Kaplan考试和QBank二级（考友版）：V2阶段考试2 PM（题目+解析）.docx

CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.UnitedPartnersCaseScenarioConnorBurton,CFA,isthemanagingpartnerf(rUnitedPartners,asmallinvestmentadvisoryfirmthatemploysthreeinvestmentprofessionalsandcurrentlyhasapproximately$250millbnofassetsundermanagement,TheclientbasefInitedPartnersisvaried,andaccountsrangeinsizefromsmaUi'etirementaccountstoa$30millionprivateschoolendowmentInadditiontoBurtonsadministrativeresponsibilitiesasthemanagingp?irtner<tUnited,healsoservesasaninvestmentadvisortoseveralclients.BecauseUnitedPartnersisasmallfii'm,thecompanydoesnotempIoyanyresearchanalystsbutinsteadObtainSitsinvestmentresearchproductsandservicesfromtwonationalbrokeragefirms,whichinturnexecuteallclienttradesforUnitedPartners.ThearrangementwiththetwobrokershasenabledUnitedtoassureitsclientsthatthefnwillalwaysseekthebestexecutionforthembyhavingbothbrokerscompetitivelybidforInitedsbusiness.Aprospectiveclient,HaroldCrossley,hasapproachedBurtonaboutshiftingsomeofhispersonalassetsundermanagementfromMoneyCorptoUnitedPartnersBurtonprovidesCrossleywithapacketofmarketinginformationthatBurtondevelopedhimselfThepacketcontainsfiveyearsofhistoricalperformancedataforavalueweightedcompositeofthefirmsdiscretionaryaccounts.BurtonstatesthatthecompositesmanagementstyleandperformanceresultsarerepresentativeofthemanagementstyleandreturnsthatUnitedcanbeexpectedtoachieveforCrossley.AlsoincludedintheinformationpacketarebriefbiosoneachofUnitecfSthreeinvestmentprofessionals.CrossleynoticesthatallthreeofUniterfsinvestmentprofessionalsaredescribedasTFAcharterholders>*butheisnotfamiliarwiththedesignationInresponsetoCrossleysinquiry,Burtonexplainsthesignificanceoftheprogrambystatingthatthedesignation,whichisonlyawardedafterpassingthreerigorousexamsandobtainingtherequisiteyearsfworkexperience,representsaCOmmitmRnttothehigheststandardsofethicalandprofessionalconductAsaconditionofmovinghisaccounttoUnitedPartnerCrossleyinsiststhatallofhistradesbeexecutedthroughhisBrotheiHrHaw,abrokerforSecurityBank.SecurityBankisalarge,NewYork-basedbroker/dealerbutisnotoneofthetwobrokeragefirmswithwhichUnitedcurrentlydoesbusiness.BurtoncontactsCrossleySbmtherjin-lawanddeterminesthatSecurityBank*stradeexecutioniscompetitivebutCrossleysaccountalonewouldnotgenerateenoughvolumetowarrantanysoftdollaraangementforresearchmaterialslHoweverCrossleysbrotherdrrlawdoesofferforSecuiityBanktopayareferralfeetoBurtonfordirectinganyofUnitedSclientstoSecurityBank*Sretailbankingdivision.TobringCrossleyonasaclient,BurtonagreestothearrangementGoingforward,BurtonwilluseSecurityBanktoexecuteallMCrossleystrades.UnitedPartnerscurrentlyhasnoformalpolicyonproxyvoting.BurtonwantstodevelopapolicythatconformstotheCodeandStandards.Severalmonthslater;Burtonisinvitedtoaroadshowforaninitialpublicoffering(IPO)forSolutionWare,asoftwarecompany.SecurityBankisservingasleadunderwriteronSolutionWareSIPO.Burtonattendsthemeeting,whichisledbytwoinvestmentbankersandonesoftwareindustryresearchanalystfromSecurityBankwhocoversSolutiWaraBurtonnotesthatthebankersfromSecurityBankhaveincludeddetailedfinancialstatementsforSolutionWareintheofferingprospectusandalsodisclosedthatSecurityBankprovidesawarehouselineofcredittoSolutionWare.Afterthemeeting.BurtonCallsCrossleytocommendthepurchaseofSolutionWareequityCrossleyheedsBurtonsadviceandtellshimtopurchase5,OOOsharesBeforeplacingCrossleysier;BurtonreadstheSolutionWaremarketingmaterialsandperformsadetailedanalysisCfexpectedfutureearningsandotherkeyfactorsfortheinvestmentdecisionBurtondeterminesthattheofferingwouldbeasuitableinvestmentforhisownretirementportfoliUnitedPartners,beingasmallfc¼hasnoformalWrittenpolicyregardingtradeallocation,employeeparticipationinequityoffeiings,orestablishedblackoutperiodsfcremployeetrading.BurtonaddshisordertoCrossleySorderandplacesapurchaseorderforthecombinednumberofsharesWithSecurityBankBurtonislaternotifiedthatthedTeringWaSoversubscribed,andUnitedPartnerswasonlyabletoobtainroughly75%ofthedesirednumberofshares.Tbbefail；BurtonallocatesthesharesonaProTatabasisbetweenCrossleysaccountandhisownretirementaccountWhenBurtonnotifiesCrossleyofthesituation,Crossleyisnonethelesspleasedtohaveaposition,thoughsmallerthanrequested,insucha"hot"offering.Question#1of60QuestionID:1220742DidthemarketingmaterialspresentedtoCrossleybyBuitonviolateStandardI11(D)PerformanceP,esentationorStandardVI1<B)ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram?A)StandardHI(D)only.B)StandardVll(B)only.C)BothStandardIII(D)andStandardVll(B)areviolated.Question#2of60QuestionID:1220743AccordingtotheCFAInstituteStandardsofProfessionalCondUCLthetradingarrangementbetweenBurtonandSecurityBankismostHkely.A)aviolationbecausethepracticeofdirectedbrokerageviolatesthemembeFSdutyofloyaltytotheclientB)adolationbecausealthoughSecurityBanksexecutioniscompetitiveBurtonWiilnotbeabletoalwaysobtainthebestexecutionforhisclientC)notaviolationbecausethebrokerageisthepropertyoftheclientQuestion#3of60Q