题目有些记得不全, 有些记得的也只能说个大概的意思. 文字的typo or mistake, 请海涵! Part I: 1)Which one is least likely to be true? The GIPS was created to? 个人选的是 “ …..provides a industry-wide performance presentation standard ….” 之类的选项. 觉得关键字industry-wide 错了, 应该是firm-wide.
2) Some analyst compile了一些public的信息,再加上他从suppiler, customers等收集到的piece information 然后得到结论某stock要涨, 于是乎he bought some shares from several accounts. 后来他在某场合overhear到一些material nonpublic的确切要涨的信息, 然后he bought some additional shares for his clients. 我选的答案是: initial purchasing violates “Fair dealing” but not “material nonpublic”, because he got his conclusion based on Mosaic theory. However he violates “Fair dealing” because he only bought it from several accounts. It doesn’t say he bought it from the accounts for which it is appropriate” The additional purchasing violates “material nonpublic” because his trading is based on some material nonpublic information that he overheard.
3) According to code and standards, a firm should maintain records for a minimum: A) 5-years B)7 years C) 10 years D) 15 years The answer is “7 years”, not 5 years. 5 years is the minimum requirement for the performance presentation set by GIPS.
4) Some analyst is working for a firm. The firm will announce a “buy” recommendation for some stock. The analyst’s father is also a client with the firm. What is the correct trading priority order from highest to lowest? The correct answer is “The other firm’s clients and his father’s accounts (the same level) , then his employer’s account, then his own account.
5) For a GIPS compliance firm, when there is some conflicts between local laws and GIPS standards, which one is correct? The answer is “comply with the local laws, but need to disclose the conflicts in the report”
6) Which one is least likely to be true? An analyst can not disclose a former client’s information unless: A) the client has decease B) required by CFI institute C) required by law D) include some illegal activity The answer is A)
7) Some one, CFA is working in a investment firm. He is managing a small cap fund. Recently, small cap’s performance is not good. He found some other big cap stocks which have some growth potential. Then he sold some portion of the fund and bought some shares of the big cap stocks. Later it proved that the big cap stocks he added soared in price. He has violate: 问是否违反了suitability 和 communication with client 我选得是两者都违反了. Because since the clients bought the small cap fund based on their objects and some constraints, the different investment strategy might not suit for them even though it can bring some benefit to the clients, for example violate the risk tolerance or some other constraint. Also he has violated “communication with clients” since he did NOT tell his clients the important change before he took the action.
8) search for a good brokerage for the client in order to get : A) miminum transaction cost B) best price C) lowest commission D) best execution The answer is D)
9) Some one is going to leave his employer to work for a charitable organization. He has submitted his resignation. Before he left the firm, he hand-write a list of the name for some wealthy clients that he think they will be probable to contribution to the charitable organization. 后半部分不太记得了. 反正考了2个点. 前半部分显然violate the loyalty to employer.
10) Which one is not a part of the eight major section of GIPS standards? A) input data B) alternative xxx C) private equity D) fundamental of compliance The answer is B)
11) Some one, CFA present the performance based on pre-tax return and gross of annual fees, but he disclose and fully explained this to his clients in the report. He: A) not violate B) violate, because annual fee should be excluded C) violate, should report based on after-tax D) violate, must comply with GIPS presentation standards 个人选得答案是A. As long as he has fully explain and disclose the details to the clients, it is OK. Compliance with GIPS is recommended, not required.
12) Some one is working for a firm in some city, where flooding often happens. So he 销毁了 all paper documents and downloaded the records to his working computer. Also he uploads the records to some reliable server 1000 miles away. And the server will keep the records for at least x years. 显然违反了 “preservation of confidentiality”, 另外还有一个考点不记得了.
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发表于 2008-12-8 03:55
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