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【单选】 Jason Blackwell, CFA, works as an investment manager for Mega Capital, a large multinational brokerage firm. Mega Capital is based in a country whose applicable law is stricter than the CFA Institute Code and Standards, but does business with clients in a country whose applicable law is less strict than the Code and Standards. Blackwell decides to follow the requirements of the Code and Standards for clients in the less strict country, which is sufficient to also comply with that less-strict country’s local laws. While Blackwell is still employed at Mega, Lego Associates verbally asks Blackwell to review client portfolios during evenings and weekends for a fee. Blackwell gets written consent from his immediate supervisor at Mega to undertake this independent activity for a one-month trial basis. Which of the following statements about Blackwell’s actions involving Standard I, Professionalism, and Standard IV(A), Loyalty is most accurate? Blackwell:
A. violated both Standard I and Standard IV(A).
B. did not violate either Standard I or Standard IV(A).
C. violated Standard I but did not violate Standard IV(A).
【单选】Ernesto Vivaldo is a CFA candidate. He is working in the branch office of an American-based investment company in Belgium. Vivaldo is a citizen of Venezuela. In his country, a portfolio manager is not required to disclose referral fees. Belgian law does not allow referral fees for portfolio managers. Vivaldo has been offered a deal that involves a referral fee. Vivaldo should follow the requirements of:
A. Venezuela.
B. CFA Institute.
C. Belgium.
【单选】 Bob Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements would turn losses into profits. Smith confers with the firm's legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantic's chief operating executive, to change the financial statements, but she refuses to do so. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes what Smith should do in this situation?
A. Smith should immediately make CFA Institute aware of the situation at Atlantic.
B. Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation.
C. Smith should promptly disassociate himself from Atlantic's actions by resigning as a director or by reporting the activities to the appropriate authorities.
【单选】 If an analyst suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the analyst should take is most correct? According to the CFA Institute Standards of Professional Conduct, the analyst should:
A. consult counsel to determine the legality of the activity and disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.
B. disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.
C. consult counsel to determine the legality of the activity.
【单选】 Jane Dawson, CFA, an analyst at a New York brokerage firm, suspects that Bob Boatman, CFA, another analyst at the same firm, has violated a state securities law. According to the CFA Institute Standards of Professional Conduct, Dawson is:
A. required to report the suspected violation to CFA Institute.
B. required to report the suspected violation to the appropriate state regulatory agency.
C. NOT required to report the violation to the appropriate governmental or regulatory organizations.
【单选】 Deloris Johnson, CFA, suspected that her intern, who was working without pay at her brokerage firm, had violated a federal securities regulation. Johnson discussed the matter with her company's legal counsel who said that the intern's conduct was illegal. According to the CFA Institute Code and Standards of Professional Conduct, Johnson can dissociate herself from this illegal activity by:
A. transferring supervision of the intern to another person.
B. telling her intern to stop such conduct.
C. reporting the activity to the appropriate authorities.
【单选】 According to the CFA Institute Standards of Professional Conduct, Standard I(A), Knowledge of the Law, members shall not knowingly participate or assist in any violations of laws, rules, or regulations. An analyst:
A. is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and can participate in a violation by having knowledge of the violation and taking no action to stop it or disassociate from it.
B. is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation.
C. must report all legal violations to the proper regulatory commission and is held responsible for participating in illegal acts when the law is evident to anyone knowing the law.
【单选】 Don Roberts, a CFA Institute member, resides in Country L, where the securities laws and regulations are less strict than the CFA Institute Code and Standards. Roberts also does business in Country N, which has no securities laws or regulations. Thus, Country N has no laws prohibiting the use of material nonpublic information. Roberts has clients in both Country L and N. Country L's law states that the law of the locality where business is conducted governs. According to CFA Institute Standards of Professional Conduct about the use of material nonpublic information, Roberts may:
A. take investment action based on this information for clients in both Country N and Country L and for himself.
B. take investment action based on this information only for his clients in Country N but not for his clients in Country L or himself.
C. not take investment action on the basis of this information.
【单选】 Josh LeBlanc, a CFA charterholder, is an investment analyst for a small stock brokerage firm. He wants to acquire and maintain knowledge about applicable laws, rules, and regulations relating to his professional activities. According to the CFA Institute Standards of Professional Conduct, which of the following ways is least likely to meet compliance procedures?
A. Rely on past practices followed within his firm.
B. Review written compliance procedures on a regular basis.
C. Keep informed about changes in applicable laws, rules, and regulations.
【单选】 WEB, an investment-banking firm, is the principal underwriter for MTEX's upcoming debenture issue. Wendy Berry, CFA, an analyst with WEB, has found out from an employee in MTEX's programming department that a serious glitch was recently discovered in the software program of their major new product line. In fact, the glitch is so bad that most of their orders have been canceled. Berry checked the debenture's prospectus and found no mention of this development. The red herring prospectus has already been distributed. Berry's best course of action is to:
A. inform her immediate supervisor at WEB of her discovery.
B. notify potential investors of the omission on a fair and equitable basis.
C. keep quiet since this is material non-public inside information.
【单选】 Nicholas Brynne, CFA, is a fixed-income analyst who trades in mortgage-backed securities (MBS). The MBS industry has seen sweeping regulatory changes since Brynne took his current position, and he now feels his understanding of applicable laws and regulatory standards is dated. Brynne must:
A. have all trades reviewed by his compliance department until he has obtained an expert level of knowledge in compliance.
B. update his understanding of applicable laws and regulatory standards relating to his position.
C. rely on his firm’s policies and procedures for guidance on legal and regulatory standards.
【单选】 Michael Malone, CFA, is an investment analyst for a large brokerage firm in New York who covers the airlines industry. After hours in his personal time, Malone maintains an online blog on which he expresses his personal opinions about various investment opportunities, including, but not limited to, the airlines industry. On his blog, he posts a very negative investment opinion about WestAir stock. Malone knows that WestAir's stock will be downgraded to a “sell” by his firm next week. Malone has:
A. violated Standard IV(A) Loyalty by divulging confidential information that is the intellectual property of his employer.
B. violated Standard VI(B) Priority of Transactions by releasing material information to the public before releasing to the firm’s clients.
C. violated Standard II(A) Material Nonpublic Information by releasing material that could negatively impact the price of the security.
【单选】 According to the CFA Institute Code of Ethics, CFA Institute members shall:
A. act with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
B. maintain knowledge and comply with all applicable laws, rules and regulations.
C. preserve the confidentiality of information communicated by clients, prospects, or employers concerning investment matters.
【单选】 Which of the following is NOT part of the CFA Institute Code of Ethics. Members of CFA Institute will:
A. use reasonable care and exercise independent professional judgment.
B. strive to maintain and improve their competence and the competence of others in the profession.
C. recommend investments that maximize returns for a given level of risk.
【单选】 The CFA Institute Code of Ethics specifies that CFA Institute Members and Candidates must do all of the following EXCEPT:
A. use reasonable care and exercise independent professional judgment when engaging in professional activities.
B. refrain from any conduct that compromises the reputation or integrity of the CFA designation.
C. act with integrity, competence, diligence, respect, and in an ethical manner.
【单选】 The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act with which of the following?
A. Solemnity.
B. Integrity.
C. Competence.
【单选】 The Code of Ethics does NOT explicitly say that a CFA Institute member shall do which of the following?
A. Actively lobby for new laws to protect the public.
B. Reflect credit on the profession.
C. Act with integrity.
【单选】 Which of the following is a component of the Code of Ethics? CFA Institute members shall:
A. strive to maintain and improve their competence and the competence of others in the profession.
B. act for the benefit of their clients and place their clients' interests before their own.
C. disclose to their employer all matters that reasonably could be expected to interfere with their duty to their employer or ability to make unbiased and objective recommendations.
【单选】 In dealing with the public and others, the CFA Institute Code of Ethics indicates that CFA Institute members will act with:
A. confidence, knowledge, and high ethical standards.
B. honesty, professionalism, and goodwill.
C. integrity, competence, and respect.
【综合单选】Mike Johnson, who is sitting for Level III of the CFA exam this year, is a junior consultant at a small investment advisory firm. Julie Gowan, CFA, is Johnson’s supervisor and in the last three months had been letting Johnson develop a clientele. Johnson had met Mrs. Campbell two months earlier as a referral from an existing client: Mrs. Smith. Following his recent second visit with Mrs. Campbell, Johnson gave Campbell a personal data form to complete and return. The purpose of the form was to gather information about Campbell’s financial situation, investment experience, and investment objectives. Upon receiving the completed form in the mail, Johnson had his assistant, who is a CFA Level I candidate, type up the information. Johnson then reviewed the information and determined that he needed to call Campbell to clarify several items and to request more information.When Campbell answered the phone and Johnson identified himself, Campbell immediately asked if Johnson was still confident in the firm’s recommendation to buy shares of Brown Company, which Smith had purchased upon the firm’s recommendation three months earlier. The rapid rise of the stock of Brown Company after the recommendation, Campbell added, was the reason Campbell wanted to meet with a representative of Johnson’s firm. Johnson quickly did a search on his computer and found the buy recommendation on Brown Company that had been sent to Smith and other clients. Johnson then remembered that some of the clients, who were his friends, had been very happy with the stock’s performance. Johnson responded to Campbell by saying that purchasing the stock was a good idea. Johnson then asked for a few details concerning Campbell’s situation, and Campbell answered some questions over the phone. Some of the information was not at her fingertips, so she promised to mail it to Johnson.During the phone conversation, Campbell stated that it is extremely important that the information she is providing to Johnson be considered confidential for several reasons. First, as a result of a lawsuit from a former neighbor, Campbell needs to hide some assets to avoid paying a judgment. Therefore, she wants to open up two separate accounts; a small one in her name, and a second account in the name of the company that Campbell owns. Second, Campbell told Johnson that she is about to file for divorce from her husband and does not want her husband to know about the accounts. After collecting all the information he needed, Johnson visited with Gowan to ask advice about opening the account in the name of Campbell’s company. Gowan told Johnson that Campbell should open the account in the name of a fictitious company instead of using the name of Campbell’s company. This would make it more difficult for the courts to find the assets. However, the supervisor stated, "You realize that opening an account in the name of a fictitious firm is illegal so I cannot suggest that you do it. I am only saying that, if you did this, it would help Campbell accomplish her objective." Later that day, Johnson went to a restaurant and met his old college roommate, William Black, who is now a divorce attorney. Johnson told Black all about Campbell’s situation and suggested that, if Black needs a new client, he should contact Campbell who is about to divorce her husband. Black said he could not act on the information because Campbell’s husband had seen him already about a possible divorce. Johnson assured Black that, as they had agreed, he did not tell Campbell about the possibility of Johnson passing her name on to Black. Black thanked Johnson for the lead and said that, thanks to Johnson’s referrals, he currently had more clients than he could handle anyway. Despite that, Black paid for the dinner as he usually did when Johnson gave him a good lead. Did Johnson violate the Code and Standards by telling Black about Campbell’s impending divorce?
A. No, because Black is not going to act on the information.
B. No, because the impending divorce had nothing to do with Campbell’s financial situation.
C. Yes, he violated client-member confidentiality.
【单选】 Which of the following is a component of the Code of Ethics? CFA Institute members shall:
A. use reasonable care and exercise independent professional judgment.
B. not knowingly participate or assist in any violation of laws, rules, or regulations.
C. use particular care in determining applicable fiduciary duty.
【单选】 The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act in a certain manner with respect to which of the following groups?
A. Colleagues in the investment profession.
B. The SEC.
C. The public.
【单选】 Which of the following is NOT part of the CFA Institute Code of Ethics?
A. Contractual provisions.
B. Independent judgment.
C. Competence.
【单选】 According to the Code of Ethics, which of the following statements is NOT correct? CFA Institute members are required to:
A. use reasonable care and exercise independent professional judgment.
B. maintain and improve their competence and strive to maintain the competence of others in the profession.
C. comply with the CFA Institute Performance Presentation Standards.
【单选】 Sanctions that CFA Institute may impose on a member or candidate under the Professional Conduct Program include:
A. suspension from employment in the financial services industry.
B. returning of all profits gained through violations of the Code and Standards.
C. public censure.
【单选】 The CFA Institute Professional Conduct Program may impose sanctions on:
A. CFA charterholders and candidates for the CFA designation.
B. CFA charterholders only.
C. CFA charterholders, member firms, and candidates for the CFA designation.
【单选】 With respect to the CFA Institute enforcement of the Code and Standards, which of the following is NOT a possible disciplinary sanction?
A. Private censure.
B. Payment of a fine.
C. Refusing to allow a candidate for the CFA designation to take one of the exams.
【单选】 With respect to filing complaints concerning the professional conduct of a CFA Institute member, which of the following is CORRECT?
A. Only other members can write the Professional Conduct Program staff with a complaint concerning the conduct of another member.
B. Anyone can write the Professional Conduct Program staff with a complaint concerning the conduct of any member.
C. Anyone can write the Standards and Policy Committee staff with a complaint concerning the conduct of any member.
【单选】 Steve Jones is a member of CFA Institute but has not earned the CFA designation yet. CFA Institute is investigating Jones’ activities. If Jones declines to cooperate, he:
A. is within his right only because it could be self incriminating.
B. is within his right only because he does not have the CFA designation yet.
C. could be summarily suspended from membership.
【单选】 A broker and CFA charterholder has been arrested for the crime of murder. Which, if any, of the following could result in the member being summarily suspended from using the CFA designation?
A. Either being convicted or pleading guilty to the crime.
B. Both of the results listed here.
C. He is acquitted of the crime, but he is barred from continuing to work in the investment industry.

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