請問1. 為什么分母是減 CF，2.為什么分子是加1/2 CF？
老師說TMR是幾何平均，幾何平均的話不是最后要開方嗎？為什么這里沒有開方
Mattock, head of research dept. of H&V, a brokerage firm, has decided to change recommendation for Timber from buy to sell. In line with H&V’s procedures, she orally advises other executives of recommendation change before publication. After her conversation with Frampton, one of the executives of H&V, Frampton immediately sells (front running) Timber stock from his own account and some discretionary client accounts. Other personnel also inform certain institutional customers of the changed recommendation before publication and dissemination to all H&V customers. Comment: Mattock violated Standard IV (C) by failing to supervise reasonably and adequately the actions of those accountable to her. She also must ensure that her firm has adequate procedures for unethical practice. Meanwhile, violate II(A), VI(B) Priority of Transaction. 請問為什么 違反了II(A) 投資公司的recommendation 難道算是MNI 嗎？這里公司將消息提前傳達給了一些客戶，但為什么又沒有違反III(B) ?
能不能具體講一下FIFO basis？ 這樣不違反fair dealing嗎？
這里算subperiod3時 那2萬的contribution是否要考慮？
act as a buyer of last resort 不僅是對公司有利，對客戶也是有利的吧，為何不選A呢？
第五題，為何選項C 不選， 公司從broker 買股票，為何不會影響priority of transaction？
In her letter to the client, she blames the discrepancy—which was the result of a human typographical error—on a computer programming error. 這句話怎么理解的，是否協(xié)會謄寫單詞錯誤了，單看這句話有點矛盾。
二級考試中有一題在辦公室樹抗議旗幟，和平抗議，但有同事在開視頻會議，這一幕進入視頻背景，算不算違規(guī)？
第5題，關(guān)于利益沖突的披露，原則上所有的真實的和潛在的利率沖突都要披露，而不僅僅是跟當前組合有關(guān)的才披露，那么除了當前的組合，還有那種組合也要披露，沒有想到對應的場景。
Locke: “The Fund’s portfolio received 50,000 shares of an initial public offering (IPO) on 1 April. On 15 May, 30,000 shares were removed at the current market price.”
第2題，為自己的公司產(chǎn)品站臺有什么問題嗎？既沒有受賄也沒有被威脅，哪方面的獨立客觀性受到影響了呢？庫克為蘋果的產(chǎn)品站臺需要披露嗎？The subsidiary registers each new fund-of-funds product with regulatory authorities in Luxembourg and discloses Riser’s role as a board member in the required filings, which are public and readily available。況且，在產(chǎn)品登記時，就已經(jīng)披露了Riser的角色，還不夠嗎？
測試數(shù)據(jù)可不回答
第1題，All the firm’s policies and procedures are in line with local regulations.這說的是公司的規(guī)章制度，又不是協(xié)會的Code and ethics，兩個一致有什么問題？況且公司又不是所有人都是CFA，其他人也要遵守協(xié)會準則嗎
第2題，交易200股不行？但是blackout period restriction is shorter就可以？
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