2009年11月（CFA）模拟题 – 2009 Level I Mock Exam: Afternoon Session ANSWERS AND REFERENCES

Questions 1 through 18 relate to Ethical and Professional Standards.

1. According to the Standards of Practice Handbook, which of the following statements
about fair dealing is least accurate? The Standard related to fair dealing:

A. states that members should treat all clients equally.
B. imposes a duty with respect to both clients and prospective clients.
C. pertains to both investment recommendations and investment actions.

Answer: A

“Guidance for Standards I-VII,” CFA Institute
2009 Modular Level I, Volume 1, pp. 53-58
Study Session 1-2-a
Demonstrate a thorough knowledge of the Code of Ethics and Standards of
Professional Conduct by applying the Code and Standards to situations involving
issues of professional integrity.

The Standard related to fair dealing states that all clients cannot be treated equally
because it is impossible to reach everyone simultaneously and each client has unique
needs and objectives.

2. An asset manager, a CFA charterholder, manages small-cap portfolios for
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institutional clients. The manager is convinced, given the deteriorating economic
conditions, that as a group, small-cap equities will underperform during the next 12-
24 months. To preserve her client’s wealth, the manager sells small-cap equities that
she considers most vulnerable to price declines. After considerable research, the
manager buys large-cap equities that she believes are better positioned to weather the
expected economic downturn. The manager provides complete disclosure of these
trades to her clients after the purchase. Has the manager violated any CFA Institute
Standards of Professional Conduct?