2020年CFA考試《CFA三級》考試共240題，分為單選題。小編為您整理Ethical and Professional Standards (2)5道練習題，附答案解析，供您備考練習。

1、【單選題】

A.

B.

C.

正確答案:A

答案解析:A is correct. Jollie’s transaction is a legitimate market order in a thinly-traded security, and Mahsud 

2、Are Gilchrist’s comments regarding portfolio valuation consistent with the Asset Manager Code of Professional Conduct?【單選題】

A.No, with regard to the process used to price illiquid securities

B.No, with regard to third-party pricing services

C.Yes

正確答案:C

答案解析:Section E, Performance and Valuation, of the Asset Manager Code calls for the use of fair market values sourced by third parties when available, and when such third-party prices are not available, the code calls for the use of “good faith” methods to determine fair value. Athena’s policy appears consistent with this requirement. In terms of client reporting, monthly valuation reports would be consistent with the call for timely reporting.

3、Are Wilson’s closing remarks consistent with recommended practices and procedures designed to prevent violations of the Asset Manager Code of Professional Conduct?【單選題】

A.Yes

B.No, with regard to disclosure of the firm’s risk management process

C.No, with regard to the business continuity plan

正確答案:C

答案解析:At a minimum, Section D, Risk Management, Compliance, and Support, of the Asset Manager Code recommends that a business continuity plan include plans for contacting and communicating with clients during a period of extended disruption. Wilson’s continuity plan includes no such strategy. Wilson’s recommendation for disclosing the firm’s risk management process to both clients and regulators goes beyond the code recommendation, which is to disclose the risk management process only to clients.

4、【單選題】

A.buying an asset class in which she has no prior management experience.

B.buying assets that are inconsistent with the portfolio’s Investment Policy 

C.failing to notify the client that she would temporarily deviate from the client’s 

正確答案:B

答案解析:B is correct. Under no circumstances should a manager take investment action that is inconsistent with 

5、【單選題】

A.No.

B.

C.

正確答案:B

答案解析:B is correct. Investment decision-making due to speed or based on third-party research alone is