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1、Level II Mock 60 1 / 20 Questions 1-6 relate to Ethics 2 Case 1: Kingfisher 2 Questions 7-12 relate to Ethics 4 Case 2: Adam 4 Case 3: Drawbridge . 5 Questions 19-24 relate to FRA 7 Case 4: Thames 7 Questions 25-30 relate to FRA 9 Case 5: Ready Power . 9 Questions 31-36 relate to Corporate Finance 1
2、1 Case 6: Earl Case . 11 Questions 37-42 relate to Equity . 13 Case 7: Darwin . 13 Questions 43-48 relate to Fixed Income . 15 Case 8: Wingersheek 15 Questions 49-54 relate to Fixed Income . 17 Case 9: Scott . 17 Questions 55-60 relate to Alternative Investment . 19 Case 10: Schulman . 19 Level II M
3、ock 60 2 / 20 Questions 1-6 relate to Ethics Case 1: Kingfisher 1. Correct answer: C. It is a violation of Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program to imply that the competencies of a CFA charterholder are superior to those of others not holding the desig
4、nation. It is not a violation, however, to factually state that charterholders must annually renew their commitment to abide by the Code and Standards or that each of the team members passed all three CFA exams on their first attempt. 2. Correct answer: A. Standard III(B): Fair Dealing accommodates
5、the differentiation of services to clients as long as such services are not offered selectively. The different service levels should be disclosed to clients and prospective clients and should be available to everyone. A requirement to disclose all conflicts of interest would not violate Standard VI(
6、A): Disclosure of Conflicts, nor would the outline of all compensation arrangements violate Standard IV(B): Additional Compensation Arrangements. 3. Correct answer: C. Kingfishers proposed general principles related to Capital Market Integrity properly address in principle Standard II(A): Material N
7、onpublic Information and Standard II(B): Market Manipulation. Standard II(A) does not disallow the possession of insider information but does disallow using the information to take unfair advantage of the general investing public. Standard II(B) requires the prohibition of market manipulationthat is
8、, dissemination of false or misleading information and transactions that deceive or would be likely to mislead market participants by distorting the price-setting mechanism of financial instruments. 4. Correct answer: A. Standard III(A): Loyalty, Prudence, and Care requires a clients portfolio to be
9、 managed by investment guidelines agreed on with the client. Some clients investment objectives may not allow for a diversified portfolio across all asset classes available. Therefore, it may violate Standard III(A) to include all asset classes available. Level II Mock 60 3 / 20 5. Correct answer: C
10、. It is recommended that firms develop and use measurable criteria for assessing the quality of research to help comply with Standard V(A): Diligence and Reasonable Basis. Therefore, the research recommendations need to be assessed to determine their validity over time. Did the process and the analy
11、sts view lead to the right recommendation? If over time recommendations consistently prove to be wrong, perhaps the research processes need to be changedor the analysts themselves. 6. Correct answer: A. Task 1 is insufficient in that Standard IV(C): Responsibilities of Supervisors requires superviso
12、rs to enforce non-investment-related policies as well as investment-related policies. Level II Mock 60 4 / 20 Questions 7-12 relate to Ethics Case 2: Adam 7. Correct answer: C. The CFA Institute Research Objectivity Standards cannot ensure the accuracy of research reports and recommendations, contra
13、ry to the statement made by Adam. Actual events will often differ from forecasts on which investment recommendations are made. 8. Correct answer: B. The disclosures given on the website are very brief and are not comprehensive or complete. They also are not designed to be informative, especially con
14、cerning share ownership of specific companies, because they require clients to contact Adam for disclosure concerning share positions. The disclosure recommendations are very comprehensive. 9. Correct answer: A. The recommendation rating category used is relative, so a benchmark, index, or objective
15、 should be clearly identified. Adam does not specify the benchmark used. 10. Correct answer: C. Adam discloses her former relationship with the subject company as well as her shareholding in the company. 11. Correct answer: C. Adam failed to make sufficient disclosures by not informing the audience
16、of her shareholding in the subject company, as required by the CFA Institute Research Objectivity Standard 2.0Public Appearances. Additionally, she should have disclosed to the audience whether a written research report is available, the approximate cost, and how a reader might acquire the report. 12. Correct answer: C. Adam failed to include monitoring and audit procedures and recordkeeping requirements. To be in full compliance with the Research Objectivity Standards, Adam would n
