2025年CFA三级道德与专业标准卷.docxVIP

2025年CFA三级道德与专业标准卷

考试时间：______分钟总分：______分姓名：______

一、

Youareaportfoliomanageratafirmthatprovidesinvestmentadvisoryservices.Youareresponsibleformanagingaportfolioworth$10millionforaclient,ClientX.ClientXisanindividualwhoisnotsophisticated.YouareconsideringincludingSecurityAintheportfolio.YoulearnthatSecurityAhasbeenrecentlyacquiredbyacompanyinwhichyourfirmhasasignificantinvestment.Thisacquisitionwasnotpubliclyannouncedatthetimeyouobtainedtheinformation.Yourfirmhasnotyetdiscloseditsownershipintheacquiringcompany.

AreyourequiredtodiscloseyourfirmspotentialconflictofinteresttoClientXbeforemakingadecisionaboutincludingSecurityAintheportfolio?

二、

Youarearesearchanalystatasell-sidefirm.YouarecoveringCompanyY,whichispreparingtoissuenewequity.YouhavedevelopedapositiveviewonCompanyYsstock,butyourealizethatyourboss,whoisresponsiblefortheexecutionoftheequityissuance,alsohasapositiveviewbasedonhisownanalysis,whichislargelyconsistentwithyours.Themarketingdepartmentispreparingpromotionalmaterialsfortheequityissuancethatwillhighlightthepositiveviewsofanalysts,includingyours.

DoyouhaveadutytoensurethatyourbossspositiveviewonCompanyYsstockisprominentlyfeaturedinthepromotionalmaterials,eventhoughitislargelybasedonthesameanalysisasyours?

三、

Youareaportfoliomanageratabuy-sidefirm.YouaremanagingaportfoliothatincludesSecurityB.Youreceiveacallfromanemployeeofabroker-dealerwhorepresentsSecurityB.TheemployeeinformsyouthatSecurityBspricehasrecentlydeclinedsignificantlyandisexpectedtocontinuedecliningduetoupcomingadversenews.TheemployeeasksyoutosellSecurityBinyourportfoliotolimitlossesforclientsofthebroker-dealer.Youhavenotbeenprovidedwithanyindependentanalysissupportingthis