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【单选】 Dave Kline, CFA, is a personal investment advisor. 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 discussion of the reason for his departure. During his final two weeks of employment, Kline routinely discusses the margin policy dispute, stating "...anyone who would lend that much money on securities of such low quality does not belong in this business..." Kline’s statements are in direct violation of the firm’s "Transition and Exit Policies," but he considers it a free-speech issue. Kline is most likely:
A. in violation of Standard IV(A) "Loyalty" recommended procedures for failing to notify regulators of the dangerous margin policy.
B. not in violation of the Code and Standards.
C. in violation of Standard IV(A) "Loyalty" recommended procedures for failing to follow the employer’s policies and procedures related to termination policy.
【单选】 May Frost, CFA, is an equity research analyst for a "precious metals mining" exchange traded fund which has recently started significantly outperforming its benchmark after several years of stagnation. Upon investigating the source of the outperformance, Frost learns that the fund has experienced severe style drift, and now has a significant proportion of its resources invested in technology and Internet stocks. Frost reviews the fund’s prospectus and learns the current sector weighting violates multiple prospectus covenants. Frost contacts her supervisor and the fund’s compliance department and is told the portfolio weighting is not her responsibility and that she should not pursue the matter further. Frost reviews the firm’s whistleblower policy, contacts personal legal counsel, and then contacts regulatory authorities regarding the style drift and prospectus violations. Frost is most likely:
A. in violation of Standard IV(A) "Loyalty."
B. not in violation of the Code and Standards.
C. in violation of Standard III(E) "Preservation of Confidentiality."
【单选】May Frost, CFA, is concerned about the comments and activities of several of her coworkers and feels both ethical and legal violations are routinely overlooked. According to the Code and Standards, a recommended first step would least likely be to:
A. provide her supervisor with a copy of the Code and Standards.
B. contact industry regulators.
C. review the company’s policies and procedures for reporting ethical violations.
【单选】 Fernando Abrea, CFA was an analyst for Pacific Investments. In October he left Pacific and joined Global Securities as manager of a local office. Abrea’s change of employment came about in the following manner: In April, Abrea contacted Global about a possible position he saw advertised in a financial publication and had exploratory meetings with Global. In July, Abrea submitted a strategic plan to Global and signed an agreement to join Global. He then contracted for office space on behalf of Global. On October 15, Abrea's resignation from Pacific became effective. He did not take any client lists from Pacific. On October 16, Abrea mailed a letter that explained his new undertaking with Global to prospective clients, including his former clients at Pacific. With respect to Standard IV(A) Loyalty, Abrea:
A. did not violate the Standard.
B. violated the Standard by contracting for office space on behalf of Global.
C. violated the Standard by contacting his former clients at Pacific.
【单选】 Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust?
A. No, because Bellow received no monetary compensation for his services.
B. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.
C. No, because Bellow provided no ongoing investment advice.
【单选】 Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pay for her children’s college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. She is currently only in the preparation stage and has not started independent practice yet. Which of the following statements about Standard IV(A), Loyalty to Employer, is most accurate? Standard IV(A):
A. does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions.
B. requires Parsons to obtain written consent from both Malloy and the persons from whom she undertakes independent practice.
C. requires Parsons to notify Malloy in writing about her intention to undertake an independent practice.
【单选】 John Hill, CFA, has been working for Advisors, Inc., for eight years. Hill is about to start his own money management business and has given his two-week notice of his resignation from Advisors. A few days before his resignation takes effect, on his lunch hour, he takes out a loan from a bank on behalf of his new business and uses the money to buy some office equipment for his new business. Since he engaged in these transactions while still an employee of Advisors, Hill violated Standard IV(A), Loyalty to Employer, by:
A. engaging in a financial transaction, like taking out a loan, only.
B. both taking out the loan and purchasing the office equipment.
C. neither of these actions.
【单选】 Grant Starks, CFA, has been working for Advisors, Inc., for eight years. Starks is about to start his own money management business and has given his two-week notice of his resignation. A few days before his resignation takes effect, a current client of Advisors calls him at his office to inquire about some services for her account at Advisors. During the conversation, Starks tells the client that his new business will have lower commissions than Advisors. Starks has most likely violated:
A. Standard VI(B), Priority of Transactions, by violating the priority of transactions.
B. Standard IV(A), Loyalty to Employer, by competing with his current employer.
C. none of these Standards.
【单选】 John Hill, CFA, has been working for Advisors, Inc., for eight years. Hill is about to start his own money management business and has given his two-week notice of his resignation from Advisors. A few days before his resignation takes effect, a former client of Advisors calls Hill at his home about his new firm. The former client says that he is very happy that Hill is leaving Advisors because now he and Hill can resume a professional relationship. The client says that he would never become a client of Advisors again. Hill promises to call the client back after he has left Advisors. Hill does not tell his employer about the call. Hill has most likely:
A. not violated the Standards.
B. violated the Standard concerning disclosure of conflicts.
C. violated the Standard concerning loyalty to employer.
【单选】 Janet Thompson, CFA, is employed as an analyst by Nationwide Securities. According to CFA Institute Standards of Professional Conduct, which of the following statements about Thompson's duty to Nationwide is NOT correct? Thompson must refrain from:
A. engaging in any conduct that would injure Nationwide.
B. making arrangements to go into a competitive business before terminating her relationship with Nationwide.
C. engaging in independent competitive activity that could conflict with the business of Nationwide unless she receives written consent.
【单选】 Michel Marchant, CFA, recently became an independent money manager. After six months, he has only ten clients, who are family and friends. To supplement his income, Marchant accepted part-time employment as an advisor at Middleton Financial Advisors. According to CFA Institute Standards of Professional Conduct, which of the following statements about Marchant's duty to his new employer is CORRECT?
A. Marchant need not inform Middleton about his existing clients but must inform his existing clients about his new part-time employment at Middleton.
B. Marchant must inform Middleton to keep his existing clients and must inform his existing clients of his new part-time employment at Middleton.
C. Marchant must inform Middleton about his existing clients but need not inform his existing clients about his new part-time employment with Middleton.
【单选】 Nick O'Donnell, CFA, unsuspectingly joins the research team at Wickett & Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, O'Donnell begins making preparations for independent practice. He knows he will be terminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that "if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own." This action is:
A. a violation of his fiduciary duties.
B. not a violation of his duty to employer.
C. a violation of his duty to disclose conflicts to his employer.
【单选】 Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute. Valley’s sister just received a large bonus in the form of stock options in Zephyr, Inc. Valley’s sister knows nothing about financial assets and offers Valley a week at her holiday home each year in exchange for Valley monitoring Zephyr and the value of her stock options. In order to comply with the Code and Standards, Valley needs to inform Advisors of:
A. nothing since no money is involved and it is a favor for a family member.
B. both the use of the holiday home and his sister's options.
C. the compensation in the form of the use of the holiday home only.
【单选】 Mary Hiller, CFA, is a senior analyst at a mutual fund. She is also a member of the Board of the Directors of her daughter’s Skating Club. She is often asked for advice about the management of the club budget and about possible short-term investments, but she is not paid for this advice. She does not undertake any research to answer these questions, providing information based only on the general practices of the mutual fund at that moment. The only benefit she receives is a free monthly membership for her daughter that would usually cost $182. What should she do before making any recommendations, in order to comply with the CFA Institute requirements?
A. Inform her current clients about her outside consulting.
B. Obtain prior permission from her employer.
C. Consult only on her free time and do not accept any benefit greater than $100.
【单选】 Jack Salyers, CFA, is considering starting his own firm to compete with his current employer. He takes several actions before turning in his resignation. Which of the following actions is NOT in violation of Standard IV(A), Loyalty to Employer?
A. Jack copied the employer's computer models and other property.
B. Jack told his employer that he was considering leaving and requested that the employer write him a letter of recommendation.
C. Before leaving, Jack solicits his employer's current clients.
【单选】 When a CFA Institute member who is presently employed by a firm undertakes any independent practice, he must do all of the following EXCEPT:
A. disclose the expected duration of the services to be rendered.
B. remand a percentage (to be determined by the employee and employer) of the income earned back to the employer.
C. secure permission from the employer.
【单选】 Jacob Allen, CFA, decides he could make more money if he started his own company. Which of the following steps would NOT violate Standard IV(A), Loyalty to Employer?
A. Taking home the employer's buy lists.
B. Getting written permission from his employer to call the clients and solicit their business for his new firm.
C. Taking home his current employer's client lists, investment statements and marketing presentations.
【单选】 A CFA Institute member, undertaking independent practice that could result in compensation or other benefit:
A. must notify his employer of the types of service to be rendered, the expected duration, and the expected compensation.
B. must notify the entities for whom he plans to undertake independent practice of the compensation he receives from his employer.
C. must notify his employer and clients of the types of service to be rendered and the expected compensation.
【单选】 Isabella Travelli, CFA, is a research analyst for Worldwide Investments in Rome, Italy. Travelli was contacted by Seaside Partners of Milan, Italy, a regional brokerage firm, about doing research on companies in the beverage industry on a contract basis. Travelli may only do the contract work:
A. if Worldwide does not follow the beverage industry.
B. after receiving consent from both Worldwide and Seaside.
C. if Worldwide has no clients in the same geographic area as Seaside.
【单选】 Bob Douglas, CFA, is considering leaving his current employer to compete in the same field. He did not sign a non-compete clause when he was hired. He may:
A. plan and prepare to compete with his current employer, but not begin competing until his resignation is effective.
B. begin competing with his current employer as long as the employer has been informed of Douglas' future intentions.
C. may not prepare to compete, begin competing, or anything related to competing with his current employer.
【单选】 Theresa Hatcher, CFA, is making arrangements to establish her own investment advisory business before terminating her relationship with her current employer, Elite Brokers, Inc. Elite is a small company consisting of only six investment professionals and a small support staff. According to CFA Institute Standards of Professional Conduct, which of the following activities is least likely a violation of Hatcher's duty to Elite?
A. Hatcher solicits Elite's clients before her termination of employment at Elite.
B. Hatcher leases office space, furniture, and other equipment for her new business.
C. Hatcher engages in secret negotiations with two other investment professionals and her administrative assistant to leave Elite in order to join her new business.
【单选】 Nicholas Brynne, CFA, develops a trading model while working for CE Jones, an investment management firm. By working on the model at home from his personal computer, Brynne is able to devote additional work hours. Although the trading model is successful, Brynne losses his job in a company restructuring, and decides to start his own practice using the trading model. Nicholas is most likely:
A. in violation of the Standards because he did not receive permission from his employer to keep or use the files after employment ended.
B. not in violation of the Standards because the trading model was created using his home computer.
C. in violation of the Standards because he did not have permission to build the trading model using his home computer.
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund but has had trouble hiring analysts who are CFA charterholders as well as with finding clients. She offers a $15,000 incentive bonus to any charterholder who joins the firm with over $1 million in committed client investments. Which of the following interpretations of the Code and Standards is most accurate?
A. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided the member or candidate refuses to accept the incentive bonus.
B. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided clients are informed of the incentive bonus.
C. A member or candidate may not solicit current clients away from their current employer.
【单选】 Trude Front, CFA, is a portfolio manager and works extensive hours. To give her a more flexible work environment, she often works from home on her personal computer and keeps client account information there – in violation of company policy. While away on travel, her home is burglarized and her computer is taken. Rather than disclose the policy violation, she does not notify her company or her clients of the contents of her computer files. Two months later the client account information is used to commit identity theft, costing her clients a total of $58,000 in fraudulent charges. Front is most likely:
A. in violation of Standard III(E) "Preservation of Confidentiality" for failing to follow company policies and procedures relating to electronic information and security resulting in accidental disclosure of confidential information.
B. not in violation of any Standard because the disclosure of confidential information was accidental and unavoidable.
C. not in violation of any Standard because the confidential information was stored on her personal computer for use for work during her personal time.
【单选】 While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?
A. There are no exceptions in this list.
B. Contact CFA Institute about the determination.
C. Contact the appropriate governmental authorities about the determination.
【单选】 Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:
A. only if Stiles is a relative of the client.
B. only if Stiles has a special confidentiality agreement with the client.
C. for neither of the reasons listed.
【单选】 Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?
A. Sending a gift along with the card.
B. The mere act of sending a birthday card each year.
C. Hiring a company outside the firm to perform the task.
【单选】 Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:
A. violates the Standard unless the client asks Stiles to tell the licensed salesman.
B. is appropriate since Stiles keeps the information in the firm.
C. is appropriate since Stiles only tells a licensed salesman.
【单选】 Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:
A. not do anything because to do so would violate his obligation to preserve confidentiality.
B. immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.
C. not do anything to avoid a violation of fair dealing.
【单选】 A CFA charterholder may disclose confidential information about a client when:
A. it is a necessary step in proceeding with research on client preferences.
B. the information is nonmaterial.
C. the CFA Institute Professional Conduct Program requests it.

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