CFA三级Mock三级V1_20180306_2018mock_level3_Mock 66-答案_褚炜奇(1).pdf

Level III– Mock 66 Questions 1~6 Relate to Ethics 2 Questions 7~12 Relate to Behavioral Finance 5 Questions 13~18 Relate to Institutional Investors 8 Questions 19~24 Relate to Fixed Income 11 Questions 25~30 Relate to Equity 14 Questions 31~36 Relate to Derivatives 16 Questions 37~42 Relate to Risk Management 18 Questions 43~48 Relate to Asset Allocation 20 Questions 49~54 Relate to Trading, Monitoring, and Rebalancing 23 Questions 55 ~60 Relate to Performance Evaluation 27 1/28 Level III– Mock 66 Questions 1~6 Relate to Ethics 1. Correct answer: C. C is correct. The board gave instructions to Akinyi to ensure compliance with capital markets regulations, thus upholding one of the general principles of conduct of the Asset Manager Code. But the desire for the Fund to act as a buyer of last resort violates the principle of acting for the benefit of clients (i.e., placing their interests before the firm’s and their own). By putting the firm’s interests in front of their clients, the board is not acting in a professional and ethical manner. Although the Fund may benefit corporate finance clients and meet the demand of some clients for a fund, not all Fund clients’ interests may be protected by the Fund being the buyer of last resort (i.e., guaranteeing to buy 100% of the corporate finance clients’ private placements if placement to other potential investors does not succeed). These placements may not meet the Fund’s objectives and risk profile, thus not protecting the interests of the Fund’s clients. A is incorrect because by not acting for the benefit of all clients, the Board is unprofessional and unethical, violating one of the principles of the Code. B is incorrect because one of the prin