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【单选】 Wes Smith, CFA, has been working toward the completion of a Master of Science in Finance. He has passed all the necessary courses and written the necessary thesis. He still must defend the thesis in one month. Smith’s thesis advisor assures him that he will pass the thesis defense. Smith has new business cards printed with “M.S. in Finance” after his name. This is a violation of:
A. Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program.
B. Standard I(C), Misrepresentation.
C. none of the Standards if Smith does not make the cards public until after he defends his thesis and receives his degree.
【单选】 At the time of its initial public offering (IPO), a mutual fund is invested primarily in junk bonds. As part of its strategy, it is also invested in some zero-coupon U.S. Treasury bonds. The amount of the investment in the Treasury bonds is such that their maturity value equals 90% of the current value of the fund. Which of the following may a CFA Institute member say to her clients concerning the fund at issuance?
A. Since the fund is backed by the U.S. government, you know you will get your money back.
B. The fund is virtually default risk free.
C. A CFA Institute member may not make either of these statements.
【单选】 The following information involves two research analysts at a brokerage firm. Erik Bagenot, CFA, is preparing a research report on Global Enterprises, Inc. In preparing the report, he uses materials from many sources. For example, he uses factual information published by Standard & Poor's Corporation without acknowledging the source. He also uses excerpts from a research report prepared by another analyst. Bagenot makes only a slight change in wording for these excerpts, but acknowledges the source. Sally Wain, who is currently enrolled in the CFA program, is preparing a research report on Manson Telecommunications. She attends a conference in which several investment experts provide their views about the future prospects of this company. Wain cites several quotations from these investment experts in her report without specific reference. According to CFA Institute Standards of Professional Conduct involving prohibition against plagiarism, which of the following statements is CORRECT?
A. Wain violated the Standards, but Bagenot did not.
B. Both Bagenot and Wain violated the Standards.
C. Bagenot violated the Standards, but Wain did not.
【单选】 Francisco Perez, CFA, CPA, is a portfolio manager for an investment advisory firm. Due to the prominence of his position, he is often invited to attend free marketing and educational events hosted by firms which seek to inform the investment community about their investment processes. One such firm, Unlimited Horizons, has invited Perez to attend free educational events which qualify for Continuing Education credits which could help Perez maintain his CPA designation. Perez should most likely:
A. accept the invitation as no cash compensation is involved and the primary intent is to educate and inform the investment community.
B. decline to attend the event as it could result in a violation of Standard I(B) "Independence and Objectivity."
C. decline to attend the event as it could result in a violation of Standard I(A) "Knowledge of the Law."
【单选】 Susan Nielsen, CFA, is an equity research analyst on a fact-finding property tour with 6 other analysts to learn about Just Kittens, Inc. Just Kittens sells tungsten ball-bearings and has 16 warehouses, and 20 manufacturing, research, and wholesale sales outlets scattered over 8 countries – mostly emerging markets. Because of the remote location of some of the facilities, commercial travel is effectively unavailable. Just Kittens charters a jet and various busses to take the research analysts to the properties. If Nielsen accepts these accommodations, she is most likely:
A. in violation of Standard I(B) "Independence and Objectivity."
B. not in violation of Standard I(B) "Independence and Objectivity" because best practices dictate that better access to company executives is likely to lead to more accurate and timely information.
C. not in violation of Standard I(B) "Independence and Objectivity" because commercial travel is effectively unavailable.
【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River City presents Calaveccio with a bottle of inexpensive wine at Christmas each year. Calaveccio does not disclose this fact in the prospectus of the small cap venture fund. This action is:
A. in violation of the Standard concerning disclosure of additional compensation arrangements.
B. not in violation of the Code and Standards.
C. in violation of the Standard concerning disclosure of conflicts to clients and prospects.
【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he:
A. should not attend unless he pays for the trip himself.
B. may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.
C. may attend, but he must disclose the arrangement to his employer as a gift.
【单选】 An analyst who is a CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort. In order to abide by the Standards, the analyst should (may):
A. refuse the invitation if the associate is from a firm he analyzes for his employer.
B. obtain written consent from his supervisor if the offer is contingent on achieving a target investment return.
C. do both of the actions listed here.
【单选】 All of the following would be permitted according to the CFA Institute Standards of Professional Conduct EXCEPT:
A. token gifts received from clients.
B. use of an issuer’s corporate aircraft when commercial transportation is not available.
C. air transportation paid by a corporate issuer for travel to a major metropolitan airport.
【单选】 According to CFA Institute Standards of Professional Conduct, which of the following is least likely a compliance procedure for maintaining independence and objectivity in making investment recommendations or taking investment action?
A. Create a restricted list so that the firm disseminates only factual information about a controversial company.
B. Maintain files to support investment recommendations.
C. Restrict special cost arrangements related to travel.
【单选】 Lawrence Kelly is the Chief Investment Officer at a money management company that claims it is in compliance with CFA Institute Soft Dollar Standards. For the first time, the company has purchased securities in the country of Santa Rosa. He learns that under Santa Rosen law, one of the company's soft dollar policies is forbidden, yet to conform with the law, Lawrence would have to violate the Soft Dollar Standards, but not the Standards of Professional Conduct. Lawrence:
A. must follow the Santa Rosen Law and cease claiming compliance with CFA Institute Soft Dollar Standards.
B. must follow the CFA Institute Soft Dollar Standards, informing the Santa Rosen regulators of his reasons.
C. should follow the Santa Rosen Law and can still claim compliance with CFA Institute Soft Dollar Standards.
【单选】 Georgia Jones, CFA, is an analyst for Johnson, Thomas & Co. She also serves as an outside director for Dewey Manufacturing, Inc. In the course of her duties, she begins to believe that Dewey’s income statement for the most recent period may have been misstated. Georgia should do all of the following EXCEPT:
A. inform the Securities and Exchange Commission.
B. consult with Dewey Manufacturing's legal counsel.
C. consult with Johnson, Thomas' legal counsel.
【单选】 Don Roberts, a CFA Institute member, resides in Country L, where the securities laws and regulations are less strict than the CFA Institute Code and Standards. Roberts also does business in Country N, which has no securities laws or regulations. Thus, Country N has no laws prohibiting the use of material nonpublic information. Roberts has clients in both Country L and N. Country L's law states that the law of the locality where business is conducted governs. According to CFA Institute Standards of Professional Conduct about the use of material nonpublic information, Roberts may:
A. take investment action based on this information for clients in both Country N and Country L and for himself.
B. not take investment action on the basis of this information.
C. take investment action based on this information only for his clients in Country N but not for his clients in Country L or himself.
【单选】 The SEC’s new stock-trading rule has just gone into effect. The SEC will give brokers a 10-day grace period, during which violators of the rule will be immediately notified and given a chance to remedy their situation to comply with the new rule. If a CFA Institute member unknowingly violates the rule and then remedies the situation within the 10-day grace period, has the member violated Standard I(A)?
A. Yes, because the member did not maintain knowledge and know of the rule.
B. No, because the member remedied the situation.
C. No, because the member unknowingly broke the rule.
【单选】 Josh LeBlanc, a CFA charterholder, is an investment analyst for a small stock brokerage firm. He wants to acquire and maintain knowledge about applicable laws, rules, and regulations relating to his professional activities. According to the CFA Institute Standards of Professional Conduct, which of the following ways is least likely to meet compliance procedures?
A. Rely on past practices followed within his firm.
B. Review written compliance procedures on a regular basis.
C. Keep informed about changes in applicable laws, rules, and regulations.
【单选】 What is the rule of thumb for members, CFA charterholders and candidates in the CFA program when weighing the requirements of the CFA Institute Code and Standards and the requirements of local laws? If the applicable laws are:
A. less strict, they should make a judgment call on which to follow, the Code and Standards or the local laws and requirements.
B. more strict, they must still follow the Code and Standards.
C. more strict, they must adhere to the applicable laws.
【单选】 Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. Mega Capital is based in a country whose applicable law is stricter than the CFA Institute Code and Standards, but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the requirements of the Code and Standards for clients in the less strict country, which is sufficient to also comply with that less-strict country’s local laws. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets written consent from his immediate supervisor at Mega to undertake this independent activity for a one-month trial basis. Which of the following statements about Blackwell’s actions involving Standard I, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell:
A. violated both Standard I and Standard IV(A).
B. did not violate either Standard I or Standard IV(A).
C. violated Standard I but did not violate Standard IV(A).
【单选】 Janet Green, CFA, provides investment advice and other services to clients in several countries. She resides in Country A whose securities laws and regulations are less strict than the Code and Standards. She also conducts business with clients in Country B, which has no securities laws or regulations, and in Country C, which has securities laws and regulations that are stricter than the Code and Standards. Which of the following statements is CORRECT? According to CFA Institute Standards of Professional Conduct, Green must adhere to the Code and Standards in:
A. Country A, Country B, and Country C.
B. Country A but the law in Country B and Country C.
C. Country A and Country B but the law in Country C.
【单选】 Allen Parsons, a CFA candidate, suspects a colleague at his firm of engaging in an illegal activity. Which of the following statements about procedures for compliance involving Standard I(A), Knowledge of the law is NOT correct? Parsons:
A. should urge his firm to attempt to persuade the perpetrator to cease such conduct.
B. is required to report this legal violation to the appropriate governmental or regulatory organizations.
C. should consult counsel to determine whether the conduct is, in fact, illegal.
【单选】 A CFA Institute member works for Secure Securities, Inc., and plays rugby on the firm’s rugby team. Secure Securities’ team recently played the team of a rival firm. During the game, a fight broke out and the CFA Institute member was the instigator, but no one was seriously hurt. Is this a violation of I(A) concerning maintaining knowledge and complying with laws, rules, and regulations?
A. Yes, because the member is bound by the Code of Ethics.
B. Yes, because the member could have hurt someone in the fight.
C. No, because a fight at a rugby game is not a professional activity.
【单选】 Shortly after becoming employed by Valco & Co., an investment banking firm, Stan McDowell, CFA, learns that most of Valco's initial public offerings (IPO) are really effected in order to profit management via price manipulation of the shares. McDowell observes an illegal act, sanctioned by senior management, in progress and refuses to sign off on his responsibility. Instead, McDowell takes the documentation to his supervisor and tells him he should sign it in his place. This action is:
A. an overreaction. Senior management's sanctioning of the act absolves McDowell from his ordinary responsibility as a CFA Institute member.
B. a suitable reaction, and he is in compliance with the Code and Standards.
C. a violation of the Code and Standards since he is required not to knowingly participate or assist in such an act.
【单选】 According to the CFA Institute Standards of Professional Conduct, Standard I(A), Knowledge of the Law, members shall not knowingly participate or assist in any violations of laws, rules, or regulations. An analyst:
A. is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.
B. is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it.
C. must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law.
【单选】 Which of the following statements about the responsibilities of CFA charterholders is CORRECT? CFA charterholders:
A. are only obligated to comply with securities laws in the U.S.
B. need not comply with the laws and rules governing their profession or must not engage in any individual behavior that reflects adversely on the entire profession.
C. must comply with the laws and rules governing their profession and must not engage in any individual behavior that reflects adversely on the entire profession.
【单选】 An analyst, who is a CFA charterholder, is working in a foreign country. Which of the following statements is CORRECT? The analyst is:
A. covered by the strictest of the following laws and rules: his own country's, the foreign country's or CFA Institute's Code and Standards.
B. governed by the laws and standards of the country in which he is living and working.
C. governed by CFA Institute's Code and Standards.
【单选】 Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250. Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been receiving gifts from vendors in excess of US $250. Valdes is obligated to:
A. disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute of the violation.
B. disassociate herself from the activity, and urge Venture to persuade Martinez to cease the activity.
C. disassociate herself from the activity, urge Venture to persuade Martinez to cease the activity, and inform CFA Institute and regulatory authorities of the violation.
【单选】 A CFA Institute member is also a member and the portfolio manager of an environmentalist group. In its charter, the environmentalist group lists a group of companies its members should boycott. The CFA Institute member would violate Standard I(A) concerning obeying all rules and regulations if the member:
A. performs either of the activities listed here.
B. actively protests against a publicly traded firm boycotted by the group.
C. purchases stock of a boycotted firm for the group's portfolio.
【单选】 Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow’s first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm’s highly competent general counsel and follows the advice given without deviation. Based on the general counsel’s advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellow’s supervisor explains why NewCo’s calculations of its earnings are correct. Bellow realizes that his inexperience and exuberance initially led him to an incorrect conclusion about NewCo’s earnings. Which of the following statements about Bellow’s actions involving Standard I(A), Knowledge of the law, and Standard I(C), Misrepresentation, is CORRECT? Bellow:
A. violated both Standard I(A) and Standard I(C).
B. violated Standard I(A) but did not violate Standard I(C).
C. did not violate either Standard I(A) or Standard I(C).
【单选】 Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc. She discovers that management has knowingly participated in an activity she knows is illegal. According to the CFA Institute Standards of Professional Conduct, White is required to:
A. disassociate herself from the activity.
B. both of these choices are correct.
C. seek legal advice to determine what actions should be taken.
【单选】 Joan Platt, CFA, operates an investment advisory service in New York but maintains an office in Xania. Xania recently established a stock market, which is not very efficient. None of the Xanian stocks trade in the U.S. market. Xania legally permits the use of material inside information. Platt believes that using inside information would help her compete against other Xanian investment advisors and also help some of her Xanian clients reach their investment objectives. Platt is considering adopting local investment practices in Xania. According to CFA Institute Standards of Professional Conduct, Platt may:
A. use material inside information because Xania legally permits this practice.
B. not use material inside information.
C. use material inside information, but only after notifying CFA Institute.
【单选】 Bob Blanford, CFA, is an investment analyst for a large global brokerage firm. He recently moved to Ragatan, a developing country with few securities laws and regulations. As part of conducting a company analysis, Blanford interviews Ravi Shanti, vice-president of finance at Starr Industries. Starr is a major industrial firm in Ragatan and a client at Blanford’s firm. Based on his analysis, Blanford suspects that Shanti may have deliberately overstated Starr’s current earnings and its earnings for the past several quarters. If this information becomes public, Blanford believes that Starr’s stock price will drop substantially. Blanford suspects that Shanti may have violated Ragatan’s securities laws. Which of the following statements is least likely to comply with Standard I, Professionalism? Blanford should:
A. determine the legality of the activity, possibly by consulting counsel.
B. take no action.
C. disassociate himself from the client, if the activity is illegal or unethical.

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