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【单选】 Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt. Doggett will:
A. violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.
B. not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.
C. not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.
【单选】A money manager, who is a member of CFA Institute, suggests during phone calls to his clients that, “I hope you will relay to your friends the great returns I earned for you this past year.” The manager had generated above average returns in the past year. Is this a violation of Standard III(D), Performance Presentation?
A. Yes, because the Standard forbids members asking their clients to say anything about how well the member has done.
B. Not if it is true.
C. Yes, because the intended message fails the test of completeness as required under the standard.
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund and is actively soliciting clients from competitor’s firms. Client presentations are necessarily brief and often take place with the prospective client’s current investment advisor in the room. The Code and Standards require that:
A. a prospective client’s current investment advisor not participate in meetings.
B. member or candidate provide (on request) additional detail information which supports the abbreviated presentation.
C. all client presentations provide a thorough review of all elements of the investment management process. Abbreviated presentations are forbidden.
【单选】 A broker was sanctioned for unsuitable recommendations and excessive trading involving three accounts under his care. These clients were unsophisticated, inexperienced individual investors with limited means. According to CFA Institute Standard III(C), Suitability, which of the following is least likely to be considered a relevant factor in determining the appropriateness and suitability of investment recommendations or actions for each portfolio or client?
A. Basic characteristics of the total portfolio.
B. Best interests of the investment professional.
C. Needs and circumstances of the portfolio or client.
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients’ behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is:
A. congruent with Standard III(C), Suitability.
B. a violation of Standard III(B), Fair Dealing.
C. a violation of Standard III(C), Suitability.
【单选】 Janet Reilly has just approached Betty Miller, CFA, about purchasing 10,000 shares of Brookshire Co., a newly incorporated real estate development firm. Reilly is a retired schoolteacher living off the income from her late husband's life insurance policy. This investment will represent a significant shift in her investment portfolio. Brookshire Co. is a local firm that has recently received a lot of press concerning some exciting, but speculative projects that they have undertaken in the region. Consistent with the Standards, Miller should:
A. accept Reilly's order after she acquaints Reilly with the downside risks associated with a risky investment of this type.
B. not accept the order, because it is not a suitable investment for Reilly.
C. accept Reilly's order, but have her sign a disclaimer absolving Miller of any potential losses.
【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. One of the clients gets married and the assets of the new spouse and the client are combined. With the larger portfolio of the now married client, Hatfield determines that they can assume a higher level of risk and begins a change in the policy concerning that portfolio. Which of the following would violate Standard III(C), Suitability?
A. Assess the return objectives of the newly married client and his spouse.
B. Assess the time horizon of the newly married client and his spouse.
C. Implement a similar policy for the other client who did not just get married.
【单选】 According to CFA Institute Standards of Professional Conduct, when a client asks her portfolio manager to change the current investment strategy of the client’s portfolio, the manager should:
A. explain the implications of the new strategy after the member manager implements the strategy.
B. obey the client's request without question.
C. examine whether the strategy is appropriate for the client and explain the implications of the new strategy before implementing the strategy.
【单选】 Carol Hull, CFA, is an investment advisor whose prospective client, Frank Peters, presents special requirements. To construct an investment policy statement for Peters, Hull inquires about Peters’ investment experience, risk and return objectives, and financial constraints. Peters states that he has a great deal of investment experience in the capital markets and does not wish to answer questions about his tolerance for risk or his other holdings. Under Standard III(C), Suitability, Hull:
A. may accept Peters’ account but may only manage his portfolio to a benchmark or index.
B. is permitted to manage Peters’ account without any knowledge of his risk preferences.
C. must decline to enter into an advisory relationship with Peters.
【单选】The O’Douls (husband and wife) have decided to work with Jane Mack, CFA, to have her recommend an investment portfolio for them. The O’Douls are novice investors and Mack has determined their asset allocation model falls into the conservative category. After researching various investment options for the O’Douls, Mack has made a recommendation that they divide their account on a 25%/75% basis between shares of a computer peripherals manufacturing company her brokerage firm is underwriting and investment grade corporate bonds. The O’Douls are not aware that Mack’s firm is underwriting an offering of the company in question. Which CFA Institute Standard(s) has Mack violated given her actions?
A. Standard V(A), Diligence and Reasonable Basis, and I(D), Misconduct.
B. Standard III(B), Fair Dealing, and III(A), Loyalty, Prudence, and Care.
C. Standard VI(A), Disclosure of Conflicts, and III(C), Suitability.
【单选】 Lance Tuipulotu, CFA, manages investments for 400 individuals and families and often finds his resources stretched. When his largest investors petition him to include a 5% to 7% allocation of non-investment-grade bonds in their portfolios, he decides he needs additional help to meet the request. He considers various independent advisors to use as submanagers, but determines that the most qualified advisors would be too expensive. Reasoning that a lower-cost provider would enable him to pass the savings along to his clients, he chooses that provider to invest the new bond allocation. Tuipulotu has violated:
A. Both Standard III(C) "Suitability" and Standard V(A) "Diligence and Reasonable Basis."
B. Standard III(C) "Suitability" by failing to consider the appropriateness of the non-investment-grade bonds.
C. Standard V(A) "Diligence and Reasonable Basis" by letting fee structure determine the selection of the submanager.
【单选】 Paula Munson, CFA, manages a mutual fund with an objective to emphasize income over capital gains. Magic Technologies is a growth stock that pays no dividend, but Republic’s research department believes the stock will dramatically outperform the S&P 500 over the next 12 to 18 months. Based on this strong recommendation, Munson adds Magic stock to her fund’s portfolio. Munson has:
A. violated the Standards by relying on research that she did not perform herself.
B. violated the Standards by failing to comply with her portfolio’s style mandate.
C. not violated the Standards and improved the diversification of the fund.
【单选】 Rey Sanchez, CFA, covers the specialty chemical industry for Rock Advisory Associates. Until today he has had a buy recommendation on ChemStar, and many of the firm’s customers have purchased shares based upon his recommendation. The firm’s client accounts are divided into two fundamental categories: trading and buy-and-hold accounts. The firm holds discretionary trading authority over the trading accounts, but not the buy-and-hold accounts. Sanchez has recently come to believe that the fundamentals are changing for the worse at ChemStar, and is preparing a sell recommendation. He calls a meeting of the firm’s portfolio managers with accounts holding ChemStar and tells them of the pending release of the sell recommendation. On this basis, the portfolio managers sell all positions in the discretionary accounts but not in the buy-and-hold accounts. Sanchez completes and mails the report to all clients two days later, and, shortly thereafter, many of the buy-and-hold accounts sell their ChemStar positions. With regard to these actions, Sanchez is:
A. not in violation of the Standard on Fair Dealing; the portfolio managers are in violation of the Standard on Fair Dealing.
B. in violation of the Standard on Fair Dealing; the portfolio managers are in violation of the Standard on Fair Dealing.
C. in violation of the Standard on Fair Dealing; the portfolio managers are not in violation of the Standard on Fair Dealing.
【单选】 Bjorn Sandvik, CFA, completes a research report with a buy recommendation for Acorn Properties. In the early afternoon, Sandvik e-mails this recommendation to his clients who had responded to his request that they provide Sandvik with their e-mail addresses. Later that afternoon, the printed recommendation is forwarded to the postal service for normal delivery to all customers, who receive the mailing 1 to 3 days later. Sandvik has:
A. not violated the Code and Standards because he acted fairly in disseminating research information to his clients.
B. violated the Code and Standards by sending the e-mail recommendation to only some of his clients.
C. violated the Code and Standards by sending the e-mail recommendation in advance of the printed report.
【单选】 Calvin Moore, CFA, has been transferred from the brokerage house of the Browning Company to the portfolio management department. In portfolio management, Moore learns that clients are grouped into three divisions according to portfolio value, divided as follows: Group 1 up to $10,000 Group 2 from $10,001 to $100,000 Group 3 more than $100,000 When recommendations are announced or trades are initiated, a particular sequence is followed in communicating to these groups. At the next monthly meeting, Moore suggests that the sequencing practice is a breach of CFA Institute Standards. One of Moore’s co-workers replies that the grouping approach helps the company in applying the Standard regarding portfolio recommendations. He further suggests that because Browning’s overall performance is more strongly affected by actions taken on the high value portfolios, that these portfolios should take priority over the small value portfolios. What should Moore do? Moore should:
A. disassociate himself from the problem and seek legal advice.
B. do nothing since there is no breach with the Standards.
C. prepare a written report to the CEO describing the problem.
【单选】 Alan Cramer, CFA, practices in a country that does not regulate the investment of company retirement plans. He was retained by Bingham Companies to manage their corporate pension plan. Bingham’s management has approached Cramer and requested that Cramer invest the entire plan in Bingham stock. Cramer may:
A. not invest any of Bingham Company's retirement plan in its own stock regardless of the stock's prospects and in spite of management's request.
B. invest a portion of the retirement plan in Bingham Company stock if the investment is prudent and if he keeps the overall portfolio properly diversified.
C. invest all of the retirement plan assets in Bingham Company stock according to management's request only if Cramer can document that the investment is more prudent than any other investment opportunity he finds.
【单选】 Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. Calaveccio places a trade with Quantco Brokerage. While Calaveccio's part of the transaction was conveyed correctly to Quantco, there was a trading error made in Calaveccio's account due to a slip up within Quantco. Calaveccio realizes that the error has taken place, and informs his contact at Quantco. Calaveccio allows Quantco to cover the error, with no cost to TrustCo. This is:
A. a violation of Calaveccio's duty to his employer.
B. a violation of Calaveccio's fiduciary duties.
C. permissible under CFA Institute Standards since some trading errors are a fact of life in the securities industry.
【单选】 Which of the following is a possible breach of fiduciary duties by a CFA Institute member who manages assets on behalf of a client?
A. Using directed brokerage.
B. Voting all proxies of stocks the client owns.
C. Neither of these breach fiduciary duties.
【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 provides Calaveccio with soft dollars to purchase research. River City also deals in municipal bonds, some of which Calaveccio holds in his personal portfolio. He periodically uses the soft dollars to request research reports on various small cap stocks and also on the status of the municipal bond market and issues that he holds. These actions are:
A. not in violation of the Code and Standards.
B. in violation of his fiduciary duties regarding the municipal bond research but not so regarding the research on the small cap issues.
C. in violation of his fiduciary duties regarding both the small cap research and the municipal bond research.
【单选】 Bertha Mader, CFA, received proxy material related to a hostile takeover attempt of Danube Industries by Balnet Company. She holds shares of Danube in most of her client accounts. Mader has a high opinion of Danube’s management because they have run the company successfully and have always responded directly and honestly to her inquiries. She is not acquainted with Balnet’s management team but knows they have a reputation for improving the bottom line at the companies they acquire, partly because they tend to replace upper management at their targets and assume their functions. Balnet's offer is 60% higher than the price of Danube shares before the announcement. Danube’s management has contacted Mader and requested that she vote the shares she controls against the takeover because the management is concerned for their jobs and for the welfare of the company. To comply with the Code and Standards, Mader should:
A. vote for the takeover if she can get assurance that Danube's management team will remain in place.
B. vote for the takeover if it is in the best interest of Danube's shareholders, regardless of the consequences to current management.
C. delegate her proxy vote to another member of her firm due to the conflict of interest created when she was contacted by management.
【单选】 Heidi Krueger, CFA, an investment advisor, applies soft dollars generated from client accounts to purchase a report on the economic impact of world events, and to purchase a new conference table for the office she uses to meet with clients and prospects. Do these purchases violate Standard III(A) Loyalty, Prudence, and Care?
A. Both of these purchases violate the Standard.
B. Only one of these purchases violates the Standard.
C. Neither of these purchases violates the Standard.
【单选】 Jason Reynolds meets Jack Parker, CFA, at a social engagement and asks for some "hot stock tips." Parker declines, but sets up an appointment to review Reynolds’ risk and return objectives and financial constraints. At the conclusion of their appointment, Parker recommends three securities he has thoroughly researched: ACK, D-Wing, and Ophus-Littbinger. Parker is least likely:
A. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to consider the three securities in the context of the whole portfolio.
B. in violation of Standard III(A) "Loyalty, Prudence, and Care" for failing to make a reasonable inquiry into the client’s investment experience.
C. not in violation.
【单选】 Ron Taylor, a CFA Level I candidate, trades cotton contracts for a small commodity broker. Taylor convinces a government cotton inspector to issue a warning that the Texas cotton crop is in danger from insect infestation. The price of cotton soars. Taylor immediately shorts cotton futures. Once the position is created, the government inspector issues a second report reversing his original opinion and cotton prices plummet. Cedric Sims, a CFA Level III candidate, would like to generate a tax loss on a security held in his personal portfolio; however, he believes the security has significant upside potential. To avoid the wash sale provisions of the income tax code, Sims sells the security and simultaneously creates a synthetic long position using derivatives. With regard to Standard II(B) Market Manipulation, which of the following statements concerning Taylor’s and Sims’s conduct is CORRECT?
A. Neither Taylor nor Sims is in violation of Standard II(B).
B. Both Taylor and Sims are in violation of Standard II(B).
C. Taylor is in violation of Standard II(B), but Sims is not in violation.
【单选】 Steve Waters, a CFA Level I candidate, has decided to enter into a long position of Farmco stock. Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of Farmco and the price will surge. Waters engages in a series of block trades in order to accomplish the purchase. According to Standard II(B), Market Manipulation, Waters has engaged in:
A. transaction-based manipulation, but not information-based manipulation.
B. both transaction-based manipulation and information-based manipulation.
C. neither transaction-based manipulation nor information-based manipulation.
【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. can use the information to make investment recommendations and decisions.
B. cannot legally invest or make recommendations based on this information.
C. may use the information, but only after approval from a compliance officer or supervisor.
【单选】 According to CFA Institute Standards of Professional Conduct, which of the following statements about material nonpublic information is NOT correct? Information is:
A. material if reasonable investors would want to know the information before making an investment decision.
B. nonpublic until it has been disseminated to the marketplace in general.
C. nonpublic until it has been disseminated to a select group of investors.
【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】 The investment-banking department of the XYZ Brokerage House often has information that would be of significant use to the firm's brokerage clients. In order to conform to CFA Institute Standards of Professional Conduct, which of the following policies should XYZ adopt? According to Standard:
A. III(B), Fair Dealing, all clients should be informed of the information at the same time.
B. II(A), Material Nonpublic Information, XYZ should establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and the brokerage operations.
C. II(A), Material Nonpublic Information, XYZ should encourage their investment banking clients to publicly disseminate this information.
【单选】 Marion Klatt, CFA, is a representative for Thiel Financial Network. Klatt received a phone call at home from William Kind, a junior executive at Westtown Development Company, asking whether Klatt had heard that Westtown had just reached an agreement to acquire a major shopping mall chain at a very favorable price. (Klatt had not heard this news, and Klatt was able to confirm that the information had not yet been made public.) Kind requested that Klatt acquire 10,000 shares of Westtown for Kind’s personal account. Klatt should:
A. not acquire the shares until he has contacted Westtown's management and encouraged them to publicly announce the merger discussion.
B. not acquire the shares.
C. not acquire the shares until the information is made public.
【单选】 A CFA Institute member is a U.S. citizen living and working in a foreign country. That country has no laws against insider trading. Based on this information, the CFA Institute member may:
A. not trade using insider information based upon the CFA Institute Standards.
B. trade using insider information.
C. not trade using insider information based upon the rules of the SEC.

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