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【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 using material nonpublic information may be fined by CFA Institute.
C. An analyst may violate this Standard by passing information to others even when it has been obtained from outside the company.
【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】 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. do neither of the actions listed here.
B. 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.
C. execute the order for all clients as required by Standard III(B), Fair Dealing.
【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】 While working on her report, Jean Paul, CFA, learns from her friend in the investment banking department that the company she is analyzing can expect a tender offer very soon. Concerning this conclusion, Paul can:
A. trade on it, because it is public information.
B. trade on it, because she figured it out by herself.
C. not trade on it because it is material nonpublic information.
【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. not in violation of the Code and Standards.
C. a violation of the Standard concerning use of material nonpublic information.
【单选】 Lisa Pierce, CFA, has been researching Lander Manufacturing for the past three weeks. She likes the company’s history of fulfilling its contracts on time and within budget. She learns from the uncle of a maintenance worker at Lander’s headquarters that a group of well-dressed individuals arrived at headquarters in a lime green-colored limousine. Pierce knows from publicly available information that Gilbert Controls needs a large supply of specialized motors in its domestic division. She also knows that the executive officers of Gilbert usually travel in a lime green limousine. Pierce concludes that it is very likely that Gilbert will offer a large contract to Lander. Based on this development and her prior research Pierce would like to acquire Lander Manufacturing shares for her client accounts. Pierce should:
A. not acquire the shares because she possesses material nonpublic information.
B. proceed to acquire the shares.
C. not acquire the shares until after she has contacted Lander's management and encouraged them to publicly announce information about the Gilbert Controls contract. She should also wait until Lander has made the announcement and the public has had time to react to it and then make the acquisition.
【单选】 Trude Front, CFA, is a portfolio manager. While in the normal course of her duties, she happens to overhear material non-public information concerning the stock of VTT Bowser. She purchases several exchange traded funds which contain VTT Bowser, while shorting similar exchange traded funds which do not contain VTT Bowser. This is most likely:
A. not a violation of Standard II(A) "Material Non-Public Information."
B. a violation of Standard II(A) "Material Non-Public Information."
C. only a violation of Standard II(A) "Material Non-Public Information" because Front is simultaneously shorting the funds which do not contain VTT Bowser.
【单选】 Hillary Jones, CFA, sometimes promises clients that she will allocate more shares from oversubscribed initial public offerings (IPOs) than she knows she will actually be able to deliver. Her employer has reprimanded her in the past for similar behavior. Which of the following statements is least accurate regarding Jones' behavior?
A. Her actions are a violation of the standard concerning misrepresentation, because she promised something she knew the firm could not deliver.
B. Her actions are a violation of the Standards only if prosecution results in a felony conviction.
C. Her actions are a violation of the standard concerning professional misconduct because she deceived her clients.
【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 engaged in professional misconduct.
B. Hall did not engage in professional misconduct because she eventually disclosed this information and returned the $100 to her employer.
C. Hall did not engage in professional misconduct because she did not meet all of the requirements to use the CFA designation.
【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】 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. No, because the crime does not relate to the investment profession.
C. Yes, because the crime involved stealing.
【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】 A CFA charterholder who comes to work intoxicated is:
A. in violation of Standard I(D) concerning professional misconduct.
B. in violation of Standard IV(A) concerning duties to employer.
C. not in violation of the standards.
【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. not in violation of any Standard.
C. in violation of Standard I(C) "Misrepresentation."
【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. none of the Standards if Smith does not make the cards public until after he defends his thesis and receives his degree.
C. Standard I(C), Misrepresentation.
【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】 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】 Paul Thomas, CFA, is designing a new layout for research reports his firm writes and issues on individual stocks. In his design, Thomas includes a stock chart on the first page of each report. He does not reference that the charts are copied from an unrecognizable Finance web site. Thomas has:
A. not violated CFA Institute Standards of Professional Conduct because these charts are widely available over the Internet.
B. violated CFA Institute Standards of Professional Conduct because he did not make sure that the information in these charts is accurate.
C. violated CFA Institute Standards of Professional Conduct because he did not state the source of the charts.
【单选】 Which of the following is NOT considered plagiarism under CFA Institute Standards?
A. Improving an existing report and using it inside the company under a new title without acknowledging the source of the original report.
B. Adjusting an already published model and announcing it as a new model without acknowledging the source of the original model.
C. Using factual information from a recognized financial information agency without acknowledging the source of the information.
【单选】 At the time of its initial public offering (IPO), a mutual fund is invested primarily in junk bonds. As part of its strategy, it is also invested in some zero-coupon U.S. Treasury bonds. The amount of the investment in the Treasury bonds is such that their maturity value equals 90% of the current value of the fund. Which of the following may a CFA Institute member say to her clients concerning the fund at issuance?
A. A CFA Institute member may not make either of these statements.
B. Since the fund is backed by the U.S. government, you know you will get your money back.
C. The fund is virtually default risk free.
【单选】 According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?
A. Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.
B. Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.
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】 Based on CFA Institute Standards of Professional Conduct, which of the following statements is a violation of Standard I(C), Misrepresentation?
A. A young trainee bond trader tells a prospective client that she can assist the client in all the client's investment needs: equity, fixed income, and derivatives and based on her years of experience as an analyst in the business that an investment looks like it has lots of potential.
B. An investment manager recommends to a prospective client an investment in GNMA bonds because they are guaranteed by the federal government.
C. A broker says XYZ stock is very likely to double in value over the next six months.
【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. a violation of Standard I(C).
B. not a violation of Standard I(C) if the data can be gathered from several public sources.
C. not a violation of Standard I(C) if the data cannot be gathered from several public sources.
【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】 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】 Francisco Perez, CFA, CPA, is a portfolio manager for an investment advisory firm. Due to the prominence of his position, he is often invited to attend free marketing and educational events hosted by firms which seek to inform the investment community about their investment processes. One such firm, Unlimited Horizons, has invited Perez to attend free educational events which qualify for Continuing Education credits which could help Perez maintain his CPA designation. Perez should most likely:
A. accept the invitation as no cash compensation is involved and the primary intent is to educate and inform the investment community.
B. decline to attend the event as it could result in a violation of Standard I(B) "Independence and Objectivity."
C. decline to attend the event as it could result in a violation of Standard I(A) "Knowledge of the Law."
【单选】 Susan Nielsen, CFA, is an equity research analyst on a fact-finding property tour with 6 other analysts to learn about Just Kittens, Inc. Just Kittens sells tungsten ball-bearings and has 16 warehouses, and 20 manufacturing, research, and wholesale sales outlets scattered over 8 countries – mostly emerging markets. Because of the remote location of some of the facilities, commercial travel is effectively unavailable. Just Kittens charters a jet and various busses to take the research analysts to the properties. If Nielsen accepts these accommodations, she is most likely:
A. in violation of Standard I(B) "Independence and Objectivity."
B. not in violation of Standard I(B) "Independence and Objectivity" because best practices dictate that better access to company executives is likely to lead to more accurate and timely information.
C. not in violation of Standard I(B) "Independence and Objectivity" because commercial travel is effectively unavailable.
【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】 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. should not attend unless he pays for the trip himself.
B. may attend, but he must disclose the arrangement to TrustCo's clients and prospects as required under Standard IV.B.
C. may attend, but he must disclose the arrangement to his employer as a gift.

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