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【单选】 Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation for internal use. According to the CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is not required? Lambert would NOT need to disclose to his employer that:
A. Offshore is an OTC market maker for Burch Corporation's stock.
B. his wife owns 2,000 shares of Burch Corporation.
C. he is a beneficiary of a pension plan of his former employer that owns a large number of shares of Burch's stock.
【单选】 Abner Flome, CFA, is writing a research report on Paulsen Group, an investment advisory firm. Flome’s brother-in-law holds shares of Paulsen stock. Flome has recently interviewed for a position with Paulsen and expects a second interview. According to the Standards, Flome’s most appropriate action is to disclose in the research report:
A. that he is being considered for a job at Paulsen.
B. his brother-in-law’s holding of Paulsen stock and that he is being considered for a job at Paulsen.
C. his brother-in-law’s holding of Paulsen stock.
【单选】 Arthur Harrow, CFA, is a pharmaceuticals analyst at Dominion Asset Management. His supervisor directs him to prepare separate research reports on Miracle Drug Company and Wonder Drug Company. Harrow's former college roommate and close friend is the president of Miracle. Harrow owns 2000 shares of Wonder, which currently sells for $25 a share. Harrow's supervisor is unaware of these facts. According to CFA Institute Standards of Professional Conduct, which of the following action, if any, is Harrow required to take if he writes the research reports?
A. Harrow must disclose to Dominion his ownership of shares in Wonder but not his relationship with the president of Miracle.
B. Harrow must disclose to Dominion his relationship with the president of Miracle but not his ownership of shares in Wonder.
C. Harrow must disclose to Dominion both his relationship with the president of Miracle and his ownership of shares in Wonder.
【单选】 Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that:
A. he has a material beneficial ownership of Burch Corporation through a family trust.
B. his wife owns 2,000 shares of Burch Corporation.
C. both of these choices require disclosure.
【单选】 The following scenarios involve two analysts at Dupree Asset Management, a small New York-based company with about $150 million in assets under management. Dupree restricts personal trading of stocks analyzed, corporate directorships, trustee positions, and other special relationships that could reasonably be considered a conflict of interest with their responsibilities to their employer. Ray Bolt, CFA, is a senior investment analyst. Bolt was recently elected to the board of trustees of his alma mater, Midwest University, and was appointed as the chairman of the University's endowment committee. Midwest has more than $2 billion in its endowment. Bolt must travel from New York to Chicago eight times a year to attend meetings of the board of trustees and endowment committee. Bolt did not inform Dupree of his involvement with Midwest University. Wanda Delvecco, a candidate in the CFA Program, is a junior investment analyst. She recently wrote a research report on Aveco Communications and recommended the stock for Dupree's "buy" list. Delvecco bought 200 shares of Aveco stock for her personal account 12 months before she wrote her research report. Over the past 12 months, the stock's price has been in the $20-42 price range. Delvecco has not informed Dupree of her ownership of Aveco stock. According to CFA Institute Standards of Professional Conduct, which the following statements about Bolt and Delvecco's actions is CORRECT?
A. Delvecco violated the Standards, but Bolt did not.
B. Both Bolt and Delvecco violated the Standards.
C. Neither Bolt nor Delvecco violated the Standards.
【单选】 A CFA Institute member makes a recommendation of a stock in which his firm has a material ownership, but neglects to inform clients of that ownership. The candidate has most clearly violated:
A. Standard V(B) - Communication with Clients and Prospective Clients.
B. Standard VI(A) - Disclosure of Conflicts.
C. Standard III(B) - Fair Dealing.
【单选】 Lee Hurst, CFA, is an equity research analyst for a long-term investment fund. His annual bonus is linked to quarterly trading profits. Under a new policy, the quarterly assessment period is switched to a monthly assessment period. According to the Code and Standards, best practices dictate:
A. updating disclosures when the policy change is implemented.
B. requiring Hurst to obtain permission from each client prior to implementation of the new policy.
C. keeping the policy change private as a trade secret.
【单选】 Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley routinely writes research reports on Pharmaceutical firms. Valley has recently been asked to serve on the board of directors of an organization that promotes the search for a cure of a certain cancer. Serving on the board is an unpaid position without any direct benefits other than meeting new people and potential clients. To comply with Standard VI, Disclosure of Conflicts, Valley needs to:
A. do nothing.
B. both disclose the position on the board to his supervisor and describe his responsibilities on the board.
C. only disclose the position on the board to his supervisor.
【单选】 Dwight Dawson, a CFA charterholder and portfolio manager at Ascott Investments, was recently appointed to the investments committee at Brightwood College. He will receive no compensation from Brightwood for serving on this committee. Another person at Ascott manages part of Brightwood’s endowment. Dawson does not inform Ascott’s compliance office of his involvement with Brightwood, because he does not believe doing so is necessary. Brenda Hamilton, a CFA candidate, also works for Ascott as an investment analyst. Procedures established at Ascott prohibit personal trading in securities analyzed or recommended by Ascott. One of these securities is Horizon, a telecommunications firm. Hamilton buys 10 shares of Horizon for her infant son’s trust account. She believes that reporting this purchase to Ascott’s compliance officer is unnecessary because the amount of the transaction is small and is not for her own personal account. Did Dawson or Hamilton’s actions violate CFA Institute Standards of Professional Conduct?
A. Dawson: No, Hamilton: No.
B. Dawson: No, Hamilton: Yes.
C. Dawson: Yes, Hamilton: Yes.
【单选】 Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:
A. Trobb's cousin repairs machines for Aneas.
B. Trobb's research firm has a large stake of ownership in Aneas Lumber.
C. Aneas hires Trobb as a consultant to analyze Aneas' financial statements.
【单选】 Lee Hurst, CFA, is an equity research analyst who has recently left a large firm to start independent practice. He is able to re-create several of his previous recommendation reports from memory, based on sources obtained at his previous employer. He publishes the reports and obtains several new clients. Hurst is most likely:
A. not in violation of any Standard.
B. in violation of Standard V(A) "Diligent and Reasonable Basis."
C. in violation of Standard V(C) “Record Retention.”
【单选】 According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT:
A. distribute a detailed, written research report to clients with each recommendation.
B. analyze the client's investment needs.
C. analyze the investment's basic characteristics before recommending a specific investment to a broad client group.
【单选】 Four months ago Lance Tuipuloto, CFA, analyzed three equity securities for Janet Scadden. However, Scadden decided to invest in bonds instead. Tuipuloto now wants to destroy the records from the stock analysis. Is this action in compliance with Standard V(C)?
A. Yes. Tuipuloto only needs to keep the records for 90 days.
B. No.
C. Yes. Tuipuloto does not need to keep the records because his advice was not followed.
【单选】 Ten years ago Lance Tuipuloto, CFA, met with Horace and Nichole Scadden to discuss potential investments, but these prospects never became clients. Tuipuloto now wants to destroy the records from the meeting with the prospective clients. Is this action in compliance with Standard V(C)?
A. Yes; the prospects never became clients.
B. No.
C. Yes; A sufficient number of years have passed since the meeting.
【单选】 Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a “Strong Buy.” Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a “Strong Buy,” but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black:
A. may send out the report as written as long as a follow up is disseminated within a reasonable amount of time reflecting the changes in management.
B. should revise the recommendation based on this new information.
C. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.
【单选】 Rhonda Meyer, CFA, is preparing a research report on Moon Ventures, Inc. In the course of her research she learns the following: Moon had its credit rating downgraded by a prominent rating agency 3 years ago due to sales pressure in the industry. The rating was restored 3 months later when the pressure resolved. Moon’s insider trading has been substantial over the last 3 months. Holdings of Moon shares by officers, directors, and key employees were reduced by 50% during that period. In Meyer’s detailed report making a buy recommendation for Moon, both the credit rating downgrade and the insider trading were omitted from the report. Meyer has:
A. violated the Code and Standards by not including the insider trading information and by not including the credit rating downgrade in her report.
B. not violated the Code and Standards in her report.
C. violated the Code and Standards by not including the insider trading information in her report.
【单选】 Rose Worth, CFA, is analyzing the import/export firm Transocean Trading. A large increase in tariffs has been proposed, which Worth believes would reduce Transocean’s earnings. Worth speaks with her Congressman, Jerome Horwitz, who tells her that he is certain the tariff increase does not have enough support to become law. Worth distributes a report that says, "Transocean’s earnings next year will be within management guidance because the tariff increase will not be enacted." Worth has most likely violated the Standard related to:
A. preservation of confidentiality.
B. material nonpublic information.
C. communication with clients.
【单选】 Nicole Wise, CFA, is an analyst at Chicago Securities. She attends a meeting with management of one of the companies that she covers. During the meeting, management expresses great optimism about the company’s recent acquisition of a new business. Wise is excited about these prospects and issues a research report that states that the company is about to achieve significant success with the new acquisition. Wise has:
A. violated CFA Institute Standards of Professional Conduct because she did not check the accuracy of the statements that management made.
B. violated CFA Institute Standards of Professional Conduct because she misrepresented the optimism by turning it to certainty.
C. not violated CFA Institute Standards of Professional Conduct because she had reasonable reason to believe that the statements in her report were true.
【单选】 In the preparation of a research report, a CFA Institute member may emphasize certain matters, touch briefly on others, and omit some altogether:
A. provided that the analyst has a reasonable basis for his or her actions.
B. provided that the analyst both has a reasonable basis and is unconstrained by the Mosaic theory.
C. under no circumstances.
【单选】 Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy." He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert can communicate the report is most correct?
A. Halpert can make his report in person, by telephone, or by computer on the Internet.
B. Halpert can transmit his report by computer on the Internet.
C. Halpert can make his report in person.
【单选】 Janet Coleman, a CFA Institute member, is an analyst at a regional brokerage firm. She is preparing a research report on Standard Power and Light. Due to deregulation, utility companies face increased competition. During the past year, three of the five utility companies in her region have cut their dividends by 50%, on average, to provide more internal funds for investment purposes. In a discussion with Standard's chief executive officer, Coleman learned that Standard expects to have a record amount of capital expenditures during the next year. Although Standard subsequently issued a press release about its capital expenditure plans, it did not make any public statements about a change in dividend policy. Coleman reasons that the management of Standard will be under pressure to cut its dividends within the next year to remain competitive. Coleman issues a research report in which she states: "We expect Standard Power and Light will experience an initial decrease of $3 a share in its stock price when it cuts its dividend from $2 to $1 a share by the second quarter. We expect that Standard will strengthen its competitive position by using more internally generated funds to finance its investment opportunities. If investors buy the stock now at around $50 a share, their total return should be at least 20% on the stock." Based on CFA Institute Standards of Professional Conduct, which of the following statements about Coleman's actions is CORRECT?
A. Coleman violated the Standards because she used material inside information.
B. Coleman violated the Standards because she failed to separate opinion from fact in her research report.
C. Coleman did not violate the Standards.
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. It is Hatfield’s opinion that interest rates will fall in the near future. Based upon this, Hatfield begins increasing the bond allocation of each portfolio. In order to comply with Standard V(B), Communication with Clients and Prospective Clients, the analyst needs to:
A. make sure that the change is identical for both clients.
B. inform the clients of the change and tell them it is based upon an opinion and not a fact.
C. perform both of these functions.
【单选】 Bill Fox, CFA, has been preparing a research report on New London Wire and Cable, one of his major investment clients. He had completed much of his analysis and had planned on having his report typed and bound today. Unfortunately, his briefcase was stolen while he ate breakfast, and he lost all his notes and working papers. The lost materials included his notes from management interviews, conversations with suppliers and competitors, dates of company visits, and his computer diskette containing much of his quantitative analysis. Fox's client needs this report tomorrow. In a panic, Fox called New London's vice president of finance and was faxed a copy of the company's most recent financial projections. Fox remembered that his own analysis showed that management's estimates were too high. He did not remember the exact amount, so he revised New London's figures downward 10%. Fox also incorporated some charts and graphs on New London from a research report he had received last week from a small regional research firm and used some information from a Standard & Poor's reference work. With the help of his secretary, a Xerox machine, and some creative word processing, Fox got the report done in time for the evening Fedex pick up. On the way home from the office that night, Fox wondered if he had violated any CFA Institute Standards of Professional Conduct. Fox has:
A. violated none of the Standards.
B. violated the requirement to have a reasonable basis for a recommendation and the prohibition against plagiarism.
C. violated the requirement to have a reasonable basis for a recommendation, the prohibition against plagiarism, and the requirement to maintain appropriate records.
【单选】 Todd Gable, CFA, was attending a noon luncheon when he overheard two software executives talking about a common vendor, Datagen, about how wonderful they thought the company was, and about a rumor that a major brokerage firm was preparing to issue a strong buy recommendation on the stock. Gable returned to the office, checked a couple of online sources, and then placed an order to purchase Datagen in all of his discretionary portfolios. The orders were filled within an hour. Three days later, a brokerage house issued a strong buy recommendation and Datagen’s share price went up 20%. Gable then proceeded to gather data on the stock and prepared a report that he dated the day before the stock purchase. Gable has:
A. violated the Standards by using the recommendation of another brokerage firm in his report.
B. violated the Standards by not having a reasonable basis for making the purchase of Datagen.
C. violated the Standards by improper use of inside information.
【单选】In order for Clampett Securities to claim compliance with CFA Institute Soft Dollar Standards, the company must:
A. re-evaluate mixed-use research at least once a year.
B. comply with all recommended provisions of the Soft Dollar Standards.
C. send all purchased research to the client whose brokerage was used to pay for it.
【单选】Which of the following statements could Brown put on his resume without violating Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program?
A. I am a Level III CFA and should become a chartered financial analyst next year.
B. I am a Level III CFA candidate eligible to receive my charter in November 2005.
C. If I pass the Level III test, I may be eligible for my CFA charter late next year.
【单选】According to CFA Institute Standards concerning fair dealing, Jones is required to do which of the following?
A. Ensure that accounts belonging to her immediate family purchase securities only after other clients have had the chance to buy.
B. Disseminate new investment recommendations to all clients at the same time.
C. Disclose to all clients whether different levels of service are offered.
【单选】 Susan Plumb is the supervisor of her firm’s research department. Her firm has been seeking the mandate to underwrite Wings Industries’ proposed secondary stock offering. Without mentioning that the firm is seeking the mandate, she asks Jack Dawson to analyze Wings common stock and prepare a research report. After reasonable effort, Dawson produces a favorable report on Wings stock. After reviewing the report, Plumb then adds a footnote describing the underwriting relationship with Wings and disseminates the report to the firm’s clients. According to CFA Institute Standards of Professional Conduct, these actions are:
A. a violation of Standard V(A), Diligence and Reasonable Basis.
B. not a violation of any Standard.
C. a violation of Standard VI(A), Disclosure of Conflicts.
【单选】 The following scenarios refer to recommendations made by two analysts. Jean King, CFA, is a quantitative analyst at Quantlogic, Inc. King uses computer-generated screens to differentiate value and growth stocks based on accounting numbers such as sales, cash flow, earnings, and book value. Based on her analysis of all domestically traded stocks in the U.S. over the past year, King concludes that value stocks as a class have underperformed growth stocks over that period. Using only this analysis, she recommends that account executives at Quantlogic sell all value stocks from the portfolios for which they have discretionary authority to trade and replace these stocks with growth stocks. James Capelli, CFA, is a fundamental analyst at Wheaton Capital Management, which focuses on regional stocks. His analysis of Branson Wireless includes the investment's basic characteristics such as information about historical earnings, ownership of assets, outstanding contracts, and other business factors. In addition to conducting both a general industry analysis and a company financial analysis, Capelli interviews key executives at Branson. Based on his analysis, he concludes that the company's future prospects are strong and issues a "buy" recommendation. According to CFA Institute Standards of Professional Conduct, did King and Capelli have a reasonable and adequate basis for making their recommendations?
A. Both King and Capelli have a reasonable basis for their recommendations.
B. Capelli has a reasonable basis for his recommendation, but King does not.
C. King has a reasonable basis for his recommendation, but Capelli does not.
【单选】 A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:
A. both insist that a follow up report be issued and take up the issue with regulatory authorities.
B. insist that the supervisor change the earnings forecast or remove his (the analyst's) name from the report.
C. only insist that the first report be followed up by a revision.

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