2025年CFA一级Ethics道德准则真题解析版

2025年CFA一级Ethics道德准则真题解析版考试时间：______分钟总分：______分姓名：______PartA:Scenario-BasedQuestionsQuestion1:Youareaninvestmentanalystatafirm.YouhavebeenworkingonadetailedresearchreportonCompanyXYZforthepastthreemonths.Thereportisscheduledforpublicationnextweek.Duringacasuallunchconversationwithafriendwhoworksatacompetitorfirm,youmentionsomeofthepreliminary,non-publicpositivefindingsaboutCompanyXYZ'supcomingquarterthatyoubelievewillbeinthefinalreport.Yourfriendshowsobviousinterestandasksifyoucansharemorebeforethereportisreleased.Youexplainthatyouareboundbyconfidentialitybutmentionthatthefinalreportwillbeoutsoon.Yourfriendpressesyoufurther,suggestingthatsharingthisinformationcouldbebeneficialforbothofyouprofessionally.HowshouldyourespondaccordingtotheCFAInstituteCodeandStandards?Question2:Youareaportfoliomanagermanagingaclient'sportfolio.Yourclient,Mr.A,isahigh-net-worthindividual.Duringameeting,Mr.Amentionsthatherecentlywonasignificantlotteryjackpotandisconsideringaddingalargesumofmoneytohisexistingportfoliowithyou.Healsorevealsthathehasbeenusinganotherinvestmentfirmconcurrently,withwhomhehasalong-standingrelationshipandanon-disparagingperformancerecord.Mr.Aasksyoutorecommendspecificstocksandmanagedfundsforthisnewcapital,statinghetrustsyourfirm'sprocessbutalsovaluestheexistingfirm'sservicesforcertaintypesofinvestments.Heimpliesthathewantsyoutomanagethemajorityofthenewfundsbutalsoleavesomeallocationwiththeotherfirm.HowshouldyouhandlethissituationtocomplywiththeCFAInstituteCodeandStandards?Question3:Youareanassociateintheresearchdepartmentofaninvestmentbank.YouareworkingonareportanalyzingCompanyQRS.Duringyouranalysis,youdiscoveranerrorinthecompany'sfinancialstatementsprovidedbymanagement,which,ifcorrected,wouldsignificantlyimpactyourvaluationmodelandinvestmentrecommendations.Yoursupervisor,whoisunderpressuretoproduceapositivereportforapotentialclient,suggeststhatyoufindawaytominimizetheimpactofthiserrorinthereporttoavoidnegativeclientfeedback.Yoursupervisorimpliesthat"everyonedoesit"tosomeextentandthattheerrorisnotmaterialenoughtowarrantreportingittothemarket.WhataretheethicalobligationsyoufaceinthissituationaccordingtotheCFAInstituteCodeandStandards?Question4:Youareafinancialplanner.Youaremeetingwithapotentialclient,Ms.B,whoisinterestedinretirementplanning.Duringtheinitialconsultation,Ms.Bmentionsthatsheisalong-termsubscribertoyourfirm'spublicationsandhasfoundthemveryhelpful.Shealsotellsyouthatshereceivedafreegiftcardforattendingarecentseminarhostedbyyourfirm.YoulearnthatMs.Bisconsideringtwodifferentfinancialplanningservices:yourfirm'scomprehensiveservice,whichyouwouldchargefor,andabasicserviceofferedbyacompetitorforalowerfee.HowshouldyouproceedwithMs.BtoensureyourrecommendationsarebasedonherbestinterestsaccordingtotheCFAInstituteCodeandStandards?Question5:Youareasell-sideresearchanalystcoveringthetechnologysector.Youhavedevelopedapositiverecommendation("Buy")onCompanyTUVbasedonyouranalysis.Yourfirm'stradingdesksubsequentlyplacesalargeblockordertobuyCompanyTUVshares,immediatelyafteryourresearchreportispublished.Thisordersignificantlymovesthestockpriceupward.Shortlyafterthepriceincrease,youpublishanupdatetoyourreport,slightlytemperingyour"Buy"recommendationduetosomeemergingcompetitiveconcerns,butstillmaintainingapositiveoutlook.DidyouactincompliancewiththeCFAInstituteCodeandStandardsregardingindependenceandobjectivity?Question6:Youareaportfoliomanageratabuy-sidefirm.Youareresponsibleformanagingalargeportfolioofequities.OneofyourportfolioheldstocksofCompanyWXY,whichyouintendtosellaspartofyournormalportfoliorebalancingprocess.Youhaveaclosepersonalfriend,Mr.C,whoisnotaclientbutfrequentlyasksforinvestmentadvice.InlateOctober,youinformMr.CthatyouareplanningtosellyourentirepositioninCompanyWXYinearlyNovemberduetoastrategicshiftinyourinvestmentmandate.Mr.CasksifhecanbuysomesharesofCompanyWXYfromyouatapreferentialpricebeforeyoursale,ashebelievesthestockisundervaluedbasedonhisownlimitedresearch.HowshouldyourespondtoMr.CaccordingtotheCFAInstituteCodeandStandards?PartB:ConceptualQuestionsQuestion7:DescribethedifferencebetweenadirectconflictofinterestandanindirectconflictofinterestasdefinedbyStandardIII(A)oftheCFAInstituteCodeandStandards.Provideanexampleofeach.Question8:Aninvestmentmanagerisconsideringpresentingaseminartopotentialclients.Thefirmofferstheseminarforfree,butprovideslavishhospitality,includingexpensivemealsandentertainment,hopingtoattractattendeesandsubsequentlyconvertthemintoclients.Aclientattendstheseminarandlaterasksthemanagerifthepositivecoverageoftheirinvestmentsduringtheseminarwasinfluencedbythehospitalityprovided.ExplaintheethicalconsiderationsrelatedtoStandardII(C)-FairDealingandStandardI(B)-Honestyinthisscenario.Question9:WhatistheprimarypurposeofStandardI(A)-Diligence?Explainhowaninvestmentmanagerdemonstratesdiligencetowardstheirclients.Question10:DescribetherequirementsformakingafullandfairdisclosureofaconflictofinterestaccordingtoStandardIII(A)oftheCFAInstituteCodeandStandards.Whatarethepotentialconsequencesoffailingtomakearequireddisclosure?Question11:Explaintheconceptof"materialnonpublicinformation"asitrelatestoStandardI(B)-HonestyandStandardII(B)-Confidentiality.WhataretheimplicationsforaCFAcharterholderiftheymisappropriatesuchinformation?Question12:UnderwhatcircumstancesmightaCFAcharterholderbepermittedtouseconfidentialinformationlearnedonthejobforpersonalbenefit,accordingtotheCFAInstituteCodeandStandards?Arethereanyrisksassociatedwithrelyingonsuchexceptions?试卷答案PartA:Scenario-BasedQuestionsQuestion1:Response:Youmustdeclinetoshareanynon-public,materialinformationwithyourfriend.AccordingtoStandardII(B)-Confidentiality,youmustrespecttheconfidentialityofclientandemployerinformation.Sharingpreliminaryfindings,evenaccidentally,constitutesabreachofthisstandard.Yourobligationistomaintainclientinformationinconfidenceandnotdiscloseittoanyonewithoutproperauthorization.Youcouldmentiontheupcomingpublicreportastheappropriatechannelforsharingsuchinformation.Question2:Response:YoumustinformMr.Athatyoucannotmanageassetsformultipleclientswithpotentiallyconflictinginterestswithouttheexplicitconsentofallpartiesinvolved,asrequiredbyStandardIII(A)-ConflictofInterest.Youshouldexplainthatconcurrentmanagementintroducesconflictsandrequiresformalprocedurestomanagethem.Youshouldalsoclarifythatacceptingthenewcapitalwhilehecontinuesusingtheotherfirmwouldlikelyconstitutemultipleclientrelationships,whichgenerallyrequiresclientconsentandcarefulconflictmanagement,potentiallyincludingdisclosureofyourcompensation.Youshouldrecommendhediscussthestructurewithbothfirmsorseekafirmthatallowsconcurrentcustodyandadviceunderclearprotocols.Question3:Response:Youmustreportthematerialerrortoyoursupervisorandinsistonaccuratelyreflectingitintheresearchreport,inaccordancewithStandardI(A)-Diligenceandthegeneralobligationtoprovideaccurateandcompleteinformation.YoushouldexplainthatStandardI(B)-Honestyrequirestruthfulrepresentation,andStandardI(C)-Objectivityrequiresbasingrecommendationsonfactualanalysis.Youmustresistpressuretomanipulatethereport.Ifyoursupervisorcontinuestopressureyouorifyoubelievereportinginternallywillnotleadtoacorrection,youmayneedtoconsiderescalatingtheissueordiscussingtheethicalconflictwiththefirm'sethicsdepartmentorathird-partyombudsman,asprotectedbyStandardVI(D)-WhistleblowerProtection.Question4:Response:Youmustprovideobjective,unbiasedadvicetoMs.Bbasedsolelyonherbestinterests,inaccordancewithStandardI(B)-Honesty,StandardI(C)-Objectivity,andStandardI(A)-Diligence.Youshouldexplainbothoptionsclearly,outliningtheprosandconsofeachserviceintermsofmeetingherretirementplanningneeds.Youcannotallowthefreegiftcardorseminarattendancetoinfluenceyourrecommendation.Youmustensurethatyourdecision-makingprocessandrecommendationsareindependentanddrivenbywhatismostsuitableforMs.B,notbythepotentialforclientacquisitionorcompensation.Disclosinganyfreebenefitsyoureceivedrelatedtotheencounterisalsoadvisable,asperStandardIII(B)-DisclosureofConflicts.Question5:Response:No,youlikelydidnotactincompliancewiththeCFAInstituteCodeandStandardsregardingindependenceandobjectivity(StandardI(C)).Publishingaresearchreportthatwasinfluencedby,orintendedtoprofitfrom,apre-existingtradeorder(StandardII(A)-MarketManipulation)compromisesindependence.Whilesubsequentupdatesarepermitted,theinitialpublication'stimingrelativetothelargeorderraisesquestionsaboutwhetheryourobjectiveanalysiswasunaffected.Theslighttemperingintheupdatemightmitigatetheissuebutdoesnotfullyresolvethecoreconcernthatthereport'sinitialreleasemayhavebeenlinkedtoapotentiallybeneficialtradingactivityforyourfirm,potentiallyviolatingthespiritofindependence.Question6:Response:YoumustdeclineMr.C'srequesttobuythesharesatapreferentialprice.AccordingtoStandardIII(A)-ConflictofInterestandStandardI(B)-Honesty,youcannotengageintransactionswithrelatedparties(likefriends)thatarenotavailabletoclientsorthegeneralpublic,especiallyifitinvolvesapotentiallypreferentialprice.AllowingMr.Ctobuysharesbeforeyousellyourownposition,especiallybasedoninsideinformation(evenifnon-materialpreliminaryfindingsaresharedunintentionally),createsanindirectconflictofinterestandpotentiallyviolatesconfidentiality.YoumusttreatMr.Cthesameasanyotherpotentialinvestorandexecuteyournormalsellingprocessaccordingtoyourinvestmentstrategy,notpersonalrequests.PartB:ConceptualQuestionsQuestion7:Difference:Adirectconflictofinterestexistswhenaninvestmentprofessional'spersonalinterestsconflictorappeartoconflictwiththeirdutiestoclientsoremployers.Anindirectconflictofinterestexistswhenaninvestmentprofessional'spersonalinterestsconflictorappeartoconflictwiththeirduties,buttheconflictisnotrelatedtoaspecificrecommendationorclientrelationship.Example:Direct-Acceptingasignificantgiftfromacompanywhosestockyouarerecommending.Indirect-Holdingalargepersonalpositioninacompetitorofacompanywhosestockyoucover,andtheresearchyouproducecouldimpactthecompetitor'sstockprice.Question8:EthicalConsiderations:Thelavishhospitalityprovidedfreeofchargetoattendeescouldcreateanenvironmentwhereattendeesfeelindebtedorundulyinfluenced,potentiallycompromisingthefairnessofanysubsequentinvestmentadvicegiven(StandardII(C)-FairDealing).Ifthepositivecoverageofclientinvestmentsisperceivedasbeingpurchasedthroughthehospitality,itviolatesStandardI(B)-Honestyastheadvicemaynotbeentirelyobjective.Themanagerhasanobligationtoensuretheirrecommendationsarefreefrombiasandaretrulyintheclient'sbestinterest,notinfluencedbyreceivingpreferentialtreatment.Question9:Purpose:TheprimarypurposeofStandardI(A)-Diligenceistorequireinvestmentprofessionalstoactwithduecare,skill,anddiligencewhenperformingprofessionalduties,particularlywhenmanagingclientassetsorprovidinginvestmentadvice.Itensuresthatprofessionalsmaintainahighlevelofcompetenceandmakethoroughandreasonableeffortsintheirwork.Demonstration:Aninvestmentmanagerdemonstratesdiligencebystayingupdatedonmarketdevelopmentsandrelevantliterature,conductingthoroughanalysisbeforemakinginvestmentdecisions,performingongoingportfoliomonitoring,adheringtoawell-definedinvestmentprocess,andensuringadequateresourcesareallocatedtoresearchandclientservice.Question10:Requirements:Fullandfairdisclosurerequiresprovidingallinformationthataclientneedstomakeaninformeddecision,especiallywhenthereisaconflictofinterest.Thisincludesidentifyingthenatureoftheconflict,thepotentialimpactontheclient,andhowtheconflictwillbemanagedormitigated(e.g.,throughdisclosure,avoidance,orcompensationarrangement).Thedisclosureshouldbetimely,clear,andunderstandable.Consequences:FailingtomakearequireddisclosurecanleadtodisciplinaryactionbytheCFAInstitute,includingfines,suspension,orrevocationoftheCFAcharter,anddamagetoprofessionalreputation.Question11:Concept:Materialnonpublicinformationisanyinformationaboutacompany