CFA一级Misrepresentation考点例题！CFA道德例题解析！

曲解与尽职调查

CFA例题一： Wouter Duyck,CFA,is the sole proprietor of an investment advisory firm serving several hundred middle-class retail clients.Duyck claims to be different from his competitors because he conducts research himself.He discloses that to simplify the management of all these accounts,he has created a recommended list of stocks from which he selects investments for all of his clients based on their suitability.Duyck's recommended list of stocks is obtained from his primary broker,who has completed due diligence on each stock.Duyck's recommended list least likely violates which of the following CFA Institute Standards of Professional Conduct?
A.Fair Dealing
B.Diligence and Reasonable Basis
C.Misrepresentation
正确答案：A
解析：全文没有描述在发送list的时候按照不同顺序发送或者伤害了部分客户利益，所以不涉及到A fair dealing。Duyeck说他自己做研究conduct research himself，但是后面说recommended list的尽调是来自于primary broker，所以是违反了misrepresentation。
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CFA例题二：Jamie Pyles,a portfolio management trainee for a money management firm,is trying to create a client base.He phones prospective clients,telling them that he is a portfolio manager.He informs prospective clients that based on the last five years of performance of his firm,he can guarantee the client at least a 75%return.He informs them that his firm can provide all of the services that they will ever need.What is the minimum number of misrepresentations Jamie has made to the prospective clients in violation of Standard I(C),Misrepresentation?
A.5
B.2
C.3
【Answer:C】
考点解析
Jame是一家资产管理公司的投资组合管培生，他打电话给那些潜在的客户，告诉他们：
1.他是投资组合经理；
2.根据过去5年的公司表现，他能保证回报率至少75%；
3.他的公司可以提供他们所需要的任何服务。
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问题是：Jamie至少做了几个误导性和错误性陈述。
本题的考点是Misrepresentation（误导性和错误性陈述），这里至少有3个错误性或误导性陈述：
1.他不是投资经理；
2.保证75%的回报率；
3.可以提供任何服务。
CFA最新备考资料下载> >
1.Misrepresentation（误导性和错误性陈述）指的是考生和会员不能在任何的投資分析、推荐、行动以及别的专业活动中做出镨误性和误导性的陈述。错误性陈述就是不真实的声明或者故意遗漏事实以及任何不正确的或误导性的信息。
2.CFA考生和会员不能错误的陈述其雇主的资质和服务内容。
3.CFA考生和会员在使用第三方信息时需要迸行核实。
4.在做投资业绩报告时，披露的业绩要准确且完善，被清盘的账户的业绩应该要披露在历史业绩中；禁止对客户做未来业绩的承诺；需要选择一个合适的业绩比较基准。
5.不能够有意的遗漏一些重要的信息；使用模型分析得到的研究结果不能当做事实披露；不能够隐藏或遗漏CFA会员和考生与具体公司机构之间的真实关系
6.不能抄袭，引用需要注明出处。
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CFAMisrepresentation考点
Members and Candidates must not knowingly make any misrepresentations relating to investment analysis,recommendations,actions,or other professional activities.
曲解
会员和考生不得有意曲解投资分析、建议、行动或其他专业活动。
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