2025年CFA一級《道德與專業(yè)標(biāo)準(zhǔn)》題考試時(shí)間：______分鐘總分：______分姓名：______第一部分1.Aninvestmentanalystiscoveringacompanythatisinfinancialdistress.Theanalyst'sfirmhasalong-standingrelationshipwiththecompanyandhasprovidedsignificantfinancialassistanceinthepast.Theanalystispreparingaresearchreportsuggestingthatthecompany'sstockisundervalued.Whichofthefollowingactionsismostappropriatefortheanalysttotake?a.Issuetheresearchreportasplanned,astherelationshipwiththecompanyislong-standingandtherecommendationisbasedonthoroughanalysis.b.Issuetheresearchreportonlyifthefirm'sportfoliomanagementdivisionalsoagreesthatthestockisundervalued.c.Discloseinthereportthatthefirmhasprovidedsignificantfinancialassistancetothecompanyinthepastbutemphasizethatthestockrecommendationisbasedsolelyoncurrentfundamentals.d.Recusethemselvesfromworkingonthereportduetothepotentialforaconflictofinterestarisingfromthefirm'spastassistancetothecompany.2.Aportfoliomanagerrecommendsastocktoaclient.Thestockispartoftheportfoliomanager'sfirm'sproprietaryinvestmentstrategy,andthefirmchargesafeeforaccesstothisstrategy.Whichofthefollowingistheportfoliomanagerobligatedtodisclosetotheclient,accordingtotheCFAInstituteStandardsofProfessionalConduct?a.Thefactthatthefirmchargesafeefortheproprietaryinvestmentstrategy,providedthefeeisdisclosedinthefirm'sgeneralprospectus.b.Thefactthatthestockispartofaproprietaryinvestmentstrategy,butonlyiftheclientexpressesinterestinlearningmoreaboutthestrategy.c.Thefactthatthestockispartofaproprietaryinvestmentstrategyandthefirmchargesafeeforaccesstothisstrategy,iftheportfoliomanagerbelievesthefeeismaterialtotheclient'sinvestmentdecision.d.Noinformationregardingtheproprietarynatureofthestockortheassociatedfee,aslongasthestockrecommendationisbasedonthoroughanalysis.3.Aninvestmentmanagerisconsideringincludingastockinaclient'sportfolio.Themanagerlearnsthatthecompanybehindthestockisplanningtoacquireacompetitor,andthisacquisitionisexpectedtosignificantlyincreasethestockprice.Themanagerlearnsthisinformationfromafriendwhoworksatthecompetitorcompany.Themanagerimmediatelybuysthestockfortheirownportfolioandlaterrecommendsittoaclient.Whichofthefollowingbestdescribesthemanager'sactions?a.Themanager'sactionsarecompliantwiththeCFAInstituteStandardsofProfessionalConduct,aslongasthemanagerprovidesappropriatedisclosuretotheclientregardingthestockrecommendation.b.Themanager'sactionsmayconstituteaviolationofStandardII(Integrity)andStandardIII(DutyofCare)ifthemanageractedonmaterial,nonpublicinformation.c.Themanager'sactionsarecompliantwiththeCFAInstituteStandardsofProfessionalConduct,asthemanagerisnotobligatedtodisclosetheirpersonaltradingdecisionstotheclient.d.Themanager'sactionsarecompliantwiththeCFAInstituteStandardsofProfessionalConduct,providedthemanagerdisclosestheirfriendshipwiththefriendatthecompetitorcompany.4.Afinancialadvisorismeetingwithaclientwhoisconsideringalargeinvestmentinastartupcompany.Theadvisorrecommendstheinvestmenttotheclient,buttheadvisoralsohasafinancialinterestinthestartupthroughaseparateinvestment.Theadvisorfailstodisclosethisfinancialinteresttotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.c.AviolationofStandardIV(DutyofCompetence),astheadvisormaynothavethesufficientexpertisetoassessthestartup'sinvestmentpotentialwithoutdisclosingtheirownfinancialinterest.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialinterests.5.Aninvestmentanalystispreparingaresearchreportonacompany.Thereportcontainspositiveinformationaboutthecompany'sfutureprospects.Theanalyst'sbossrequeststhatthereportbeslightlyalteredtoputamorepositivespinonthecompany'sprospects,eventhoughtherequestedchangesarenotbasedonanynewinformation.Theanalystrefusestomakethealterations.Whichofthefollowingbestdescribestheanalyst'saction?a.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,buttheanalystshouldconsiderreportingtheboss'srequesttoahigherauthoritywithinthefirm.b.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytomaintaintheintegrityoftheirresearch.c.Theanalyst'sactionmaybeconsideredaviolationofStandardI(DutyofCare),astheanalysthasadutytoprovideaccurateandcompleteinformationtoclients.d.Theanalyst'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytofollowtheboss'sreasonablerequests.第二部分6.Aportfoliomanagerismanagingaportfolioforaclient.Theportfolioincludesstocksandbonds.Themanagerlearnsthatamajoreconomiceventisexpectedtooccursoon,whichcouldnegativelyimpacttheportfolio.Themanagerdecidestoliquidatetheentireportfolioandinvesttheproceedsinasafe,low-yieldinvestment.Whichofthefollowingbestdescribesthemanager'saction?a.Themanager'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,asthemanagerhasadutytoprotecttheclient'sassets.b.Themanager'sactionmayconstituteaviolationofStandardIII(DutyofCare)ifthemanagerdidnotfollowtheclient'sinvestmentinstructionsorfailuretoconsidertheclient'srisktolerance.c.Themanager'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,aslongasthemanagerinformstheclientabouttheliquidationandthereasonsforit.d.Themanager'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,asthemanagerhasadutytomaintaintheclient'sportfolioinaccordancewiththeagreed-uponinvestmentstrategy.7.Afinancialadvisorismeetingwithaclientwhoisconsideringavarietyofinvestments.Theadvisorrecommendsaseriesofinvestmentsthatgeneratehighcommissionsfortheadvisor.Theadvisorfailstodisclosethecommissionstructuretotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialcompensationarrangements.8.Aninvestmentanalystiscoveringacompanyinanindustrythatishighlyregulated.Theanalystlearnsthatthecompanyisconsideringlaunchinganewproductthatmaybeinviolationoftherelevantregulations.Theanalystisconcernedthattheproduct,iflaunched,couldharmthecompany'sreputationandfinancialperformance.Theanalystdecidestoissuearesearchreportwarninginvestorsaboutthepotentialregulatoryrisk.Whichofthefollowingbestdescribestheanalyst'saction?a.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytoprotectinvestorsfrompotentiallosses.b.Theanalyst'sactionmayconstituteaviolationofStandardII(Integrity)iftheanalyst'swarningisbasedonspeculationratherthanreliableinformation.c.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,aslongastheanalystdisclosesanypotentialconflictsofinterestrelatedtotheresearchreport.d.Theanalyst'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytopromotethecompany'sproducts.9.Aportfoliomanagerismanagingaportfolioforaclient.Theclientisalargeinstitutionalinvestor,andtheportfolioincludesasignificantinvestmentinacompanythatisamajorclientoftheportfoliomanager'sfirm.Theportfoliomanagerlearnsthatthecompanyisfacingfinancialdifficultiesandmaybeunabletomeetitsobligationstotheportfoliomanager'sfirm.Whichofthefollowingbestdescribestheportfoliomanager'spotentialobligation?a.Theportfoliomanagerhasnoobligation,astheinvestmentdecisionwasmadebytheclient,nottheportfoliomanager.b.Theportfoliomanagerhasadutytomonitortheinvestmentcloselyandtakestepstomitigateanypotentiallosses,aslongastheinvestmentisperformingwell.c.Theportfoliomanagerhasadutytodisclosethepotentialrisktotheclientandrecommenddiversifyingtheportfoliotoreduceexposuretothecompany.d.Theportfoliomanagerhasadutytoterminatetheclientrelationship,astheinvestmentinthecompanyposesaconflictofinterest.10.Aninvestmentadvisorisprovidingadvicetoaclientwhoisconsideringavarietyofinvestments.Theadvisorrecommendsaseriesofinvestmentsthatarehighlyconcentratedinasingleindustry.Theadvisorfailstodisclosetheconcentrationrisktotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialrisks.第三部分11.Afinancialadvisorismeetingwithaclientwhoisconsideringalargeinvestmentinaprivateequityfund.Theadvisorrecommendstheinvestmenttotheclient,buttheadvisoralsostandstoreceiveasignificantbonusifthefundperformswell.Theadvisorfailstodisclosethispotentialconflictofinteresttotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialinterests.12.Aninvestmentanalystispreparingaresearchreportonacompany.Thereportcontainspositiveinformationaboutthecompany'sfutureprospects.Thereportisdistributedtotheanalyst'sfirm'sclients,whoarelong-termholdersofthecompany'sstock.Theanalyst'sbossrequeststhatthereportbeslightlyalteredtoputamorepositivespinonthecompany'sprospects,eventhoughtherequestedchangesarenotbasedonanynewinformation.Theanalystrefusestomakethealterations.Whichofthefollowingbestdescribestheanalyst'saction?a.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,buttheanalystshouldconsiderreportingtheboss'srequesttoahigherauthoritywithinthefirm.b.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytomaintaintheintegrityoftheirresearch.c.Theanalyst'sactionmaybeconsideredaviolationofStandardI(DutyofCare),astheanalysthasadutytoprovideaccurateandcompleteinformationtoclients.d.Theanalyst'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytofollowtheboss'sreasonablerequests.13.Aportfoliomanagerismanagingaportfolioforaclient.Theclientisaretiredindividualwhoreliesontheportfolio'sincomeforlivingexpenses.Theportfoliomanagerdecidestoinvestasignificantportionoftheportfolioinhigh-risk,high-volatilityassets.Themanagerjustifiesthedecisionbyarguingthatthepotentialreturnsfromtheseassetscouldsignificantlyoutperformtheclient'scurrentreturns.Whichofthefollowingbestdescribesthemanager'spotentialviolation?a.Themanager'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,asthemanagerhasadutytoseekthehighestpossiblereturnsfortheclient.b.Themanager'sactionmayconstituteaviolationofStandardIII(DutyofCare)ifthemanagerdidnotconsidertheclient'srisktoleranceandincomeneeds.c.Themanager'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,aslongasthemanagerinformstheclientabouttherisksandpotentiallosses.d.Themanager'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,asthemanagerhasadutytomaintaintheclient'sportfolioinaccordancewiththeagreed-uponinvestmentstrategy.14.Afinancialadvisorismeetingwithaclientwhoisconsideringavarietyofinvestments.Theadvisorrecommendsaseriesofinvestmentsthatgeneratehighcommissionsfortheadvisor.Theadvisorfailstodisclosethecommissionstructuretotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialcompensationarrangements.15.Aninvestmentanalystiscoveringacompanyinanindustrythatishighlyregulated.Theanalystlearnsthatthecompanyisconsideringlaunchinganewproductthatmaybeinviolationoftherelevantregulations.Theanalystisconcernedthattheproduct,iflaunched,couldharmthecompany'sreputationandfinancialperformance.Theanalystdecidestoissuearesearchreportwarninginvestorsaboutthepotentialregulatoryrisk.Whichofthefollowingbestdescribestheanalyst'saction?a.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytoprotectinvestorsfrompotentiallosses.b.Theanalyst'sactionmayconstituteaviolationofStandardII(Integrity)iftheanalyst'swarningisbasedonspeculationratherthanreliableinformation.c.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,aslongastheanalystdisclosesanypotentialconflictsofinterestrelatedtotheresearchreport.d.Theanalyst'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytopromotethecompany'sproducts.第四部分16.Aportfoliomanagerismanagingaportfolioforaclient.Theclientisalargeinstitutionalinvestor,andtheportfolioincludesasignificantinvestmentinacompanythatisamajorclientoftheportfoliomanager'sfirm.Theportfoliomanagerlearnsthatthecompanyisfacingfinancialdifficultiesandmaybeunabletomeetitsobligationstotheportfoliomanager'sfirm.Whichofthefollowingbestdescribestheportfoliomanager'spotentialobligation?a.Theportfoliomanagerhasnoobligation,astheinvestmentdecisionwasmadebytheclient,nottheportfoliomanager.b.Theportfoliomanagerhasadutytomonitortheinvestmentcloselyandtakestepstomitigateanypotentiallosses,aslongastheinvestmentisperformingwell.c.Theportfoliomanagerhasadutytodisclosethepotentialrisktotheclientandrecommenddiversifyingtheportfoliotoreduceexposuretothecompany.d.Theportfoliomanagerhasadutytoterminatetheclientrelationship,astheinvestmentinthecompanyposesaconflictofinterest.17.Afinancialadvisorisprovidingadvicetoaclientwhoisconsideringavarietyofinvestments.Theadvisorrecommendsaseriesofinvestmentsthatarehighlyconcentratedinasingleindustry.Theadvisorfailstodisclosetheconcentrationrisktotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialrisks.18.Aninvestmentadvisorismeetingwithaclientwhoisconsideringalargeinvestmentinastartupcompany.Theadvisorrecommendstheinvestmenttotheclient,buttheadvisoralsohasafinancialinterestinthestartupthroughaseparateinvestment.Theadvisorfailstodisclosethisfinancialinteresttotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialinterests.19.Afinancialadvisorismeetingwithaclientwhoisconsideringalargeinvestmentinaprivateequityfund.Theadvisorrecommendstheinvestmenttotheclient,buttheadvisoralsostandstoreceiveasignificantbonusifthefundperformswell.Theadvisorfailstodisclosethispotentialconflictofinteresttotheclient.Whichofthefollowingbestdescribestheadvisor'spotentialviolation?a.AviolationofStandardI(DutyofCare)only,astheadvisorfailedtoactintheclient'sbestinterest.b.AviolationofStandardII(Integrity)only,astheadvisorfailedtobehonestandstraightforwardwiththeclient.c.AviolationofStandardIII(DutyofCare)only,astheadvisorfailedtoprovidecompleteandfairinformationtotheclient.d.AviolationofStandardVI(AdditionalProhibitions)regardingthedutytodisclosematerialinterests.20.Aninvestmentanalystispreparingaresearchreportonacompany.Thereportcontainspositiveinformationaboutthecompany'sfutureprospects.Thereportisdistributedtotheanalyst'sfirm'sclients,whoarelong-termholdersofthecompany'sstock.Theanalyst'sbossrequeststhatthereportbeslightlyalteredtoputamorepositivespinonthecompany'sprospects,eventhoughtherequestedchangesarenotbasedonanynewinformation.Theanalystrefusestomakethealterations.Whichofthefollowingbestdescribestheanalyst'saction?a.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,buttheanalystshouldconsiderreportingtheboss'srequesttoahigherauthoritywithinthefirm.b.Theanalyst'sactioniscompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytomaintaintheintegrityoftheirresearch.c.Theanalyst'sactionmaybeconsideredaviolationofStandardI(DutyofCare),astheanalysthasadutytoprovideaccurateandcompleteinformationtoclients.d.Theanalyst'sactionisnotcompliantwiththeCFAInstituteStandardsofProfessionalConduct,astheanalysthasadutytofollowtheboss'sreasonablerequests.試卷答案1.d解析思路：根據(jù)標(biāo)準(zhǔn)VA，會(huì)員應(yīng)避免利益沖突。雖然與公司有長期關(guān)系和獲得過財(cái)務(wù)援助可能增加利益沖突的風(fēng)險(xiǎn)，但關(guān)鍵在于會(huì)員是否意識(shí)到這種潛在沖突并采取了行動(dòng)。最恰當(dāng)?shù)男袆?dòng)是主動(dòng)回避，以避免任何潛在的偏見影響其分析或建議。選項(xiàng)a忽略了潛在的利益沖突；選項(xiàng)b將決定權(quán)交給其他部門可能不是最直接的解決方案；選項(xiàng)c雖然披露了關(guān)系，但并未解決核心的利益沖突問題；選項(xiàng)d最符合標(biāo)準(zhǔn)VA的要求，主動(dòng)回避以維護(hù)獨(dú)立性和客觀性。2.c解析思路：根據(jù)標(biāo)準(zhǔn)VIB，會(huì)員在向客戶做出投資建議時(shí)，必須確保建議是適合客戶的，并且如果該建議是來自一個(gè)產(chǎn)生收入的策略，必須披露該策略的性質(zhì)以及收費(fèi)安排。即使收費(fèi)在firm的prospectus中有披露，如果客戶是個(gè)人客戶而非機(jī)構(gòu)客戶，或者收費(fèi)結(jié)構(gòu)對客戶決策有重大影響，也必須單獨(dú)披露。選項(xiàng)a和b的披露方式可能不夠及時(shí)或充分；選項(xiàng)d錯(cuò)誤，必須披露收費(fèi)安排。3.b解析思路：根據(jù)標(biāo)準(zhǔn)IIA和IIIA，會(huì)員不得利用非公開信息獲取利益或使他人受損。該投資經(jīng)理利用從競爭對手員工處獲得的非公開信息（即將進(jìn)行的收購）進(jìn)行交易，然后向客戶推薦該股票，這構(gòu)成了利用內(nèi)幕信息進(jìn)行交易和可能違反保密義務(wù)的行為。這顯然違反了誠信原則和盡職盡責(zé)的原則，因?yàn)槠湫袨椴⒎腔讵?dú)立的、公正的分析，而是基于未公開的信息。選項(xiàng)a和d試圖通過披露來辯護(hù)，但利用非公開信息本身就已經(jīng)構(gòu)成違規(guī)；選項(xiàng)c錯(cuò)誤，個(gè)人交易行為若基于非公開信息同樣違規(guī)。4.d解析思路：根據(jù)標(biāo)準(zhǔn)VIC，會(huì)員必須披露其可能影響客戶決策的任何重大利益關(guān)系。在該情境中，顧問擁有投資于startup的個(gè)人財(cái)務(wù)利益，這與其向客戶推薦該投資的建議直接相關(guān)，構(gòu)成了重大利益關(guān)系。由于顧問未能披露這一利益關(guān)系，違反了標(biāo)準(zhǔn)VIC的要求。選項(xiàng)a和b描述了可能的后果或相關(guān)標(biāo)準(zhǔn)，但不是對違規(guī)行為本身的直接描述；選項(xiàng)c雖然顧問可能需要具備評估startup的能力，但此處核心問題是未披露利益沖突，而非能力問題。5.b解析思路：根據(jù)標(biāo)準(zhǔn)IIA（誠信）和IIB（客觀性），會(huì)員必須保持誠信，不得做出任何可能損害職業(yè)聲譽(yù)的行為。分析師拒絕根據(jù)boss的要求修改報(bào)告，以保持研究的真實(shí)性和客觀性，這是符合道德規(guī)范的行為。雖然向更高層報(bào)告請求也是一種選擇，但分析師的直接行動(dòng)——拒絕修改不實(shí)信息——本身就是一種積極的維護(hù)職業(yè)誠信的表現(xiàn)。選項(xiàng)a可能過于絕對；選項(xiàng)c錯(cuò)誤，提供準(zhǔn)確信息是職責(zé)，但此處重點(diǎn)是拒絕歪曲信息；選項(xiàng)d錯(cuò)誤，boss的要求如果涉及歪曲事實(shí)，分析師有責(zé)任拒絕。6.b解析思路：根據(jù)標(biāo)準(zhǔn)IIIA（盡職盡責(zé)），會(huì)員在管理客戶資產(chǎn)時(shí)，必須根據(jù)客戶的具體指令和投資目標(biāo)行事，并考慮到客戶的風(fēng)險(xiǎn)承受能力。該經(jīng)理未經(jīng)客戶同意或未考慮客戶指令和風(fēng)險(xiǎn)偏好，擅自liquidate全部portfolio并改變投資方向，可能違反了標(biāo)準(zhǔn)IIIA。選項(xiàng)a和c可能部分正確，但未能涵蓋未遵循客戶指令和風(fēng)險(xiǎn)承受能力的關(guān)鍵點(diǎn)；選項(xiàng)d錯(cuò)誤，經(jīng)理有義務(wù)根據(jù)既定策略管理資產(chǎn)，而非隨意改變。7.d解析思路：