversaninvestmentopportunitythathashighgrowthpotentialbutalsosignificantvolatility.Whatistheportfoliomanager'sethicalobligation?a)Recommendtheinvestmenttobothclients,asthepotentialreturnsjustifytherisk.b)RecommendtheinvestmenttoClientAbutnottoClientB,asClientBhasalowrisktolerance.c)Disclosetheinvestmentopportunitytobothclientsandletthemdecidewhethertoinvestbasedontheirownrisktolerance.d)Avoidrecommendingtheinvestmenttoeitherclient,asitpresentsapotentialconflictofinterestduetoitshighrisk.20.Aninvestmentadvisorisspeakingataconferenceandisaskedaquestionaboutaspecificstock.Theadvisorprovidesadetailedanalysisofthestock,includingbothpositiveandnegativefactors,andconcludesbystatingthattheyhavea"neutral"recommendation.However,theadvisorprivatelycommunicateswithafewselectindividualsaftertheconference,expressingastrong"Buy"recommendationforthestockbasedonadditional,non-publicinformation.WhichStandardofProfessionalConducthastheadvisorviolated?a)StandardI(B)-Objectivityb)StandardII(A)-LoyaltytoClientsandNetAssetValuec)StandardIII(A)-DiligenceandReasonableBasisd)StandardV(A)-AdditionalCompensationArrangements21.Aclientasksaninvestmentadvisortorecommendasuitableexecutorfortheirwill.Theadvisorisfamiliarwithalawyerwhoprovideslegalservicestotheadvisoratareducedrate.Theadvisorrecommendsthislawyertotheclient.Whatisthepotentialethicalissue,ifany?a)Thereisnoethicalissue,astheadvisorismerelyprovidingareferraltoaqualifiedprofessional.b)TheadvisorhasviolatedStandardIII(B)-CommunicationwithColleaguesbydiscussinglegalmatters.c)Theadvisormustdisclosethereducedratereceivedfromthelawyertotheclientbeforemakingtherecommendation.d)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsiftheyreceivecompensationfromthelawyer.22.Ananalystisconductingfundamentalresearchonacompany.Thecompany'smanagementprovidestheanalystwithadetailedpresentationandextensivefinancialdata.Theanalystalsolearnsthatthecompany'sboardofdirectorsrecentlyapprovedasignificantstockbuybackprogram.Theanalystisconcernedthatthemanagementpresentationmightbeoverlyoptimisticandthatthestockbuybackcouldbeanattempttoartificiallyinflatethestockprice.Whatshouldtheanalystdo?a)Focussolelyonthedataprovidedbythecompanyandrecommendthestockwithoutexpressinganyconcerns.b)Expresstheirconcernstothecompany'smanagementinwritingandrequestadditionalinformationbeforemakingarecommendation.c)Issueacautious"Sell"recommendationimmediately,asthemanagementpresentationraisesredflags.d)Withholdtherecommendationuntiltheycanconductindependentverificationofthecompany'sclaimsandassessthebuybackprogram'smotives.23.Aportfoliomanagerisresponsibleforaclientportfolioandisconsideringaddinganewinvestment.Theinvestmentisinacompanythatwaspreviouslyrecommendedbyanotherportfoliomanageratthesamefirm,whoisnolongeremployedbythefirm.Thenewportfoliomanagerhasnotreviewedthepreviousmanager'sanalysisbutisconsideringrelyingonit.Whatistheprimaryethicalconcern?a)Thereisnoethicalconcern,astheinvestmentisbeingevaluatedbasedonitscurrentmerits.b)TheportfoliomanagerhasviolatedStandardI(A)-Professionalismbynotconductingindependentresearch.c)Theportfoliomanagermustverifythequalityofthepreviousmanager'sanalysisandobtainapprovalfromthefirm'scompliancedepartmentbeforeaddingtheinvestment.d)Theportfoliomanagercanrelyonthepreviousmanager'srecommendationifitalignswiththecurrentportfoliostrategy.24.Aninvestmentadvisoriscompensatedthroughafee-basedstructure,whereclientspayafixedfeefortheadvisor'sservices.Theadvisoralsoreceivesasignificantamountofrevenuefromsellingspecificinvestmentproductsthathavehighsalesloads.Theadvisorprimarilyrecommendsthesehigh-loadproductstoclients,evenwhenotherlower-loadalternativesmightbemoresuitable.Whatisthemostsignificantethicalissue?a)TheadvisorhasviolatedStandardIV(A)-AdditionalCompensationArrangementsbynotdisclosingtherevenuefromtheproducts.b)TheadvisorhasviolatedStandardII(A)-LoyaltytoClientsandNetAssetValuebynotactingintheclient'sbestinterest.c)Theadvisor'scompensationstructureisacceptableaslongastherecommendedproductsaresuitablefortheclients.d)Theethicalissuedependsontheproportionofrevenuegeneratedfromthehigh-loadproductscomparedtothefee-basedstructure.25.Aclientprovidesaninvestmentadvisorwithalistofstockstheyownandasksfortheadvisor'sopiniononwhethertohold,sell,orbuyadditionalsharesofthesestocks.Theadvisorhasnotconductedanyindependentanalysisonthecompaniesbutrecommendssellingallthestocks,citinggeneralmarketconcerns.Whatactionistheadvisormostlikelyviolating?a)StandardI(D)-Professionalismb)StandardIII(A)-DiligenceandReasonableBasisc)StandardII(A)-LoyaltytoClientsandNetAssetValued)StandardV(B)-ResponsibilitiestoEmployers試卷答案1.c解析思路：根據(jù)StandardI(D)-LoyaltytoClientsandNetAssetValue和StandardIII(A)-DiligenceandReasonableBasis，分析師必須保持客戶利益優(yōu)先，并基于獨(dú)立研究做出建議。非公開信息屬于內(nèi)幕信息，分析師有義務(wù)保密，不能利用該信息進(jìn)行投資建議，直到信息公開。選項(xiàng)a違反了使用內(nèi)幕信息的規(guī)定。選項(xiàng)b和d沒有充分遵守保密義務(wù)。2.b解析思路：根據(jù)StandardI(D)-Professionalism和StandardII(A)-LoyaltytoClientsandNetAssetValue，投資經(jīng)理有義務(wù)向客戶披露重大信息的來源，特別是可能影響投資決策的非公開信息。即使信息來自善意來源，其非公開性也要求披露。選項(xiàng)a和d忽視了信息披露義務(wù)。選項(xiàng)c沒有充分披露信息來源。3.b解析思路：根據(jù)StandardII(A)-LoyaltytoClientsandNetAssetValue，投資顧問必須將客戶利益置于個人利益之上。優(yōu)先考慮投資顧問的高回報而忽略客戶的最佳利益，這直接違反了這一原則。選項(xiàng)a、c和d描述了符合道德標(biāo)準(zhǔn)的行為。4.b解析思路：根據(jù)StandardI(D)-Professionalism和StandardIII(A)-DiligenceandReasonableBasis，分析師有義務(wù)向公司管理層披露重大負(fù)面信息，除非法律禁止。直接告知管理層是最適當(dāng)?shù)淖龇?，以便他們考慮信息披露。選項(xiàng)a和d可能構(gòu)成內(nèi)幕交易或違反保密義務(wù)。選項(xiàng)c在同事間分享非公開重大信息是禁止的。5.b解析思路：根據(jù)StandardII(A)-LoyaltytoClientsandNetAssetValue和潛在的利益沖突規(guī)則，盡管沒有直接的個人利益，但公司高管（配偶）與投資決策相關(guān)的公司之間存在重大關(guān)系。這構(gòu)成了一個需要披露的潛在利益沖突。分析師必須披露此關(guān)系，并通常需要獲得客戶的書面同意，才能繼續(xù)持有或投資該公司的證券。選項(xiàng)a和c忽視了潛在的利益沖突。選項(xiàng)d的回避程度可能過度，除非有更嚴(yán)重的沖突，否則披露和同意通常是足夠的。6.b解析思路：根據(jù)StandardII(A)-LoyaltytoClientsandNetAssetValue和StandardI(D)-Professionalism，投資顧問必須提供客觀、真實(shí)的信息，不能為了吸引客戶而使用誤導(dǎo)性陳述。保證無風(fēng)險高回報是虛假和誤導(dǎo)性的，尤其當(dāng)顧問知道其不準(zhǔn)確性時。這損害了客戶的利益和顧問的專業(yè)性。選項(xiàng)a、c和d描述的情況與違反StandardII(A)不符。7.a解析思路：根據(jù)StandardI(B)-Objectivity，分析師必須提供客觀的評估和建議，不受不當(dāng)影響。在受到經(jīng)理壓力下發(fā)布與個人分析不符的評級，表明分析師未能保持客觀性。選項(xiàng)b、c和d描述的情況與違反StandardI(B)不符。8.b解析思路：根據(jù)StandardII(A)-LoyaltytoClientsandNetAssetValue，投資顧問必須優(yōu)先考慮客戶的指示和最佳利益。推薦與客戶價值觀（如避免煙草）相悖的投資，即使回報高，也違反了忠誠義務(wù)。選項(xiàng)a、c和d未能充分體現(xiàn)對客戶指示的尊重。9.b解析思路：根據(jù)StandardI(A)-Professionalism和對客戶信息保密的要求，投資組合經(jīng)理B向同事A提供非自己管理客戶的詳細(xì)持倉信息，可能侵犯了客戶confidentiality。即使是在同一公司內(nèi)部，未經(jīng)授權(quán)分享客戶的非公開信息也是不專業(yè)的。選項(xiàng)a、c和d錯誤地描述了情況或違反了其他標(biāo)準(zhǔn)。10.a解析思路：根據(jù)StandardII(A)-LoyaltytoClientsandNetAssetValue，這種基于總回報的獎金結(jié)構(gòu)可能激勵投資顧問進(jìn)行不必要的交易活動（Churning），即使這些交易對客戶不利，只是為了最大化總回報從而獲得更高獎金。這可能導(dǎo)致顧問利益優(yōu)先于客戶利益，產(chǎn)生沖突。選項(xiàng)b、c和d錯誤地評估了補(bǔ)償結(jié)構(gòu)的影響或標(biāo)準(zhǔn)應(yīng)用。11.b解析思路：根據(jù)StandardIII(A)-DiligenceandReasonableBasis，投資建議必須基于合理的盡職調(diào)查和分析。在沒有進(jìn)行任何獨(dú)立分析的情況下，僅憑一般市場擔(dān)憂就建議賣出所有股票，嚴(yán)重缺乏盡職調(diào)查，沒有合理依據(jù)。選項(xiàng)a、c和d描述的情況與違反StandardIII(A)的核心要求不符。12.b解析思路：根據(jù)StandardIII(C)-FullDisclosure和StandardI(B)-Objectivity，當(dāng)研究報告發(fā)布延遲，且在此期間出現(xiàn)重大負(fù)面信息時，分析師有責(zé)任更新信息。隱瞞該信息并按原計(jì)劃發(fā)布可能誤導(dǎo)投資者，違反了充分披露和客觀性原則。最合適的是立即發(fā)布包含新信息的更新。選項(xiàng)a、