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1、2020LEVELHTestExani3Thesessionofthe2020Level11Cha如edFinancialAnalystMockExaminationhas60questions不bestSimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof18minutesperitemsetandmultiplechoicequestions)Icratotalof180minutes(3hours)forthissessionoftheexam.QuestionsTOpic1-6187-12Ethics
2、1813-18Quantitative1819-22FinancialRepollingandAnalysis1223-28FinancialandAnalysis182+32ColporaLeFinance1233-36Equity1237-42FixedInme1843-48Derivatives1849-541855-60PoltfolioM11Pagement18Total_180/UA】29令业来向钓投入！Add/上海市松花g2539号旦旦科技园1号楼出号楼（2071Tel/H,ebIEthicstheFollovmnginformationrelatestoquestionsi-6
3、ForsterInvestmentAdvisors(Forster)isasmallassetmanagementmmanagingfundsforbothretailandinstitutionalclients.Forsteralsoundertakesinvestmentbankingactivities,includingmarketnakng.butonlyfortleslaresofafewuaiestlatitfollowsclosely.Forstersfinancedirector,whoalsoservesasthefirmscolianceofficer,hasgiven
4、noticetlathewillretireiuonemontl,stime.ForstersmanagingdirectorasksTerryMcGuinn.CFA.ifhewouldbeinterestedinbeingthecomplianceofficerafterthefinancedirectorretires.McGuinii4aindependentconliaceconsultantwhoseclientsmostlyiucludepensionfinds.agreestomeetthemanagingdirectortodiscusstheposition.Attlemee
5、ting,McGiiiniiistold,*TorsteradoptedtleCFAListitiiteCodeadStandards10yearsago.TlieoutgomgfinancedirectorassuredusatthetimethatweadopteddieCodeadSIandardStlatallofForster,spoliciesandproceduresmettlerequirementsmostoftleFecomnieudatioiisaswell.Asaresult,wementioncom-pliaewitltleCodeadStandardsiallofo
6、urmarketingmaterial.Weencourageyoutoimplementnewchanges,buttheimplementationwillneedtobecoordinatedtlrouglthehumanresourcesdeartmenl.Afteragreeingonwri11enspecificdutiesadresponsibilitiesfortlerole.McGuinnacceptstheoffertoactasForster,scom-pIianceofficeronapart-timeconsultancybasis.Onhisfirstdayasth
7、enewcomplianceofficer.McGuinnimmediatelyreviewsadraftresponsetoarequestforproposal(RFP)tobesubmittedthenextdaytoapotentialpensionRIndclient.TlieproposalisidenticaltoaotlerRFPsentouttlreemonthsagoandincludesForster,sorganizationalchart.ai)in-depthdescriptionofitsivestuentprocessandtleOccasioualuseoft
8、lid-partyresearchproviders,andaguaranteeofaminimum5%investmentre11andreturnofprincipalthuglaguaranteedStnictiiredsavingsproduct,underwi11enbyaninvestment-gradelifeinsur-miceconay.McGuinnapprovestheRFPdocmuentwitloutnakmganychanges.Tliatsaueday.ColleenColliiis,aresearchanalyst,approachesMcGuinn,con-c
9、emedtlatShemaybeinpossessionofinsidermfbuation.CollinsrelatesthatshewasatapartythenightbeforeadoverheardaconversationbetweentwoCEOsofcompeting,publiclylistedmaufacnringcompanies.TheCEOsdiscussed,butdidnotexpresstieiropinionson.thevalidityofarecentarticlepublishedillanonlineindustrynewsletter,whichwa
10、sspeculatingouIhebenefitsofamergerbetweentheirtwocompanies.Thenewsletterisavailablebysubsaiptiononly.Oneofthesecom-paniesisonForstersrecounendedbuylist.Followingthisconversation.McGtiinnfeelsitisnecessarytoenhanceForsterslesandprocedureswhendealingwithpossibleinsiderifbnation.Herecommendsthefollowin
11、gchangestothempanyspoliciesandprocedures:Recommendation1:Stopmarket-makingactivitieswhenipossessionofmate-rialnonpublicinfbrmaon.Recommendation2:Regularlyreviewemployeeandproprietarytrading.Recoiumendatiou3:Requireallemployeestoattendai)annualrefresliercourseonhowtoidentifyandhandlematerialnonpublic
12、infbnation.AfterreviewinghowForsterchsesandretainsitsstockbrokerseveryyear,McGuiimmakesseveralchangesinthepolicy.Thefollowingguidelinesareimple-mentedandComuiimicatedtoclients.Stockbrokerselectionmustbebasedon(liebrokersabilityto:Guideline1:provideaccomtigsoftware.Guideline2:executeclienttransaction
13、sefficiently.Guideline3:obtaininvitationstoinvestmentconferencesforloyalclients.AfterUiideiiakiiiginvestigationsbasedonaanonymousreport.McGuiimcon-firmstlatseveralForsterudmanagerswerewitnessedbeingwilledanddiedoverthepastfewweeksbylargebrokeragefinustryingtogetForstersbusiness.Tliesameemployeeshave
14、notnotifiedhinaboutthesedimers.aviolationofForstersinternalpolicies.McGuiimnotifies(lieemployeesiwritingtlattleyhavebeenviolatingtlecompanypolicy.Inthele11erofnotication.herequiestheenloyeestoabidebythepolicyinthefiture.1.IsMcGiiiiuisproposeduIiaiiceofficerStnictiueuostlikelynsistatwitltleCFAInstiUi
15、teCodeandStandards?A.No.withregardtoauthorityadreonsibility.B.Yes.C.No,witlregaidtopoliciesandprocedures.2.Whichitemiutherequestforproposal(RFP)isleastlikelyconsistentwithStandaidI(C)-Misrepresentation?A.GuaranteedinvestmentreturnB.ThefirmsorganizationalStnictiireC.Useofthird-partyresearchproviders3.DidCollinsmostlikelyreceiveinsidermfb*matiouasdefinedbytleCFAInstituteCodeandStandards?A.No.becausetheinfrmatiouisconsiderednon-material.B.Yes.C.No.becausedieiufbnnatiouisconsideredpublic.4
