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Mock Test 2 — Topic 10: Ethical And Professional Standards

Kết quả: 12/30 (40%) Nguồn: SAPP CFA1 Revision Mock Test 2 Liên kết: Ethics

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Câu 1

Question 1: Jerry Johnson, CFA, has been asked to write a research report on Luke’s Lockers, a leading shoe manufacturer. Johnson’s wife owns 5,000 shares of Luke’s stock. To comply with the Code and Standards, Johnson’s most appropriate action is to:

(A) take no action since he does not own the stock directly.

(B) disclose this ownership of the stock in the research report.

(C) have his wife liquidate her holdings of the stock before the research report is released.

Standard VI(A) Disclosure of Conflicts yêu cầu các thành viên hoặc ứng viên ở phía sell-side phải tiết lộ quyền sở hữu hưởng lợi (beneficial ownership) đối với các chứng khoán mà họ phân tích.

Vợ của Johnson sở hữu 5.000 cổ phiếu Luke’s, điều này tạo ra xung đột lợi ích tiềm tàng vì lời khuyên của Johnson có thể ảnh hưởng đến giá trị tài sản gia đình ông.

Tuy nhiên, Standard không cấm việc sở hữu như vậy — chỉ yêu cầu phải tiết lộ. Theo Standard VI(A), sở hữu hưởng lợi (ví dụ: qua hôn nhân) mang lại nghĩa vụ tương đương như sở hữu trực tiếp cổ phiếu.

Đáp án (A) sai vì từ chối viết báo cáo là quá mức cần thiết; đáp án (C) sai vì không tiết lộ là vi phạm rõ ràng.

Câu 2

Question 2: Rene Green, CFA, uses a statistical model to estimate the intrinsic value of potential investments. Clients are aware of the general model but not its details. Green recently changed the model in an attempt to more accurately price assets. In an e-mail to all of his prospects and clients, Green describes the new model and states that more accurate asset valuations are expected from the new model. Has Green violated the CFA Institute Standards of Professional Conduct?

(A) No, Green’s actions are consistent with CFA Institute Standards.

(B) Yes, because he should have notified existing clients before notifying prospects.

(C) Yes, because he suggested that the new model will generate more accurate asset valuations.

Standard V(B) Communication with Clients and Prospective Clients yêu cầu thành viên phải thông báo cho khách hàng về quy trình đầu tư đang được sử dụng và mọi thay đổi trong quy trình đó.

Green đã thực hiện đúng khi gửi email đến toàn bộ khách hàng và prospects thông báo về sự thay đổi mô hình định giá, đồng thời chỉ nêu kỳ vọng cải thiện kết quả mà không đưa ra bảo đảm hay khẳng định chắc chắn — điều này phù hợp với yêu cầu trung thực và minh bạch.

Nếu Green không thông báo thay đổi này thì mới vi phạm Standards, vì khách hàng cần hiểu được cơ sở của các quyết định đầu tư ảnh hưởng đến tài sản của họ.

Câu 3

Question 3: Sue Seros, CFA, is reviewing the performance of Arithmatics, Inc., which she has placed in several client accounts. Based on her firm’s research, Seros believes a recent decrease in its price may present a buying opportunity and that industry conditions suggest Arithmatics may be an attractive acquisition for a larger company. Seros increases her clients’ holdings in Arithmatics. Seros has:

(A) not violated the Standards of Practice.

(B) violated the Standard on material nonpublic information.

(C) violated the Standard on diligence and reasonable basis.

Standard V(A) Diligence and Reasonable Basis cho phép analyst đưa ra kết luận dựa trên nghiên cứu của công ty mà không vi phạm quy tắc về material nonpublic information, miễn là kết luận đó không xuất phát từ thông tin nội bộ.

Seros đi đến kết luận rằng cổ phiếu đang bị định giá thấp chỉ dựa trên nghiên cứu nội bộ hợp lệ và điều kiện ngành — đây là quá trình phân tích hợp pháp (mosaic theory).

Nếu Seros thực sự có thông tin về một đề nghị mua lại (takeover offer) chưa công bố thì mới vi phạm quy tắc về insider trading, nhưng trong trường hợp này không có bằng chứng nào như vậy.

Câu 4

Question 4: Ron Welch, CFA, manages trust accounts at a regional U.S. bank. Welch was hired four years ago to manage the Craig Family Trust. The investment policy statement for the trust specifies a passive investment strategy matching the risk of the S&P 500 Index. Over the past year, Welch over-weighted technology stocks, which allowed the trust portfolio to earn a return 200 basis points above the S&P 500 return. With respect to the Standards concerning Loyalty, Prudence, and Care and Suitability, Welch violated:

(A) both of these Standards.

(B) neither of these Standards.

(C) only one of these Standards.

Standard III(A) Loyalty, Prudence, and Care đòi hỏi thành viên phải đặt lợi ích của khách hàng lên trên lợi ích của bản thân hoặc công ty, đồng thời tuân thủ các fiduciary duties trong mối quan hệ với khách hàng.

Welch đã vi phạm nghĩa vụ này khi đầu tư tài sản của Craig Family Trust theo cách không khớp với investment mandate (chiến lược passive theo S&P 500), mặc dù điều này vô tình mang lại lợi nhuận cao hơn.

Welch cũng vi phạm Standard III(C) Suitability khi cố ý lệch khỏi investment policy statement (IPS) đã được thỏa thuận — sự thành công của chiến lược không thể biện minh cho việc bỏ qua IPS, vì client có quyền được đầu tư theo đúng hồ sơ rủi ro đã cam kết.

Câu 5

Question 5: Among all analysts who cover Saris Corporation, the consensus earnings estimate for the current period is $2.14. Lee Rutherford, CFA, believes that Saris will release earnings above the consensus number but in his published research report he estimates earnings for Saris to be $2.14 per share. In conversations with some clients Rutherford mentions his reasons for believing that the $2.14 number may be on the low side. With respect to the Code and Standards:

(A) the conversations do not violate the Standards because the research report is the official document, and that is what Rutherford is supporting.

(B) Rutherford is in violation of the Standards by failing to deal with clients fairly in disseminating material changes in investment recommendations.

(C) Saris Corporation is in violation of the Standards by not disclosing material earnings information to the public.

Standard III(B) Fair Dealing yêu cầu thành viên phải đối xử công bằng và khách quan với tất cả khách hàng khi đưa ra khuyến nghị đầu tư.

Rutherford có quan điểm riêng rằng Saris sẽ vượt consensus earnings, nhưng lại không đưa quan điểm này vào báo cáo công khai trong khi lại truyền đạt thông tin này cho một số khách hàng chọn lọc — đây là hành vi tạo ra bất bình đẳng thông tin giữa các khách hàng.

Nếu ông có căn cứ để tin Saris sẽ vượt consensus, ông cần phản ánh điều này trong báo cáo chính thức để tất cả khách hàng đều có cơ hội tiếp cận thông tin như nhau.

Câu 6

Question 6: Laura Smith, CFA, is an analyst with the trust department of Bright Star Bank. The department’s portfolio managers use a proprietary model to select stocks. Bright Star has been purchased by Mega Bank, which does not plan to use Bright Star’s model after completing the purchase. A few weeks before the Bright Star/Mega Bank merger date, Smith downloads the model to her laptop and modifies the model for her own use. Do Smith’s actions violate the Standards of Professional Conduct?

(A) No, because Smith modified the model.

(B) Yes, because the model is the property of Mega Bank.

(C) No, because Mega Bank has discontinued use of the model.

ethics-m02#standard-iv|Standard IV] Loyalty cấm thành viên sao chép thông tin độc quyền (proprietary information) mà không được phép của chủ sở hữu.

Khi Mega Bank mua lại Bright Star Bank, toàn bộ tài sản của Bright Star — bao gồm mô hình định giá cổ phiếu — đều thuộc về Mega Bank, dù Mega Bank có ý định sử dụng hay không.

Việc Smith tự ý sao chép mô hình để mang sang công ty mới là hành vi vi phạm, bất kể mô hình đó “sắp bị bỏ không dùng.” Smith chỉ không vi phạm nếu xin phép Mega Bank và được chấp thuận trước khi sao chép.

Câu 7

Question 7: Wendy Johnson, CFA, has recently been hired as a portfolio manager for Smith Brothers, an investment firm that caters to institutional clients. For the past five years, Johnson has provided investment advice to a local university endowment fund and received football tickets and parking in return. Johnson does not disclose this arrangement to her supervisor at Smith Brothers because the time involved will in no way interfere with her duties in her new position. Johnson has most likely:

(A) not violated any Standards.

(B) violated the Standards by not obtaining permission from her employer.

(C) violated the Standards by failing to disclose a conflict of interest to her employer.

ethics-m02#standard-iv|Standard IV] Loyalty yêu cầu thành viên không được tham gia vào các hoạt động có thể gây hại hoặc cạnh tranh với employer mà không được phép.

Smith Brothers phục vụ khách hàng tổ chức (institutional clients), và việc Johnson tiếp tục tư vấn cho quỹ endowment của trường đại học — một khách hàng tổ chức — rõ ràng tạo ra xung đột lợi ích.

Mặc dù mối quan hệ này bắt đầu từ trước khi Johnson gia nhập Smith Brothers, khi chuyển sang employer mới, Johnson có nghĩa vụ phải thông báo và xin phép tiếp tục hoạt động bên ngoài đó. Việc nhận vé bóng đá và chỗ đỗ xe cũng cần được tiết lộ theo Standard IV(B).

Câu 8

Question 8: William Callahan, CFA, is an energy analyst. His supervisor, Nancy Dening, CFA, has recently decided to let Callahan cover a few of the firms that Dening had been covering previously. Dening gives Callahan specific instructions not to change her prior recommendation on one of these firms, Mayfield Energy. Callahan’s least appropriate action is to:

(A) tell Dening that he cannot cover Mayfield Energy under those restrictions.

(B) perform his own independent analysis of Mayfield and reach an independent conclusion.

(C) use ambiguous language in the report, in order to not mislead the investor while complying with his employer’s instructions.

Standard I(B) Independence and Objectivity yêu cầu thành viên chỉ đưa ra khuyến nghị phản ánh đúng quan điểm độc lập của mình, không bị ảnh hưởng bởi áp lực từ employer hay bên thứ ba.

Việc sử dụng “ngôn ngữ mơ hồ” để lách quy định trong khi vẫn giấu quan điểm thực sự là hành vi gian lận và vi phạm nghĩa vụ trung thực với nhà đầu tư.

Đáp án đúng theo Standards là Callahan phải từ chối phân tích công ty đó trong điều kiện Dening áp đặt, vì bất kỳ báo cáo nào không thể hiện trung thực quan điểm của analyst đều là vi phạm integrity của nghề nghiệp.

Câu 9

Question 9: Rob Tegger, CFA, manages the investment account of The Knox Trust. The trustees tell Tegger they are pleased the account has outperformed its benchmark for the first three quarters of the year and that if he can outperform the benchmark over the final quarter, the trust will pay all the expenses for a week’s vacation for Tegger and his wife at a trust property on Maui. To comply with the Code and Standards, Tegger must:

(A) obtain permission from his employer before accepting the offer.

(B) reject the offer because it creates a conflict of interest with his other clients.

(C) inform his employer of the offer, but he is not required to obtain permission before accepting it.

Standard IV(B) Additional Compensation Arrangements yêu cầu thành viên phải thông báo bằng văn bản và xin phép employer trước khi chấp nhận bất kỳ thù lao nào ngoài thù lao từ employer, đặc biệt khi khoản thù lao đó phụ thuộc vào kết quả tương lai.

Điều quan trọng ở đây là phần thưởng phụ thuộc vào hiệu suất quý 4, điều này có thể khiến Tegger bị cám dỗ ưu tiên tài khoản Knox Trust hơn các tài khoản khác — ảnh hưởng đến fairness đối với các khách hàng còn lại.

Việc xin phép employer giúp họ đánh giá và kiểm soát xung đột lợi ích tiềm tàng này.

Câu 10

Question 10: Brian Lewis, CFA, is a sales associate for Kite Brothers. Kite Brothers compensates sales associates for referring clients to other units of the company. Lewis recommends that a client transfer his personal accounts to the retail area of Kite Brothers. He gives the client supporting documentation that Kite Brothers is a leader in the retail brokerage industry with a competitive fee structure. The client reviews the material and decides to move his personal accounts to Kite Brothers. Has Lewis violated the Standards of Professional Conduct?

(A) No, because Lewis was participating in a legitimate incentive program established by his employer.

(B) Yes, because Lewis is required to refuse any compensation arrangement that creates a conflict of interest with his clients.

(C) Yes, because Lewis did not disclose the compensation he earned for the referral to another department within Kite Brothers.

Standard VI(C) Referral Fees yêu cầu thành viên phải tiết lộ cho khách hàng bất kỳ khoản thù lao hay lợi ích nào nhận được từ việc giới thiệu dịch vụ, kể cả khi việc giới thiệu diễn ra trong nội bộ cùng một công ty.

Dù Lewis cung cấp tài liệu hỗ trợ cho khuyến nghị, khách hàng vẫn không thể đánh giá khách quan liệu lời khuyên đó có bị ảnh hưởng bởi động cơ tài chính hay không nếu không biết về referral fee.

Tiết lộ đầy đủ bằng văn bản — bao gồm bản chất và giá trị của khoản thù lao — là bắt buộc để khách hàng có thể đưa ra quyết định sáng suốt.

Câu 11

Question 11: David Martin, CFA, recently joined Arc Financial as a portfolio manager of an emerging markets mutual fund. For the past three years, he managed an emerging markets mutual fund for Landmark Investments. Upon Martin’s arrival, Arc Financial announces to existing and prospective clients, “While at Landmark Investments, Martin was the senior portfolio manager of Alpha Emerging Markets Fund. In Martin’s three years as manager, this fund outperformed its benchmark each year, as documented in recent reports by Landmark.” Does this statement violate the CFA Institute Standard of Professional Conduct related to performance presentation?

(A) No.

(B) Yes, because the Standards prohibit showing past performance at a prior firm.

(C) Yes, because Arc must present at least five years of Martin’s performance history.

Câu 12

Question 12: Amy Liu, CFA, and Tom Yang, a CFA candidate, are preparing a research report on Tello Industries. Liu includes quotations about the company’s earnings prospects, which she attributes to “investment experts.” Yang includes earnings data and balance sheet ratios he obtained from a Standard & Poor’s database without citing their source. According to the Standards of Practice:

(A) both analysts have violated the Standards.

(B) neither analyst has violated the Standards.

(C) only one of the analysts has violated the Standards.

Câu 13

Question 13: Harold Fitcher asks his account manager to direct trades to Foster Brokers. Foster purchases goods and services for Fitcher at his direction. The account manager, to comply with the Standards, should inform Fitcher that he:

(A) cannot direct the trades to Foster because of the Standard regarding soft dollars.

(B) cannot direct trades to Foster because of his duty to seek best execution for his trades.

(C) can direct the trades to Foster if the client tells him the goods and services will benefit the account beneficiaries.

Câu 14

Question 14: Wally Manaugh, CFA, rates BriteCo as a “hold.” He meets with other analysts in a social context and overhears a group talking favorably about BriteCo. He believes one of the group members is a former employee of BriteCo. Upon returning to his office, he second-guesses his initial analysis and tilts his report to be a bit more favorable. Manaugh has most likely violated the Standards because he:

(A) failed to distinguish fact from opinion.

(B) does not have a reasonable and adequate basis.

(C) may not act or cause others to act on this information.

Câu 15

Question 15: Martin Remy, CFA, has a client who says she expects a large inheritance soon that she will need to invest. Remy contacts Johan Walker, who handles the fixed-income portion of the client’s portfolio, and informs him about the inheritance. Walker tells Remy that based on suspicious activity in the client’s account, he suspects the inheritance is actually part of a money laundering scheme. After reviewing Walker’s evidence, Remy is not convinced that illegal activity has occurred, so he consults his firm’s legal counsel and shares the client information pointed out by Walker. Did Remy violate the Standard related to client confidentiality?

(A) Remy’s actions comply with the Standard.

(B) Consulting with the firm’s legal counsel was appropriate, but Remy violated the Standard by sharing client information with Walker.

(C) Sharing client information with Walker was appropriate, but Remy violated the Standard by sharing client information with the firm’s legal counsel.

Câu 16

Question 16: Upon completing investment reports on equity securities, Shannon Mason, CFA, routinely shreds all documents used in preparing the reports. In a report on UltraTech Software, Mason provides detailed explanations of the upside and downside risks associated with UltraTech, but provides no information on a sharp decrease in insider buying over the last 12 months. Mason has most likely violated:

(A) CFA Institute Standards by failing to maintain adequate records.

(B) CFA Institute Standards by neglecting to include the insider buying information in the investment report.

(C) none of the Standards.

Câu 17

Question 17: Mark Hanning, CFA, is writing a research report on a firm. Hanning’s supervisor, Rob Jannsen, sees a draft which includes favorable earnings projections. A few days later, Hanning obtains additional data that causes him to revise the projections downward. Right before public distribution of this report, Hanning learns that Jannsen has substituted the earlier, more favorable earnings projections into the report without Hanning’s knowledge. Hanning should most appropriately:

(A) consult with internal counsel and insist that this matter be reported to the regulators immediately.

(B) insist that either the report be corrected, or his name be removed from the report.

(C) permit publication of this report, but issue a follow-up report correcting the earnings projections.

Câu 18

Question 18: For the past five years, Rafael Garcia has served as a portfolio manager for Peak Investments. Garcia accepts a position at a competing firm. Garcia is not subject to a non-compete agreement. After beginning his new job, Garcia discovers files on his home computer that contain client contact information about Peak’s clients. Garcia shares this information with his new employer with the hope of bringing some of these clients over to his new firm. Garcia has:

(A) violated the Standards because he has used information belonging to Peak Investments.

(B) not violated any Standards because he is permitted to contact former clients after he begins the new position.

(C) not violated any Standard because he is not subject to a non-compete agreement.

Câu 19

Question 19: Harriet Kedzie, CFA, manages a portfolio for a foundation. In a recent report to the foundation’s directors, Kedzie explained her rationale for investing in ZYX stock as follows: “ZYX was chosen since it further diversifies the Foundation’s holdings without sacrificing expected returns. In fact, ZYX’s low standard deviation and high expected return ensure that the foundation will benefit from positive returns on this investment.” Kedzie has most likely:

(A) not violated any Standards.

(B) violated the Standard concerning suitability.

(C) violated the Standard concerning misrepresentation.

Câu 20

Question 20: To be compliant with GIPS, a firm must:

(A) use specified return calculation methods.

(B) have their performance presentation verified.

(C) omit accounts managed to match a specific stock index.

Câu 21

Question 21: To comply with the Standard on material nonpublic information, is it permissible for a research analyst for a large, multiservice firm, who has responsibility for issuing investment recommendations on a company, to assist the investment banking side during a transaction with that company?

(A) This is never permitted under CFA Institute Standards.

(B) The Member or Candidate may provide limited assistance under tight controls.

(C) This would be allowed only if the Member or Candidate is making a permanent move to the investment banking side of the firm.

Câu 22

Question 22: Robert White is a client of Song Investments, a full-service brokerage firm that produces its own investment research. A firm analyst changes her recommendation from “Buy” to “Sell” on one of the stocks that White holds in his portfolio and sends an e-mail to all firm clients, including White, informing them of the investment recommendation change. White phones John Smith, CFA, his broker at Song Investments, and asks him to buy more of all stocks that White holds in his account with the firm. Smith executes the order. With respect to fair dealing, Smith:

(A) did not violate the Standards because his firm had already sent White an e-mail about the change in recommendation and the order is unsolicited.

(B) did not violate the Standards because it is the analyst’s responsibility to communicate changes in her investment recommendations.

(C) violated the Standards because he should have informed White of the change of investment recommendation from buy to sell prior to accepting the order.

Câu 23

Question 23: Vanessa Richards, CFA, believes MegaRx, a pharmaceutical manufacturer, is likely to require a goodwill writedown in the upcoming year. Richards writes an investment recommendation report with the following statement: “A short strategy is recommended for MegaRx based on the lack of new prescription drugs in the pipeline and the fact that the company will write down goodwill sometime in the near future.” Richards’s supervisor, James Swanson, CFA, reviews the investment recommendation report and approves it for public dissemination. Did Richards or Swanson violate any CFA Institute Standards of Professional Conduct?

(A) No violations by Richards or Swanson occurred.

(B) Richards has violated the Standards, but Swanson has not.

(C) Both Richards and Swanson are in violation of the Standards.

Câu 24

Question 24: Juan Perez, CFA, is an airline industry analyst. Perez does not currently cover New Jet, a relatively new airline. New Jet believes its new service is unique and has offered first class tickets to research analysts in the hopes of receiving increased coverage. Perez believes he can more fully understand the airline’s new concept if he is a passenger, so he accepts a ticket and takes a weekend trip. Perez does not see any differentiation between New Jet and other airlines, and decides the company is too small to warrant analytical coverage. According to the Code and Standards, Perez is:

(A) required to reject the offer of airline tickets.

(B) permitted to accept the airline tickets, but is required to obtain written permission from his employer.

(C) permitted to accept the airline tickets, and is not required to obtain written permission from his employer.

Câu 25

Question 25: Giselle Holt, CFA, is a portfolio manager in the trust department of State Bank. Holt recently inherited a substantial amount of stock of Brown & Company and accepted a position on the board of directors for TVC Plastics, Inc. Many of the trust clients at the bank hold positions in Brown & Company and in TVC Plastics. According to CFA Institute Standards of Professional Conduct, Holt must disclose:

(A) both the stock ownership and board position to her clients.

(B) the board membership to her clients and the stock ownership to State Bank.

(C) both the stock ownership and board position to her clients and State Bank.

Câu 26

Question 26: Which of the following statements is a proper reference to the CFA designation?

(A) I expect to obtain the CFA designation after I pass the next Level III exam.

(B) As a CFA charterholder, I am required to comply with high ethical standards.

(C) As a CFA Level II, I hope to obtain the highest set of credentials in the investment industry.

Đây là cách tham chiếu đúng vì nó chỉ khẳng định trạng thái đã đạt được và nghĩa vụ đi kèm, không phóng đại hay sử dụng danh hiệu sai cách.

Các đáp án sai thường mắc lỗi như: nêu ngày dự kiến hoàn thành chương trình CFA (không được phép vì kết quả chưa chắc chắn), hoặc tự nhận là “CFA Level I/II/III” như thể đó là một designation riêng biệt — thực tế không tồn tại partial designation; chỉ có charterholder mới được sử dụng danh hiệu CFA.

Câu 27

Question 27: Rob Carter, CFA, is preparing a research report on Clean Bright, a company that manufactures cleaning products. After reviewing industry statistics and consulting with several suppliers of Clean Bright, Carter discovers that Clean Bright has become alarmingly slow in meeting its accounts payable. Carter believes that the company may soon face bankruptcy. Before Carter can issue a sell recommendation in his research report, Carter is required to:

(A) take no additional action, and can freely issue the report.

(B) wait until suppliers contact other analysts about Clean Bright.

(C) make full disclosure of the conversations with the suppliers to a compliance officer at his firm.

Câu 28

Question 28: Jack Wilson, CFA, a hedge fund manager, takes a large short position in Bonner, Inc. stock. After Wilson establishes his short position, Bonner shares trade down 1.15%. One week later, Bonner shares are trading 3.84% below the initial short price, and Wilson reverses the short position and establishes a short position in shares of the company’s competitor, Hatch Company. On a well-known investor message board, Wilson posts a highly critical message about Hatch, which grossly exaggerates problems with a crucial supplier to Hatch. The day after Wilson’s message post, Hatch shares fall 0.97% and Wilson reverses the short position. Did Wilson’s actions related to Bonner stock and/or Hatch stock violate the CFA Institute Standards of Professional Conduct?

(A) Yes, in both cases.

(B) Only in the case of Hatch stock.

(C) Only in the case of Bonner stock.

Câu 29

Question 29: Phillip Kevil, CFA, is an investment advisor for Sensible Investments Inc. One of Kevil’s clients, Alan Miller, has requested that Kevil purchase shares of LongShot Technology through a broker that charges higher-than-average fees. Miller maintains a nondiscretionary account and makes each investment decision himself. Even though the account is not discretionary, Miller does allow Kevil to vote all proxies for his account. Kevil generally votes the proxies with management since most of the stocks in Miller’s account are high-tech companies in which the managers are the largest shareholders. Has Kevil violated any Standards?

(A) Kevil has not violated any Standards.

(B) Using Miller’s choice of broker is not a violation, but Kevil’s proxy voting policy is a violation.

(C) Both using Miller’s choice of broker and Kevil’s proxy voting policy are violations.

Câu 30

Question 30: The Standard on performance presentation least likely requires or recommends that. Members and Candidates:

(A) disclose whether performance is gross or net of fees.

(B) support any forecast of future performance with actual data on past performance.

(C) include terminated accounts in performance history.

Standard III(D) Performance Presentation không yêu cầu điều này — thực ra, Standard này còn cấm thành viên ngụ ý rằng lợi nhuận tương lai sẽ phản ánh kết quả quá khứ.

Việc kết nối dự báo tương lai với dữ liệu lịch sử theo cách đó có thể tạo ra ấn tượng sai lệch rằng hiệu suất quá khứ là chỉ báo đáng tin cậy cho tương lai.

Mục tiêu của Standard này là đảm bảo trình bày hiệu suất trung thực, công bằng và không gây hiểu lầm.

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