CFA Level 1 备考 · 以题带学 · 每日一课
📖 正文
Standard VI 模块模拟考场——今天的三道题覆盖了 VI(A)、VI(B)、VI(C) 的核心考点，难度达到真题水平。请仔细读题，注意细节陷阱。
在做 VI 模块题目时，记住这个判断框架： - 有没有未被披露的利益关系？→ VI(A) - 有没有人在"插队"交易？→ VI(B) - 有没有因为推荐而收取了报酬但没告诉客户？→ VI(C) - 有没有涉及向雇主披露的义务？→ IV(B) 叠加
另外注意，VI 模块中的"告知了"不等于"合规了"。即使你告知了利益冲突（VI(A)），你仍可能因为抢先交易（VI(B)）而违规——标准是独立判定的。
🔑 关键定义
- 独立判定（Independent Assessment）：每个标准单独评估，一个标准的合规不为另一个开脱
- 模拟考场（Mock Exam）：按照真实考试难度和风格设计的练习
- 多重违规（Multiple Violations）：同一场景同时违反多个标准的情况
📝 今日练习
Q1. 分析师 Paul 写了一篇关于 GHI 公司的买入报告。报告充分披露了他持有 GHI 股票。然而在报告发布前，他先将报告草稿发给了一个付费订阅客户，让该客户在公开发布前交易。Paul 违反了：
A) 仅 VI(B) B) VI(B) 和 II(A) C) VI(B) 和 V(B)
Q2. 分析师 Rachel 是某私募基金的有限合伙人（LP），同时她向客户推荐该基金。她在推荐中披露了自己的 LP 身份。此外，该基金向她支付了 $10,000 的介绍费，但 Rachel 未向客户披露。Rachel 违反了：
A) 仅 VI(C) B) VI(A) 和 VI(C) C) VI(C) 和 IV(B)
Q3. 分析师 David 的哥哥在 MNO 公司担任 CFO。David 推荐了 MNO 股票并在报告中披露了这层家族关系。两周后，David 得知哥哥告诉他的关于即将发布的盈利预警信息（MNPI），David 立即卖掉了个人持有的 MNO 股票。David 违反了：
A) 仅 II(A) B) II(A) 和 VI(B) C) II(A)、VI(A) 和 VI(B)
查看答案
**Q1: C** — 解析：选择性将报告草稿提前发给某个客户让其抢先交易——这不仅是 VI(B) 交易优先级问题，还涉及 V(B) 公平披露（所有客户应同时收到信息）。题干未明确说明报告草稿是否包含 MNPI，因此不判定 II(A)。 **Q2: A** — 解析：LP 身份已披露（VI(A) 合规）。介绍费未披露违反 VI(C)。题干未提及是否向雇主披露介绍费——虽然 IV(B) 可能涉及，但题干场景聚焦于客户沟通，最精确的判定是 VI(C)。 **Q3: A** — 解析：利用哥哥提供的 MNPI（盈利预警）进行交易，违反 II(A) 内幕交易规定。家族关系已披露（VI(A) 合规）。个人卖出股票不是抢跑客户交易（题干未提到客户将交易），因此 VI(B) 不涉及。此处核心违规是使用 MNPI 进行交易。📌 复习要点
- VI 各标准独立判定，披露不赦免其他违规
- 选择性提前披露 → V(B) 公平披露 + VI(B) 交易优先级
- 使用 MNPI 交易 → II(A)，叠加其他标准需具体分析
- LP 身份 + 介绍费：前者 VI(A)、后者 VI(C)
- 读题要仔细：看行为类型、看时间点、看谁受影响
CFA Level 1 Exam Prep · Question-Driven Learning · Daily Lesson
📖 Reading
Standard VI Module Mock Exam—today's three questions cover the core testing points of VI(A), VI(B), and VI(C) at real-exam difficulty. Read carefully and watch for detail traps.
When tackling VI module questions, remember this judgment framework: - Is there an undisclosed interest relationship? → VI(A) - Is someone "cutting in line" on trades? → VI(B) - Was compensation received for a recommendation but not disclosed to the client? → VI(C) - Is there an obligation to disclose to the employer? → IV(B) overlay
Also note: in the VI module, "I disclosed it" does not equal "I am compliant." Even if you disclosed a conflict of interest (VI(A)), you may still violate by trading ahead (VI(B))—standards are independently assessed.
🔑 Key Definitions
- Independent Assessment: Each standard is evaluated independently; compliance with one does not excuse violation of another
- Mock Exam: Practice designed at real-exam difficulty and style
- Multiple Violations: A single scenario simultaneously violating multiple standards
📝 Practice Questions
Q1. Analyst Paul writes a Buy report on GHI Company. The report fully discloses his GHI holdings. However, before the report's release, he sends the draft to one paying client, allowing them to trade before the public release. Paul has violated:
A) Only VI(B) B) VI(B) and II(A) C) VI(B) and V(B)
Q2. Analyst Rachel is a limited partner (LP) in a private equity fund, and she recommends the fund to clients. She discloses her LP status in the recommendation. Additionally, the fund pays her a $10,000 referral fee, which Rachel does not disclose to clients. Rachel has violated:
A) Only VI(C) B) VI(A) and VI(C) C) VI(C) and IV(B)
Q3. Analyst David's brother serves as CFO of MNO Company. David recommends MNO stock and discloses this family relationship in the report. Two weeks later, David learns from his brother about an impending profit warning (MNPI), and David immediately sells his personal MNO holdings. David has violated:
A) Only II(A) B) II(A) and VI(B) C) II(A), VI(A), and VI(B)
View Answers
**Q1: C** — Explanation: Selectively sending the draft report to one client early, allowing them to trade ahead—this implicates not only VI(B) transaction priority but also V(B) fair disclosure (all clients should receive information simultaneously). The question does not clarify whether the draft contained MNPI, so II(A) is not determined. **Q2: A** — Explanation: LP status was disclosed (VI(A) compliant). The undisclosed referral fee violates VI(C). The question does not mention whether the referral fee was disclosed to the employer—while IV(B) may be implicated, the scenario focuses on client communication, and the most precise determination is VI(C). **Q3: A** — Explanation: Trading using MNPI (profit warning) received from the brother violates II(A) insider trading rules. The family relationship was disclosed (VI(A) compliant). Selling personal stock is not front running of client trades (the question does not mention a client about to trade), so VI(B) is not implicated. The core violation here is trading while in possession of MNPI.📌 Key Takeaways
- VI standards are independently assessed; disclosure does not forgive other violations
- Selective early disclosure → V(B) fair disclosure + VI(B) transaction priority
- Trading with MNPI → II(A); other standards overlay requires specific analysis
- LP status + referral fee: the former is VI(A), the latter is VI(C)
- Read questions carefully: identify behavior type, timing, and who is affected