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【单选】 Susan Tigra, CFA, is a portfolio co-manager for the Sandia Energy pension fund. She has been contacted by Ted Garnet, a former classmate. Garnet has started his own investment management firm and would like Sandia Energy to move a portion of its assets to be managed by his firm. Tigra moves 5% of the pension fund to Garnet’s firm to help him build his assets under management. Kurt Show, CFA, is Tigra’s supervisor. Show notes the move, but does not investigate. Show is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard V(A) "Diligence and Reasonable Basis."
C. in violation of Standard IV(C) "Responsibilities of Supervisors."
【单选】 Karen Dalby, CFA, is a rising star at a major investment bank and has an extremely demanding schedule. To avoid "burning out" new hires, the bank has instituted a mandatory vacation policy which requires employees to take at least 5 days of vacation per year. At the end of the year, Dalby has taken no vacation, but is scheduled to travel to Fiji to take the mandatory 5 days. The bank’s most important client is suddenly targeted in a hostile takeover and asks specifically for Dalby to join the takeover defense team. Her supervisor, Hank Lone, CFA, asks Dalby to cancel her vacation and she complies. Lone is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard IV(A) "Loyalty."
C. in violation of Standard IV(C) "Responsibilities of Supervisors."
【单选】 Carmen Jorgensen, CFA, is the chief compliance officer for Dalton Financial Network, a regional brokerage firm. Dalton is divided into three regions, each of which has a regional compliance officer. Martin Lund, CFA, is the regional compliance officer for Dalton’s South Region. Dalton has established procedures for proper allocation of trades to all clients. In October, Fred Curry, CFA, a broker in the South Region, misallocated a trade in favor of certain of his clients and to the detriment of others. It became evident that Lund had failed to review the trades on a timely basis as called for in Dalton’s Procedures Manual. After an investigation, it was concluded that Curry violated the Code and Standards by failing to allocate trades properly and Lund violated the Code and Standards by failing to supervise appropriately. It should also conclude that Jorgensen:
A. violated the Code and Standards by failing to adequately supervise her regional compliance officer, Lund.
B. did not violate the Code and Standards because adequate procedures were in place, even though they weren't being followed.
C. violated the Code and Standards by failing to establish proper procedures.
【单选】 Dixie Miller, CAIA, and Level II CFA candidate, heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subjected to the CFA Institute Code of Ethics and Standards of Professional Conduct. If Miller delegates some of her supervisory duties, which statement best describes her responsibilities under the CFA Institute Code and Standards?
A. CFA Institute Standards prevent Miller from delegating supervisory duties to subordinates.
B. Miller's supervisory responsibilities do not apply to those subordinates who are not subjected to the CFA Institute Code and Standards.
C. Miller retains supervisory responsibilities for those duties delegated to her subordinates.
【单选】 Edwin McNeill, CFA, is a senior trader for Grey Securities. In his monthly review of his team’s activity, McNeill notices a series of suspicious trades by one of the traders. McNeill consults his manager, who agrees that these trades are a potential violation. McNeill informs the trader that her duties will be restricted while these trades are being investigated and refers the matter to Grey’s compliance officer for further action. McNeill has:
A. not violated the Standards.
B. violated Standard IV(C) – Responsibilities of Supervisors by restricting the trader’s duties before the investigation is completed.
C. violated Standard IV(C) – Responsibilities of Supervisors by failing to prevent a potential violation.
【单选】Jess Green, CFA is the research director for Castle Investment, Inc., and has supervisory responsibility over eight analysts, including three CFA charterholders. Castle has a compliance program in place. According to CFA Institute Standards of Professional Conduct, which of the following is NOT an action that Green should take to adhere to the compliance procedures involving responsibilities of supervisors? Green should:
A. incorporate a professional conduct evaluation as part of the performance review only for the three CFA charterholders.
B. issue periodic reminders of the procedures to all analysts under his supervision.
C. disseminate the contents of the compliance program to the eight analysts.
【单选】 Martin Tripp, CFA, is vice-president of the equity department at Walker Financial, a large money management firm. Of the twenty analysts in his department for whom he has supervisory responsibility, eight are subject to CFA Institute Standards of Professional Conduct. Tripp believes that he cannot personally evaluate the conduct of the twenty analysts on a continuing basis. Therefore, he plans to delegate some of his supervisory duties to Sarah Green, who is subject to the Standards, and some to Bob Brown, who is not subject to the Standards. According to CFA Institute Standards of Professional Conduct, which of the following statements about Tripp's ability to delegate supervisory duties is most correct?
A. Tripp cannot delegate any of his supervisory duties to either Green or Brown.
B. Tripp can delegate some or all of his supervisory duties only to Green because she is subject to the Standards.
C. Tripp can delegate some or all of his supervisory duties to Brown, even though Brown is not subject to the Standards.
【单选】 Bill Fence, CFA, supervises a group of research analysts, none of whom have earned the CFA designation or are CFA candidates. On several occasions he has attempted to get his firm to adopt a compliance system to ensure that applicable laws and regulations are followed. However, the firm's principals have never adopted his recommendations. Fence should most appropriately:
A. resign from the firm, because no other alternative will keep him in compliance with the Code and Standards.
B. decline in writing to accept supervisory responsibility until reasonable compliance procedures are adopted.
C. take no further action, because by encouraging his firm to adopt a compliance system he has fulfilled his obligations under the Code and Standards.
【单选】 For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard IV(C), Responsibilities of Supervisors, Berger:
A. assumes no extra responsibility with the hiring of Chennings.
B. must both develop written procedures concerning Chennings and routinely evaluate his performance.
C. must develop a set of written procedures to prevent violations derived from his mentoring Chennings.
【单选】 A firm recently hired Hal Crane, CFA, to be a supervisor in the firm. Crane has reviewed the procedures for complying with the Code and Standards in the company. It is Crane’s belief that the procedures need revision in order to be effective. Crane must:
A. only send out a petition to fellow workers asking for a change in the procedures.
B. both submit a petition to fellow workers and inform the SEC.
C. refuse supervisory responsibilities in writing until the company adopts an adequate system.
【单选】 For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger:
A. is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.
B. is relieved of his obligation to supervise the employees under the mid-level supervisors.
C. has violated Standard IV(C), Responsibilities of Supervisors.
【单选】 Which of the following statements about Standard IV(C), Responsibilities of Supervisors, is NOT correct? CFA Institute members with supervisory authority:
A. are expected to bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action.
B. may delegate supervisory duties, which relieves them of their supervisory authority.
C. are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.
【单选】 For years John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Code and Standards of Professional Conduct in the firm. To not be liable for a violation of the Standards, Berger must:
A. do nothing more than have the set of procedures in place as stated.
B. ensure the procedures are monitored and enforced.
C. both periodically review the procedures and ensure the procedures are monitored and enforced.
【单选】 Wanda Kirby, CFA, recently joined Allegheny Investments as a senior analyst. Because of her extensive experience in the investments business and knowledge of the Code and Standards, Allegheny's management asked her to assume supervisory responsibility. Kirby reviewed Allegheny's existing compliance system and determined that it was inadequate to allow her to clearly discharge her supervisory responsibility. According to CFA Institute Standards, Kirby should:
A. decline in writing to accept supervisory responsibility until Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.
B. agree to accept supervisory responsibility provided that Allegheny adopts reasonable procedures to allow her to adequately exercise such responsibility.
C. agree to accept supervisory responsibility and to develop reasonable procedures to allow her to adequately exercise such responsibility.
【单选】 The following scenarios describe two members of CFA Institute who have supervisory responsibility. The president of Hawthorne Investments, a newly founded money management firm with five investment professionals, asked Rebecca Long, CFA, to be the company's compliance officer and to develop the company's compliance procedures. Long has an in-depth knowledge of the Code and Standards, but she was too busy to develop a compliance manual herself. Therefore, she copied, with written permission, the compliance manual of a large money management firm. This manual was comprehensive and covered many areas not part of Hawthorne's operations. Long gave the manual to Hawthorne's president, but did not distribute the contents of the program to other appropriate personnel. A co-worker at Barksdale Capital mentions to Stephen Luck, CFA, that George Trout, a candidate in the CFA Program, may have violated the CFA Institute standard involving priority of transactions. As Trout's supervisor, Luck decided to investigate this allegation but did not begin the investigation until a month after the alleged incident. Luck continued to maintain the same amount of supervision on Trout during the month before he began his investigation of Trout. According to the CFA Institute Standards of Professional Conduct, which of the following statements about whether Long and Luck followed appropriate compliance procedures involving their responsibilities as supervisors is CORRECT?
A. Luck violated the procedures for compliance, but Long did not.
B. Neither Luck nor Long violated the procedures for compliance.
C. Both Luck and Long violated the procedures for compliance.
【单选】 According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?
A. Both of these.
B. An in-depth knowledge of the Code and Standards.
C. A graduate degree.
【单选】A firm recently hired Jill Taylor to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to:
A. neither of these choices.
B. review the compliance system for its adequacy.
C. rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards.
【单选】 According to the CFA Institute Standards of Professional Conduct, which of the following statements about members with supervisory responsibility is NOT correct? Members with supervisory responsibility:
A. must make reasonable efforts to detect violation of laws, rules, regulations, and the Code and Standards.
B. are relieved of their supervisory responsibility if they delegate their supervisory duties to other members of CFA Institute.
C. are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.
【单选】 Karen Dalby, CFA, volunteers on her church’s finance board but receives no cash compensation so she does not report the arrangement to her employer. Board compensation is limited to an annual retreat to Hawaii, but the accommodations are modest. Dalby does not enjoy the retreat and often considers skipping the event entirely. Dalby is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard IV(B) "Additional Compensation Arrangements."
C. in violation of Standard IV(A) "Loyalty."
【单选】 Jane Talbot, CFA, is a portfolio manager at Cavalier Investments. Talbot manages the account of Wendall Wilcox. The performance of Wilcox's portfolio has been below that of the benchmark portfolio, the S&P 500, for the past several years. In an effort to enhance his portfolio's performance, Wilcox offers to pay Talbot $2,000 each year that his portfolio's return exceeds that of the S&P 500. Wilcox suggests this arrangement last for the next three years. The amount that Wilcox agrees to pay Talbot is in addition to the compensation that Talbot will receive from his employer and the standard fee that Wilcox will pay Cavalier for managing his portfolio over the three-year period. Talbot agrees to the arrangement proposed by Wilcox and informs Cavalier in writing of the terms of the agreement under which she will receive additional compensation. According to CFA Institute Standards of Professional Conduct Talbot must disclose:
A. both the nature and amount of compensation only.
B. the nature of the compensation only.
C. the nature and amount of compensation plus the duration of the agreement.
【单选】 Selma Brown, CFA, is a portfolio manager for Mainland Securities. Rick Wood, one of her clients and owner of Wood Fitness Centers, offers to permit Brown and her immediate family to use the facilities at his fitness centers at no cost during 2003. To get this benefit, Brown must achieve on Wood’s portfolio at least a 2-percentage point return above the total return on the S&P’s 500 index during 2002. Brown orally informs her immediate supervisor of the nature and duration of the proposed arrangement. Arnold Turley, a CFA Institute member, is a portfolio analyst at Mainland Securities. He was just elected to the Board of Directors for Omega Services, which pays him $1,000 plus expenses for attending each of its quarterly board meetings. Turley e-mails Mainland’s compliance officer informing her of this arrangement with Omega and receives a reply informing him that the agreement is acceptable. Did Brown or Turley violate CFA Institute Standards of Professional Conduct?
A. Brown: No, Turley: No.
B. Brown: Yes, Turley: Yes.
C. Brown: Yes, Turley: No.
【单选】 Sharon West is a CFA charterholder and trust officer for REO Trust Company. Soon after beginning work for REO, West finds that REO has been conducting all its securities transactions through her brother who is a registered representative. West's brother charges REO commissions that are equal to the lowest available from another broker. West's brother tells her that if she continues doing business with him, he will give her a substantial discount on all personal transactions she conducts through him. West:
A. must inform her employer of the arrangement because she is doing business with a member of her immediate family.
B. must inform her employer of the arrangement because it provides her with additional compensation.
C. does not need to inform her employer of the arrangement because the commissions her brother charges the firm are the lowest possible.
【单选】 Jill Marsh, CFA, works for Advisors where she manages various portfolios. Marsh’s godfather is an accountant and has done Marsh’s tax returns every year as a birthday gift. Marsh’s godfather has recently become a client of Advisors and asked specifically for Marsh to manage his account. In order to comply Standard IV(B), Disclosure of Additional Compensation Arrangements, she needs to:
A. have her godfather cease doing her taxes.
B. do neither of the actions listed here.
C. liquidate from her personal portfolio any stocks her godfather owns and verbally tell her supervisor about the tax services.
【单选】 David Saul, CFA, heads the trust department at Savage National Bank. Fairway Enterprises invites Saul to sit on its Board of Directors. In return for his services on the Board, Fairway offers to provide Saul and his family with access to the facilities at Wilmont Country Club at no cost. Saul will not receive any monetary compensation for his services on the Board. According to CFA Institute Standards of Professional Conduct, which of the following actions must Saul take?
A. Saul must disclose in writing to Savage Bank the terms of the offer whether or not he accepts the offer to serve on the Board of Directors.
B. Saul must obtain written consent from all parties to only if he decides to accept the offer to serve on the Board of Directors.
C. Saul must reject the offer to serve on the Board of Directors.
【单选】 Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should:
A. make written disclosure to all parties involved before she accepts this offer.
B. turn down the offer because it represents a clear conflict between this client and Babcock's other clients.
C. make written disclosure to her other clients before she accepts this offer.
【单选】 Dick Bowden, a CFA charterholder, receives a free country club membership in exchange for financial advice he can offer the firm. He should:
A. do nothing; it is his business where he spends his free time.
B. disclose the arrangement to his employer.
C. reject the country club membership since it is illegal under CFA Institute rules and regulations to accept outside compensation.
【单选】 Jill Marsh, CFA, works for Advisors where she manages a portfolio for a wealthy family. Marsh earns 1% of the portfolio’s value each year in the form of a commission from Advisors. The family just told her that any year the portfolio she manages earns more than a 10% return, the family will give her the use of the family’s vacation home for one week. Hirsh will comply with Standard IV(B), Additional Compensation Arrangements, if she:
A. does nothing with respect to this.
B. delivers a typed memo to her supervisor about the vacation home the first time she uses it.
C. sends an e-mail to her supervisor about the vacation home.
【单选】 Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college’s endowment is held by the brokerage firm Advisors, Inc. Over the years, Hirsh has developed a solid relationship with Advisors. Because of this relationship, Advisors has given her their Platinum level service for her personal account. Advisors ordinarily gives the Platinum level only to clients who do a minimum of $2,500 of commission business in a year. Hirsh has never reached the $2,500 commission level and probably will never do so. According to Standard IV(B), Additional Compensation Arrangements, Hirsh needs to:
A. inform her supervisor verbally about the Platinum account.
B. inform her supervisor in writing about the Platinum account.
C. do none of the actions listed here.
【单选】 Francisco Perez, CFA, is an equity research analyst for a long-term investment fund. The fund is seeking new clients, so Perez contacts old clients he knew through his former employer. Which of the following is most accurate?
A. Perez is not prevented from soliciting clients as long as he is working from memory and publically available information rather than a list generated while he was still with the former employer.
B. Perez cannot solicit clients from a former employer.
C. Perez can only solicit clients after notifying his former employer.
【单选】 Dave Kline, CFA, is a personal investment advisor with 200 individual, family, and corporate accounts. After a dispute with a coworker on margin policy, he formally resigns his position by giving suitable notice. However, he does not follow his firm’s established "Transition and Exit Policies" regarding his accounts. The firm’s stated policies require him to notify each client of his planned departure and personally introduce them to their new account representative, Greg Potter. Kline sees Potter as a rival and states "...let Potter do his own work and find his own clients." Kline is most likely:
A. in violation of Standard I(D) "Misconduct" for leaving clients subject to an account representative he does not find suitable.
B. not in violation of the Code and Standards.
C. in violation of Standard IV(A) "Loyalty" for failing to follow the employer’s policies and procedures related to notifying clients of his departure.

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