Kaplan考试和QBank二级（考友版）：V2阶段考试1 AM（题目+解析）.docx

CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.Trent,LLCCaseScenarioMarthaGilIiSCFA,tradescurrenciesf*Trent,LLCTrentisoneofthelargestinvestmentfirmsintheworld,anditsfreigncurrencydepartmenttradesmorecurrencyonadailybasisthananyotherfirmGillisspecializesincurrenciesofemergingnations.GillisreceivedaninvitationfromthenewfinanceministerofBinaria,oneftheemergingnationsincludedinGillissportfolioTheministerhasproposedanumberoffiscalreformsthathehopesWiiIhelpsupportBinariaSweakeningcurrency.HeisaskingcurrencyspecialistsfromseveralofthelargestforeignexchangebankstovisitBinariafaraconferenceontheplannedreforms.Becauseofitsremotelocation,Binariawillpayalltravelexpensesoftheattendees,aswellaslodgingingovernment-ownedfacilitiesinthecapitalcityAsafurtherinducement,attendeeswillalsoreceivesmallbagsofuncutemeralds(becauseemeraldsareaprincipalexportofBinaria),WiIhanestimatedmarketvalueof$500.Gillishasapproximately25clientsthatshedealsWithregulari¾mostd*whomarelargefinancialinstitutionsinterestedintradingcurrencies.OneoftheservicesGillisprovidestotheseclientsisaweeklysuminaryofimportanttrendsintheemergingmarketcurrenciesshefollows.Gillistalkstolocalgovernmentofficialsandreadsresearchreportspreparedbylocalanalysts,whicharepaidforbyTrentTheseinputs,alongWithGillissinterpretation,fnnthebasisofmostCfGillis,sweeklyreports.GillisdecidedtoattendtheconferenceinBi11ciriaTnanticipationfafavorablereceptionfortheproposedreforms,GillispurchasedatongBinariacurrencypositioninherpersonalaccountbeforeleadngonthetripAfterhearingthefinanceministersproposalsinperson,however,shedecidesthattheref'onsarepoorlytimedandlikelytocausethecurrencytodepreciateSheissuesanegativerecommendationuponherreturnBeforeissuingtherecommendation,sheliquidatesthelongpositioninherpersonalaccountbutdoesnottakeashortpositioaGillisssupervisor;SteveHowlett,CFA,hasbeenreviewingGillisspersonaltrading.HowletthasnotseenanydetailsoftheBinariacurrencytradebuthasfoundtwootherinstancesinthepastyearwherehebelievesGiUishasviolatedTrent*swrittenpoliciesregardingtradinginpersonalaccounts.OneofthecurrencytradingstrategiesemployedbyTrentisbasedoninterestrateparityTrentmonitorsspotexchangerates,forwardrates,andshort-termgovernmentinterestrates.Ontherareoccasionswhenthefcrwardratesdonotaccuratelyreflecttheinterestdifferentialbetweentwocountries,Trentplacestradestotakeadvantageoftherisklessarbitrageopportunity.BecauseTrentissuchalargeplayerintheexchangemarkets,itstransactionscostsareverylow,andTrentisoftenabletotakeadvantageofmispricingsthataretoosmallforotherstocapitalizeon.Indescribingthesetradingopportunitiestoclients,Trentsuggeststhat"clientswillingtoparticipateinthistypetfarbitragestrategyareguaranteedrisklessprotsuntilthemarketpricingreturnstoeqIiilitrium.*Question#1of60QuestionID:1220539AccordingtoCFAInstituteStandardsOfProfessionalConduct,GillismayaccepttheinvitationtoattendtheconferenceinBinariarithoutviolatingtheStandards:A)solongasshepaysherowntravelexpensesandrefusesthegiftofemeralds.B)solongassherefusesthegiftfemeraldsC)becauseshewouldbetheguestofasovereigngovernmentQuestion#2of60QuestionII):1220540GiventhatGillissweeklyreportstoclientsaremarketsummariesratherthanspecificinvestmentrecommendations,whatareherrecord-keepingobligationsaccordingtoCFAInstituteStandardsofProfessionalConduct?Gillismust:A)Oiaintcdnrecordsofherconversations%thlocalgovernmeritofficialsandalsokeepcopiesoftheresearchreportspreparedbylocalanalysts.B)onlymaintainrecordsofherconversationswith1ocalgovernmentOfficiaISandherownsummariesoftheresearchreportspreparedbytocalanalysts.C)keepherownsummariesoftheresea*chreportspreparedbyhealanalysts,butshehasnoobligationtomaintainrecordsofherconversationsWithlocalgovernmentOfiiciaISQuestion#3of60QuestionID:1220541RegardingGillisstransactionsintheBinaiiacuency,shehasviolatedtheStandardsby:A)tcikingthelongpositionandbysellingthepositionbeforeissuingarecommendationtoclients.B)sellingthepositionbeforeissuingtherecommendationtoclients,althoughtakingthelongpositionwasnotaviolationC)notdisclosingthetradesinherreportbecausetheWadesareacceptableastongastheyaredisclosedQuestion#4of60QuestionID:1220542AccordingtoCFAInstituteStandardsOfProfessionalConduct,Howlet£sbestcourseofactionwithregardtothesuspectedviolationsbyGilliswouldbeto:A)meetwithGillisinperson,explainthenatureoftheviolations,andseekassurancesthatsuchviolationsWilInotrecurB)warnGillistoceasethetradingactivitiesandreporttheVioIati)UtoHowlettssupervisorimmediatelyC)placeIimitsonGilJispersonaltdingandincreasemonitoringofGiliigspersonaltrades.QuestionID: 1220 54 3Question#5of60Basedontheinformationgiven,andaccordingtoCFAInstituteStandards,whichofthefollowingstatementsbestdescribesTrenfScomplianceproceduresrelatingtopersonaltradinginforeigncurrencies?Thecomplianceprocedures:A)appearadequatebecauseHowle