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【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) disclose the arrangement to his employer.

B) do nothing; it is his business where he spends his free time.

C) reject the country club membership since it is illegal under CFA Institute rules and regulations to accept outside compensation.
【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】 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】 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】 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: No.

C) Brown: Yes, Turley: Yes.
【多选】Does Bukenya's confidentiality policy most likely violate CFA Institute Standard III (E) Preservation of Confidentiality?
A:No.
B:Yes, regarding client status.
C:Yes, regarding type of information.
【多选】Is response to Gatera’s actions, Bukenya should lest likely recommend which of the following actions to prevent violations of the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Investigate further.
B:Increase supervision of Gatera.
C:Report Gatera to CFA Institute.
【多选】Jacaranda's record-keeping policy is most likely in violation of CFA Institute Standard V (C) Record Retention regarding the:
A:retention time frame.
B:keeping of hard and electronic copies.
C:retention of personal notes and research models.
【多选】Does Jacaranda's performance presentation policy most likely meet recommended procedures for complying with CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Yes.
B:No, because of the structure of the composite.
C:No, because it is not in compliance with GIPS standards.
【多选】Which marketing statement should Bukenya most likely revise to conform to the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:statement 1
B:statement 2
C:statement 3
【多选】Which of the following CFA Institute Standards of Professional Conduct did Remmy least likely violate?
A:Loyalty
B:Misrepresentation
C:Responsibilities of Supervisors
【多选】Kostecka’s performance presentation most likely conforms to the CFA Institute Standard III (D) Performance Presentation regarding:
A:disclosure in the footnote
B:fair and accurate representation of performance
C:composite representing similar discretionary investment portfolios
【多选】When Kostecka defends himself against Nathoo’s complaint, he most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning the:
A:right to use the CFA designation
B:reference to candidacy in the CFA Program
C:misrepresentation of the meaning of the designation
【多选】By recommending that Nathoo sell her Chatterbox stock, which of the following CFA Institute Code of Ethics and Standards of Professional Conduct did Kostecka least likely violate?
A:Fair Dealing
B:Priority of Transactions
C:Communication with Clients
【多选】By not acting on the information reported to him by Nathoo, which CFA Institute Standard of Professional Conduct has Kostecka least likely violated?
A:Duties to Employers
B:Knowledge of the law
C:Loyalty, Prudence, and Care
【多选】Which of the following government committee-suggested tasks would least likely conform to CFA Institute Standard IV (C) Responsibilities of Supervisors?
A:Task 1
B:Task 2
C:Task 3
【多选】Which of Kingfisher's proposed requirements regarding investment recommendations is most appropriate to prevent violations of CFA Institute Standard V (A) Diligence and Reasonable Basis?
A:Requirement 1
B:Requirement 2
C:Requirement 3
【多选】Which of Kingfisher's proposed requirements to ensure Duties to Clients is least appropriate to prevent violations of CFA Institute Code of Ethics and Standards of Professional Conduct? The requirement calling for a(n):
A:periodic review.
B:investment plan.
C:well-diversified portfolio.
【多选】Do any of Kingfisher's proposed policy statements related to Capital Market Integrity most likely violate any CFA Institute Code of Ethics and Standards of Professional Conduct?
A:No.
B:Yes, regarding market manipulation.
C:Yes, regarding material nonpublic information.
【多选】Regarding the proposed policy statement relating to Levels of Professionalism, which requirement least likely reflects any of the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Conflicts of interest
B:Differentiation of services
C:Compensation arrangements
【多选】Which of Kingfisher’s statements in the RFP regarding its qualifications most likely violates the CFAInstitute Code of Ethics and Standards of Professional Conduct?
A:Justification 1
B:Justification 2
C:Justification 3
【多选】Anna Saar, CFA, is the head of compliance for Tranne Advisory Services, a regional financial services group including asset management, investment banking, and stock brokerage entities. Reviewing a draft client investment management agreement for the asset management unit, she is concerned the relationships between the firm’s various business units are not properly disclosed. To prevent violating CFA Institute Standard VI (A) Disclosure of Conflicts, which of the following should least likely be addressed in the investment management agreement?
A:The group subsidizes staff loans for share purchases.
B:Management fees are frequently loss leaders for brokerage.
C:Asset managers are likely to support corporate finance deals.
【多选】Gregor Pavlov, CFA, is a fund manager working for the general partner of a new private equity fund. Pavlov includes in the fund marketing material his performance history from his previous employer. He received permission from his former employer to take his historical return figures and the supporting research reports he used to make the related investment decisions. Did Pavlov most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:No.
B:Yes, regarding Loyalty.
C:Yes, regarding Record Retention
【多选】Merchant Capital Partners, a regional investment bank, acts as a market maker for Vital Link Health Services and other small firms listed on an over‐the‐counter exchange. For those shares Merchant acts as market maker, it trades for its own book, as well as engaging in risk arbitrage trading. Merchant allows staff members to trade in shares once clients and the company have traded. Merchant recently obtained material nonpublic information regarding Vital’s planned reverse takeover of a publicly listed competitor. In order to be in compliance with the CFA Institute Code of Ethics and Standards of Professional onduct, which type of trading in Vital shares should Merchant least likely suspend?
A:Personal
B:Risk arbitrage
C:Passive proprietary
【多选】Dimitri Kuznetsov, CFA, is a portfolio manager and holds shares of Barnikoff Limited and Matric Ventures in all client portfolios. Both companies have upcoming annual general meetings scheduled for the same day. The management of Barnikoff proposes to change its financial year‐end from September to December, while Matric Ventures proposes to enter into a high‐risk venture. The proxy voting policy clause in all client investment management agreements managed by Kuznetsov states, “When voting proxies provides a cost benefit to the client, the manager must vote a proxy.” Regarding the proxy votes for Matric and Barnikoff, Kuznetsov would least likely violate CFA Institute Standard III (A) Loyalty, Prudence, and Care if he votes:
A:with management.
B:only the Matric proxy.
C:only the Barnikoff proxy.
【多选】Alexandra Smirnov, CFA, is a pension consultant to the Springwell Pension Fund. After reviewing Springwell’s three‐year performance presentation showing the fund’s underperformance relative to its investment objectives and agreed benchmarks, Smirnov recommends the fund hire new asset managers. Smirnov proposes the fund hire Newday Managers on the basis of recent meetings she has had with the firm. Lengthy discussions at these meetings included Newday’s investment strategy, its suitability to manage pension funds, its ability to adhere to its stated strategy, the firm’s historical investment performance, and its adoption of the CFA Institute Code of Ethics and Standards of Professional Conduct. Smirnov turned down Newday’s offer of an introduction fee when recommending its services but did not inform Springwell trustees of this offer. Which of the following CFA Institute Standards does Smirnov most likely violate?
A:Referral Fees
B:Loyalty, Prudence, and Care
C:Diligence and Reasonable Basis
【多选】Ricardo Torres, CFA, is a well‐respected telecommunications analyst for Pegasus Advisors. He is known for his thorough analysis, including interviews with suppliers, customers, and competitors. Torres has a strong following, and his research reports can often materially move the market. As a result, Pegasus limits the distribution of his reports to Pegasus clients. After losing market share to Pegasus for over two years, Marco Rodrigo, a CFA candidate, reports Torres to the local securities regulator on suspicion of using insider information to make share recommendations. What CFA Institute Standard has Rodrigo most likely violated?
A:Misconduct
B:Market Manipulation
C:Material Nonpublic Information
【多选】Roberto Sanchez, CFA, and Andreas Lopez, CFA, worked as financial analysts for OneWorld Analytics for years. While at OneWorld, Lopez created a highly complex financial valuation model with Sanchez making small contributions to its development. Recently, Lopez left OneWorld to start his own company using a simplified model he developed prior to joining OneWorld. Over a six‐month period, he improves this software, duplicating features he used at OneWorld. His upgraded program produces predictions similar to the results of the OneWorld program. At OneWorld, Sanchez continues to use the complex model he and Lopez developed and attains superior results. Whose behavior most likely conforms to the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Lopez but not Sanchez
B:Sanchez but not Lopez
C:Both Lopez and Sanchez
【多选】Upon receiving notification that he passed his Level III CFA exam, Paulo Garcia updates his educational background on his social media site by adding “completed the CFA course.” Does Garcia most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:No.
B:Yes, because it could imply he has obtained the charter.
C:Yes, because he doesn't describe the certification process.
【多选】Maria Martinez is a research analyst and a Level II CFA candidate. Recently, friends of Martinez organized a party for her 30th birthday. At the party, Martinez received an inexpensive gift from a friend who is the CEO of a publicly listed company Martinez recommends to clients. Martinez also received gifts from some of the firm’s best clients. Aware of her employer’s policy requiring her to report all gifts received within one week of receipt, Martinez declares the gifts she received from the firm’s clients two days after the party. Does Martinez most likely violate the CFA Institute Code of Ethics and Standards of Professional onduct?
A:Yes.
B:No, because her CEO friend's gift was inexpensive.
C:No, because the gifts do not impact her research independence and objectivity.

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