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【单选】 Klaus Gerber, CFA, is a regular contributor to the Internet site WizeGuy. This past week Gerber has been incorrectly quoted as recommending that investors buy shares in Bradford, Inc. He is unaware that this message has been placed on the site as the quote was placed as a prank by an unknown source. This is the third time this has happened over the past month and each time the stock being mentioned moved in price according to the buy or sell recommendation.Fritz Fox, CFA, maintains and updates the WizeGuy site and has learned how to determine if the quotes being attributed to Gerber are actually valid. Several days later, he observes an investment recommendation, posted on the site, to buy Gresham, Inc. The investment recommendation is purported to be from Gerber, but Fox actually knows it to be bogus. He immediately sells 1,000 Gresham short and e-mails Gerber to inform him of the bogus recommendation. Gerber immediately issues a rebuttal, and Gresham falls by 14%. Fox's action is:
A. a violation of the Standard concerning fiduciary duties.
B. a violation of the Standard concerning use of material nonpublic information.
C. not in violation of the Code and Standards.
【单选】 Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of nonpublic information through her contacts with drug firms. Although no one piece of the information she collected is "material," Waters correctly concluded that the earnings of one of the drug companies would be unexpectedly high in the coming year. According to CFA Institute Standards of Professional Conduct, Waters:
A. cannot legally invest or make recommendations based on this information.
B. may use the information, but only after approval from a compliance officer or supervisor.
C. can use the information to make investment recommendations and decisions.
【单选】 Which one of the following least accurately describes the CFA Institute Standard about using material nonpublic information?
A. An analyst may use nonmaterial nonpublic information as long as it has been developed under the Mosaic Theory.
B. An analyst may violate this Standard by passing information to others even when it has been obtained from outside the company.
C. An analyst using material nonpublic information may be fined by CFA Institute.
【单选】 A stockbroker who is a CFA Institute member is called on the telephone by the CEO of a large company. The CEO asks to buy shares of the CEO’s company for the accounts of the CEO’s children. In the course of the conversation, the CEO says this will really pay off when the upcoming takeover goes through. The stockbroker checks her sources and finds no information about the takeover. In this case the broker should:
A. only execute the order in compliance with Standard III(A), Loyalty, Prudence, and Care. Since the client is buying the stock for the children, there is not a problem.
B. execute the order for all clients as required by Standard III(B), Fair Dealing.
C. do neither of the actions listed here.
【单选】 A CFO who is a CFA Institute member is careful to make his press releases—some of them containing material and previously undisclosed information—clear and understandable to his readers. While writing a new release, he often has his current intern proofread rough drafts. He also sends electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard II(A), Material Nonpublic Information, the CFO is:
A. violating the standard by either showing the pre-release version to his intern or sending it to his brother.
B. not in violation of the Standard.
C. only in violation by e-mailing the pre-release version to his brother but not the intern, because the intern is in essence an employee of the firm.
【单选】 A stockbroker who is a member of CFA Institute has a part-time housekeeper who also works for the CEO of Festival, Inc. One day the housekeeper mentions to the broker that she saw the CEO of Festival having a conversation at his home with John Tater, who is a nationally known corporate lawyer and consultant. The stockbroker is restricted from trading on this information:
A. for both of the reasons listed here.
B. if the housekeeper says the meeting concerned a tender offer and the broker knows that it is non-public information.
C. only if the broker knows that the meeting is non-public information.
【单选】 Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm’s investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the:
A. Wall Street Rule.
B. legal list.
C. fire wall.
【单选】 Carl Weather, CFA, is the chief financial officer of Talbot Enterprises. Based on inside information about Talbot’s favorable prospects, Weather concludes that Talbot’s common stock price is substantially undervalued in the market. With the approval of Talbot’s Board of Directors, Weather announces a program for his firm to repurchase $100 million of its own stock in the market. Talbot’s stock price rises immediately after the announcement of the repurchase program. Reese Winter, a CFA Institute member, is Weather’s assistant. While waiting in Weather’s office, Winter reads an internal memo marked “confidential” from Talbot’s chief accountant to Weather. The memo states that Talbot sustained an unexpected substantial profit during the past quarter, and its earnings projections show a substantial increase compared with previous estimates. Winter uses her cell phone to call her brother and discloses this information to him. Her brother immediately buys 1000 shares of Talbot’s stock. Did the actions of Weather and Winter violate Standard II(A): Material Nonpublic Information? Weather Winter
A.

No Yes

B.

Yes No

C.

Yes Yes
【单选】 A CFA charterholder in a managerial position is in the process of hiring new analysts. If the charterholder conducts background checks on the job applicants with respect to their character, the charterholder has:
A. complied with Standard I(D) concerning professional misconduct.
B. violated the Code of Ethics by invading the applicants' privacy.
C. complied with Standard VII(A) concerning conduct of members and candidates in the CFA Program.
【单选】 Which of the following would most likely violate CFA Institute’s rules regarding personal integrity and behavior?
A. Being arrested for disorderly conduct and spending a night in police custody.
B. Filing bankruptcy.
C. Intentionally understating one’s income on a tax return.
【单选】 Nancy Hall, a candidate in the CFA program, is an analyst for a mutual fund. As part of her job she makes company visits to interview executives. On a recent trip she stayed with her sister instead of at a hotel. In her expenses Hall included a hotel charge of $100, which was less than the amount allowed by her employer. After receiving a check for her expenses, Hall disclosed to her supervisor that she had stayed with her sister instead of at a hotel. She also returned the $100 to her employer. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes Hall's professional conduct?
A. Hall did not engage in professional misconduct because she eventually disclosed this information and returned the $100 to her employer.
B. Hall did not engage in professional misconduct because she did not meet all of the requirements to use the CFA designation.
C. Hall engaged in professional misconduct.
【单选】 A CFA charterholder is caught shoplifting and is sentenced to nine months in prison. Is this a violation of Standard I(D) Misconduct?
A. Yes, because the prison sentence is more than six months.
B. Yes, because the crime involved stealing.
C. No, because the crime does not relate to the investment profession.
【单选】 A CFA charterholder who comes to work intoxicated is:
A. in violation of Standard IV(A) concerning duties to employer.
B. not in violation of the standards.
C. in violation of Standard I(D) concerning professional misconduct.
【单选】 Timothy Hooper, CFA, is a security analyst at an investment firm. In his spare time, Hooper serves as a volunteer for City Pride, which collects clothes for the homeless. Hooper has occasionally given some of the clothes to his friends or sold the clothes instead of returning all of the clothing to City Pride. City Pride discovers what he has been doing and dismisses him. Later, City Pride learns that other volunteer organizations have dismissed Hooper for similar actions. Has Hooper violated Standard I(D) on professional misconduct in the CFA Institute Standards of Professional Conduct?
A. No, because Hooper's conduct is unrelated to his professional activities as a security analyst.
B. No, because Hooper volunteers his services to City Pride.
C. Yes.
【单选】 Ellen Miamoto, CFA, is preparing a research report on an employment agency, Temp Help, Inc. She includes in her report: A copy of a paragraph from a report by the Wall Street research firm of Benson Smith. A graph Miamoto has modified based on an original graph prepared by Gordon Thompson that was published in the Wall Street Journal. A chart of national employment trends that Miamoto created using data from the U.S. government's Bureau of Labor Statistics. In her report, Miamoto must identify and acknowledge:
A. Benson Smith, Gordon Thompson, and the Bureau of Labor Statistics.
B. Benson Smith only.
C. Benson Smith and Gordon Thompson.
【单选】 A CFA charterholder gathers the closing prices of a security from a widely read publication. The charterholder uses the data as part of a report she is preparing and fails to report the data source in the report. This is:
A. not a violation of Standard I(C) if the data can be gathered from several public sources.
B. a violation of Standard I(C).
C. not a violation of Standard I(C) if the data cannot be gathered from several public sources.
【单选】 Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:
A. a violation of fiduciary duties owed to clients under the Standards.
B. not in violation of the Code and Standards.
C. a violation of the Standard concerning prohibition against misrepresentation.
【单选】 Sandra Bulow, CFA, is responsible for updating her employing firm’s website to include changes in analysis techniques and trading procedures. She is often very delinquent in making these changes, despite working extensive hours. She is aware clients are using the website to make investment decisions, and has received complaints from the sales department as the information on the website if often different from what is presented in sales meetings. Bulow is most likely:
A. in violation of Standard III(B) "Fair Dealing."
B. in violation of Standard I(C) "Misrepresentation."
C. not in violation of any Standard.
【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】 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】 Steve Barton, CFA, used to work for Advisors, Inc. After he left Advisors, Barton developed a new screening methodology for determining which stocks to include in a portfolio. Barton is on friendly terms with his former colleagues at Advisors and shares his screening methodology with them. If Advisors uses the screening methodology without notifying Barton, then:
A. Advisors must assume the responsibility of any client losses.
B. Advisors has violated Standard I(C), Misrepresentation.
C. Barton must assume the responsibility of any client losses.
【单选】 According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?
A. Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.
B. Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.
C. Presenting statistical estimates of forecasts prepared by others with the source identified, but without qualifying statements or caveats that may have been used.
【单选】 According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct? The prohibition against plagiarism applies to written materials:
A. only.
B. and oral communications only.
C. oral communications, and telecommunications.
【单选】 In order to comply with the CFA Institute Standards, an analyst should:
A. use only his own research in making investment recommendations, because anything else would violate Standard I(B), Independence and Objectivity.
B. use outside research only after verifying its accuracy.
C. use only his company's research when making investment recommendations and use outside research for reports and analysis on stocks.
【单选】 Joshua Rosenberg, CFA, is an equity analyst who covers Northwest Implements, a farm implement manufacturer. Northwest's main factory is located in a sparsely inhabited region six hours by automobile from the nearest airport. Northwest has its own corporate jet and a landing strip is located near the facility. When Rosenberg contacts Northwest’s management to gather information for a report he is preparing on the company, Northwest’s chief financial officer, Thomas Blake, invites Rosenberg to visit Northwest’s headquarters and meet with management. Blake offers to send Northwest’s corporate jet to pick up Rosenberg from an airport near Rosenberg’s home and to return him home the same evening. Rosenberg estimates that it would require three days for him to make the visit using commercial travel. If Rosenberg accepts Blake’s offer and makes the trip to Northwest’s headquarters on the corporate jet, Rosenberg:
A. has not violated the Code and Standards.
B. has violated the Code and Standards unless he discloses the trip and the payment of his travel expenses in his report on Northwest.
C. has violated the Code and Standards unless he reimburses Northwest for the cost of the trip.
【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】 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. Maintain files to support investment recommendations.
B. Create a restricted list so that the firm disseminates only factual information about a controversial company.
C. Restrict special cost arrangements related to travel.
【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. air transportation paid by a corporate issuer for travel to a major metropolitan airport.
C. use of an issuer’s corporate aircraft when commercial transportation is not available.
【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. may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.
B. should not attend unless he pays for the trip himself.
C. may attend, but he must disclose the arrangement to his employer as a gift.
【单选】 Kenny Barrett, CFA, is working in the Australian office of American Investments Co. From an informal conversation, Barrett learns that the company’s most recent investment report was based on misappropriated information. No one at the Australian office expresses concern, however, because there has been no breach of Australian law. Barrett should:
A. seek advice from company counsel to determine appropriate action.
B. do nothing because the branch is outside of U.S. jurisdiction.
C. disassociate himself from the case with a written report to his supervisor.

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