Kostenlos und ohne Konto. Zu jeder Frage gibt es den vollständigen Lösungsweg, einschließlich der Begründung, warum jede falsche Option falsch ist. Die Fragen sind eigene Aufgaben von Preparaio auf Englisch, keine offiziellen Fragen des CFA Institute.
1. Leocádia Barbosa-Thorne, CFA, of Ribeira Alta Trust Company manages a trust created by the late Henrique Vasconcelos. The trust holds listed shares and bonds. Under the trust document, his widow receives the trust's income for life, the remaining assets then pass to his grandchildren, and the trustee must balance the interests of both groups. The widow, who is the firm's only contact for the trust, asks Barbosa-Thorne to move the entire portfolio into high-yield bonds to raise her income, even though this is expected to erode the principal. Which of the following actions is least likely consistent with Standard III(A) Loyalty, Prudence, and Care?
A. Managing the portfolio to balance current income with long-term growth, as the trust document requires of it B. Voting the trust's proxies under a disclosed policy that reserves detailed analysis for contested votes C. Moving the whole portfolio into high-yield bonds, because the widow is the firm's contact for the trust
Lösung und Erklärung Richtige Antwort: C Moving the whole portfolio into high-yield bonds, because the widow is the firm's contact for the trust
The trust's beneficiaries include both the widow and the grandchildren, and the trust document requires their interests to be balanced. Shifting everything into high-yield bonds would favor the widow's income at the expense of the principal owed to the grandchildren, so following her request simply because she is the firm's contact breaches the duties of loyalty, prudence and care. Managing to the trust document's balanced objective is exactly what the Standard requires, and a disclosed proxy policy that focuses detailed analysis where it adds value is an acceptable cost-benefit approach to proxy voting.
Warum die anderen Optionen falsch sind
A: Following the trust document's balanced objective is what loyalty to all beneficiaries requires, so this action is consistent with the Standard. B: Proxy voting is part of the duty, but a disclosed policy that concentrates detailed analysis on contested or material votes is an acceptable cost-benefit judgment. Kernregel: Under Standard III(A), the client of a trust is its beneficiaries as defined by the trust document, so the manager must serve all of them rather than the person who gives instructions.
Merksatz: For a trust, the beneficiaries named in the trust document are the client, not the person who calls the manager.
2. The CFA Institute Professional Conduct Program finds that Isidore Kamanzi, a Level II candidate in the CFA Program, brought a page of handwritten formulas into the exam room. Which of the following sanctions can CFA Institute impose on him?
A. Prohibition from further participation in the CFA Program B. A monetary fine payable to his national securities regulator C. A ban on working for any investment firm in his country
Lösung und Erklärung Richtige Antwort: A Prohibition from further participation in the CFA Program
The Professional Conduct Program enforces the Code and Standards, including the rules of conduct for exams. For a candidate who breaks exam rules, CFA Institute can impose sanctions within its own authority, such as suspending or prohibiting him from further participation in the CFA Program, and it may void his exam result. It acts as a professional body, not as a government authority.
Warum die anderen Optionen falsch sind
B: CFA Institute is not a regulator or court and does not levy fines that are paid to a securities regulator. C: CFA Institute cannot bar anyone from employment in the industry; only legal or regulatory authorities can impose that type of restriction. Kernregel: CFA Institute sanctions are limited to its own programs and membership, such as censure, suspension or revocation for members and suspension or prohibition from the CFA Program for candidates.
Merksatz: CFA Institute sanctions reach membership, the charter and CFA Program participation, not fines or employment bans.
3. Radim Valenta, an investment consultant, is searching for a global small-cap equity manager for a pension plan client and is comparing candidate firms based in 12 different countries. He shortlists only firms that claim compliance with the Global Investment Performance Standards (GIPS). Which feature of the GIPS standards most directly benefits his search?
A. They require every compliant firm to have each composite it markets verified by an independent third party B. They set one globally accepted basis for calculating and presenting returns, making records comparable C. They replace each country's rules on performance advertising, so compliant firms need not follow local law
Lösung und Erklärung Richtige Antwort: B They set one globally accepted basis for calculating and presenting returns, making records comparable
Valenta is comparing managers from 12 different markets, each of which may have its own local presentation practices. Because GIPS-compliant firms calculate and present returns under the same globally accepted rules, built on fair representation and full disclosure, he can compare their track records on a like-for-like basis and with less risk of cherry-picked accounts or periods. That comparability is the main benefit to prospective clients and their consultants.
Warum die anderen Optionen falsch sind
A: Verification is optional under the GIPS standards, and when performed it covers the firm as a whole rather than certifying each composite. C: The GIPS standards do not override local law; where law conflicts with them, firms follow the law and disclose the conflict. Kernregel: The GIPS standards exist to give investors a single, globally accepted, ethical basis for calculating and presenting performance, which makes track records comparable across firms and countries.
Merksatz: The core benefit of GIPS is comparable, fairly presented performance across firms and countries.
4. The Ruvubu Valley Tea Growers' Cooperative is deciding whether to hire a professional manager for its reserve fund or to keep the money in bank deposits. Its treasurer, Béatrice Ndayishimiye, notes that members are hesitant because of a recent scandal at an unrelated investment firm. Which of her statements about trust in investment professionals is least likely correct?
A. Our members cannot easily observe how skilled or diligent a manager is, so they must rely on trust B. A scandal at one firm affects only that firm's clients, so it should not shape our view of others C. Without trust, we would spend more on monitoring a manager or keep our savings out of the markets
Lösung und Erklärung Richtige Antwort: B A scandal at one firm affects only that firm's clients, so it should not shape our view of others
Ndayishimiye's own observation shows why the statement is wrong: a scandal at an unrelated firm is already making her members reluctant to use any professional manager. Ethical lapses harm not only the clients of the firm involved but also the reputation of the profession and participation in markets. The other two statements correctly describe information asymmetry and the higher monitoring costs or lower market participation that follow when trust is low.
Warum die anderen Optionen falsch sind
A: This correctly describes information asymmetry: clients cannot easily judge a manager's skill or effort and so depend on trust. C: This correctly describes the cost of low trust: more monitoring, or savings kept out of capital markets. Kernregel: Trust is central to investment management because clients face information asymmetry, and misconduct at one firm can reduce trust in the whole profession and in markets.
Merksatz: Misconduct at one firm erodes trust in the whole profession, not just in that firm.
5. Caio Albuquerque-Nakamura, CFA, an analyst at Ilhabela Point Partners, is told by his team head to approve, by the end of the day, an environmental score for Paraty Cellulose that would let the company remain in the firm's sustainable equity fund. The score was produced by an outside data vendor, and Albuquerque-Nakamura has not reviewed the vendor's method. Working through a structured ethical decision-making framework, he has listed the facts, the stakeholders (fund investors, his employer and the vendor), his duties to each and the principles at stake. He has also noted that he feels pressure to please his team head and to be seen as a team player. Under the framework, what is he most likely to do next?
A. Decide whether to approve the score, because noting the pressures on him completes the Consider phase B. Seek guidance, for example from compliance, and list alternatives such as asking the vendor about its method C. Assess whether the outcome of his decision matched his expectations and what he would change in the future
Lösung und Erklärung Richtige Antwort: B Seek guidance, for example from compliance, and list alternatives such as asking the vendor about its method
Albuquerque-Nakamura has completed the Identify phase (facts, stakeholders, duties, principles) and has started the Consider phase by recognizing the situational influences on him. The rest of the Consider phase is to seek additional guidance, for example from compliance, a mentor or the Standards, and to generate alternative courses of action, such as asking the vendor to explain its method, requesting more time or declining to approve. Because the fund's investors will rely on the score, Standard V(A) Diligence and Reasonable Basis requires him to understand the third-party analysis before he approves it. Only after this does he choose an action.
Warum die anderen Optionen falsch sind
A: Recognizing situational influences is only the first part of the Consider phase; deciding now would skip seeking guidance and weighing alternatives. C: Looking back at whether the outcome matched expectations is the Reflect phase, which comes after he has acted, not before. Kernregel: In the framework, the Consider phase covers situational influences, seeking additional guidance and generating alternative actions, and it must be finished before the Act phase begins.
Merksatz: Identify, Consider (influences, guidance, alternatives), Act, Reflect: do not jump to a decision before the Consider phase is finished.
6. Damir Tokhtarov, CFA, a portfolio manager at Zhetysu Meadow Asset Management, holds shares of Zhaldama Freight, a listed trucking company. Zhaldama has disclosed in its filings that it faces a large lawsuit and has recorded a provision equal to about 15% of its market value. A friend who works as a paralegal at the law firm representing Zhaldama tells Tokhtarov that the company will settle the case next week for less than one-fifth of that provision. No announcement has been made. Which statement about this information is most accurate?
A. It is material and nonpublic, so he must not trade or cause others to trade on it B. It is not material, because the existence of the lawsuit has already been disclosed C. He may act on it, because it comes from the company's law firm rather than from the company
Lösung und Erklärung Richtige Antwort: A It is material and nonpublic, so he must not trade or cause others to trade on it
The settlement amount is new, specific information: settling for less than one-fifth of a provision worth about 15% of market value would release a large part of that provision, and a reasonable investor would want to know it before trading, so it is material. It has not been announced or filed, so it is nonpublic. Standard II(A) therefore prohibits Tokhtarov from trading Zhaldama shares or causing others to trade, whatever the source of the information.
Warum die anderen Optionen falsch sind
B: Disclosure of the lawsuit does not make the settlement terms public; the new and specific amount is what would move the price. C: Standard II(A) applies to material nonpublic information from any source, including advisers, employees or friends, not only from the company itself. Kernregel: Under Standard II(A) Material Nonpublic Information, specific, reliable price-relevant information that has not been broadly disseminated must not be used to trade or to cause others to trade.
Merksatz: New, specific details about a disclosed matter can still be material and nonpublic.
7. Mereana Tautahi-Hale, CFA, is group treasurer of Kōtuku Health Group, a hospital operator. Which of her practices is least likely consistent with the CFA Institute Code of Ethics?
A. Taking courses each year on the interest rate derivatives the group uses to hedge its debt B. Encouraging her team to raise concerns about questionable accounting entries C. Recommending a lender to the board mainly because its relationship manager is her friend
Lösung und Erklärung Richtige Antwort: C Recommending a lender to the board mainly because its relationship manager is her friend
Recommending a lender mainly because of a personal friendship puts her own interests ahead of her employer's and replaces independent professional judgment with personal loyalty. That conflicts with the Code's call for integrity, reasonable care and independent judgment. The Code applies to members in every role, including corporate treasury, not only to portfolio managers and analysts.
Warum die anderen Optionen falsch sind
A: Keeping up with the instruments she uses maintains and improves her professional competence, which the Code asks of members. B: Encouraging colleagues to raise concerns promotes ethical conduct by others, which the Code explicitly asks members to do. Kernregel: The Code of Ethics asks members to use reasonable care and independent professional judgment, act with integrity, practice and encourage ethical conduct, and maintain their competence.
Merksatz: Independent judgment means choosing on merit for the employer or client, not on personal ties.
8. Valentina Ruoppolo, CFA, manages the portfolio of the Bortolin family office at Sile Estuary Capital. The family offers to pay her tuition for an executive MBA program if the portfolio beats its benchmark this year. In a hallway conversation, she mentions the offer to her supervisor, who nods and says it sounds fine. What does Standard IV(B) Additional Compensation Arrangements require her to do?
A. Accept the offer, because her supervisor's oral approval satisfies the Standard B. Accept the offer and inform her employer in writing once the tuition has been paid C. Obtain written consent from her employer before she accepts the offer
Lösung und Erklärung Richtige Antwort: C Obtain written consent from her employer before she accepts the offer
A performance-linked benefit from a client could create an incentive to favor that client or to take more risk in the account, so it falls under Standard IV(B). The family office already knows of the offer, so the missing step is her employer's written consent, which must be obtained before she accepts. A nod in a hallway is neither written nor specific enough to show that the employer understood and approved the arrangement.
Warum die anderen Optionen falsch sind
A: Oral approval does not meet the Standard, which requires written consent. B: Consent must be obtained before accepting the benefit; informing the employer after payment is too late. Kernregel: Standard IV(B) requires written consent from all parties involved, normally the employer, before a member accepts compensation or benefits that could compete or conflict with the employer's interest.
Merksatz: Additional compensation needs written consent from the employer, obtained before acceptance.
9. Inés Goñi-Mwale, CFA, a research analyst at Puerto Lobos Securities, is about to publish a buy recommendation on Salinas Ocultas Lithium, a listed mining company. Her brother is Salinas Ocultas's chief operating officer. Which approach to this situation is consistent with Standard VI(A) Avoid or Disclose Conflicts?
A. Adding to the firm's standard legal disclaimer a general note that analysts may have family ties to covered companies B. Telling clients about her brother's position only if a client asks about it after the report is published C. Stating prominently in the report, in plain language, that her brother is the company's chief operating officer
Lösung und Erklärung Richtige Antwort: C Stating prominently in the report, in plain language, that her brother is the company's chief operating officer
Having a brother who is a senior executive of the covered company could reasonably be expected to impair her objectivity, so readers of the report need to know about it. A clear, specific and prominent statement in the report itself lets clients judge the recommendation with that conflict in mind before they act. This meets the full, fair and timely disclosure that the Standard requires.
Warum die anderen Optionen falsch sind
A: A generic line buried in boilerplate is too vague to tell clients that this particular analyst has a close family tie to this particular company. B: Disclosure only on request and after publication is not timely, because clients may already have acted on the recommendation. Kernregel: Standard VI(A) requires members and candidates to avoid or fully and fairly disclose conflicts. Avoidance is best practice when reasonable; disclosures must be prominent, in plain language, specific enough to be useful and made before clients act on the recommendation.
Merksatz: Avoid conflicts where reasonable; otherwise disclose them prominently, specifically and before clients act. Vague or after-the-fact notes are not enough.
10. Marta Iturriaga-Bello, CFA, a credit analyst at Bahía Ensenada Advisers, plans to resign next quarter to start her own credit research firm. She has no noncompete agreement. Which of the following actions, taken while she is still employed, would most likely violate Standard IV(A) Loyalty?
A. Registering her new company's name and opening its bank account during a week of vacation B. Emailing the credit models she built at Bahía Ensenada to her personal address for later use C. Meeting a lawyer and an accountant in the evenings to plan the new firm's legal and tax structure
Lösung und Erklärung Richtige Antwort: B Emailing the credit models she built at Bahía Ensenada to her personal address for later use
Models that Iturriaga-Bello built while employed at Bahía Ensenada are the firm's property, even though she created them. Sending them to her personal email for use in a competing business deprives her employer of its work product and violates her duty of loyalty. Registering a company, opening a bank account and getting legal and accounting advice on her own time are permitted preparations, as long as she does not solicit clients or use firm resources before she leaves.
Warum die anderen Optionen falsch sind
A: Setting up a new business entity on personal time, without soliciting clients or using firm resources, is a permitted preparation to leave. C: Seeking professional advice outside working hours is a normal preparation that does not harm the employer. Kernregel: Standard IV(A) allows an employee to prepare to leave on her own time, but not to take the employer's property, such as models, records or client lists, without permission.
Merksatz: You may prepare to leave on your own time, but work product created for the employer stays with the employer.
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