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【多选】A large manufacturing company is seeking help finding a fund manager for its pension plan. After a comprehensive but unsuccessful search, Brett Arun, CFA, is hired to solicit proposals from various fund managers. Arun is paid a lump sum fee for his services. The search concludes with the hiring of Ramport Investments as the pension plan's manager. A year after Ramport is hired, the pension administrator sends Arun a letter telling him how satisfied the pension trustees are with the services provided by the fund manager. Subsequently, without the plan sponsor's knowledge, Arun receives a payment from Ramport for successfully introducing it to the pension plan under an agreement entered into when the search was initiated. Regarding the payment received, did Arun most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:No.
B:Yes, because he did not disclose the payments to all parties.
C:Yes, because he should have refused payment from the fund manager.
【多选】At the conclusion of the afternoon section of the Level I CFA examination, the exam proctor instructs all candidates to stop writing and put their pencils down immediately. Krishna Chowdary thinkshe sees other candidates in front of him continue to fill in their answer sheets. Chowdary has two questions left to complete so he randomly fills in one of the ovals on his answer sheet before puttinghis pencil down on the table. Did Chowdary’s actions most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:yes
B:no, because other candidates continued writing
C:no, because he randomly answered one question
【多选】Priscilla Moab, CFA, is the director of marketing at Red Lantern Investments. Red's investment approach uses technical and fundamental analysis as well as portfolio construction to minimize risk. Moab plans to market an online investment newsletter to retail clients. Moab decides to let prospective clients have access to Red's buy and sell recommendation list by posting this information on a social media site. The posting also provides information on Red's basic investment process and logic. To avoid violating the CFA Institute Code of Ethics and Standards of Professional Conduct, Moab should most likely:
A:describe the investment approach in detail.
B:update investment process changes annually.
C:indicate that additional information and analysis are available.
【多选】Manuel Tacqueria, CFA, is a sole proprietor investment adviser managing accounts for a diversified group of clients. Tacqueria obtains his investment research through a subscription service with Alpha Services, a large financial services organization. Tacqueria notes the research reports are sound because they are extremely detailed and comprehensive. As a result, Tacqueria feels comfortable relying solely upon this research when making recommendations to clients. Tacqueria should most likely do which of the following to conform to the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Utilize additional sources of research.
B:Add his own research to the existing reports.
C:Conduct additional due diligence on Alpha Services.
【多选】Abe Seneca, CFA, supervises a team of analysts who create index funds for institutional investors. When Seneca provides sales demonstrations to potential clients simulating the fund's performance, the scenarios he prepares show outcomes based on assumptions reflecting upside bias and positive risk assessments. Gail Tremblay, CFA, an analyst in Seneca'sgroup, observes that the actual performance of these index funds is less than indicated in the scenario outcomes shown in the sales meetings. Seneca least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Loyalty
B:Performance Presentation
C:Responsibilities of Supervisors
【多选】PNW Bank publishes Investment Monthly magazine, which highlights a specific stock in each issue. Publication of the magazine invariably causes the highlighted stocks to rise significantly in value. Rachel Coursing, CFA, manager of PNW's marketing department, often trades in the securities mentioned in the Investment Monthly articles prior to publication of the magazine. Coursing has access to the recommendations prior to the magazine's publication because the magazine is created in her department and edited by her. PNW's Code of Ethics restricts trading by all of the bank's analysts and portfolio managers and requires their trades to be pre-cleared by the Compliance Department. Coursing least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Priority of Transactions
B:Diligence and Reasonable Basis
C:Material Nonpublic Information
【多选】Jacques Lagarde, CFA, is a sell-side analyst at Springhill Financial, a small investment bank. Springhill is the lead manager for the equity offering of Chorale Music, a guitar maker. Lagarde is not part of the IPO team for this offering. While finalizing a research report on Chorale, Lagarde discovers information that makes him believe the company concealed losses in its leasing division last quarter that would significantly reduce its earnings. Based upon this information, Lagarde adds the following statement to his report: "The factual data I have gathered indicate Chorale experienced losses in the last quarter rather than profits." Lagarde suspects Springhill's investment bankers are aware of the unreported losses. The prospectus for Chorale's equity offering has already been approved by regulators and distributed to potential investors. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Lagarde should least likely:
A:seek legal counsel
B:report the issue to his supervisor.
C:keep loss data in his research report.
【多选】Lewis McChord, CFA, a research analyst, covers the auto industry at an investment bank. McChord recently read a report on an auto manufacturing company written by Pierce Brown. Brown's report provided extensive coverage of the company's newly launched products indicating that sales volume, not yet publicly available, would raise future profits. Intrigued by the report, McChord called a senior executive at the company whom she has known personally for years. The officer gave her specific details on new vehicle sales, indicating that profits would double in the current quarter. McChord added this data to Brown's report and then circulated it within her firm as her own report. McChord least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Misrepresentation
B:Preservation of Confidentiality
C:Material Nonpublic Information
【多选】Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is to:
A:obey his supervisor's request.
B:ignore his supervisor's request.
C:promote the bonds with appropriate disclosures.
【多选】A member resides in a country with securities laws that are stricter than the CFA Institute’s Code and Standards. The member does business for a client in another country with securities laws that are less strict than the CFA Institute’s Code and Standards. Presuming the member’s country law applies to the business, what rules does the member apply?
A:
The rules of the client’s country
B:
The rules of the member’s residence
C:
The CFA Institute’s Code and Standards
【多选】If a CFA charter holder is resident in Bindiland and is doing business in a nearby country, which one of the following statements best describes the way the business should be governed?
A:
In accordance with the laws of Bindiland
B:
In accordance with the CFA Institute’s Code and Standards
C:
In accordance with the higher of the applicable law and the CFA Institute’s Code and Standards
【多选】Lawrence Hall, CFA, and Nancy Bishop, CFA, began a joint research report on Stamper Corporation. Bishop spent several days visiting Stamper's corporate headquarters and meeting with all company officers. Prior to the completion of the report, Bishop was reassigned to another project. Hall utilized his and Bishop’s research to write the report. According to the CFA institute Standards Practice Handbook, did Hall violate any CFA 1.Institute Standards of Professional Conduct?Select exactly 1 answer(s) from the following:
A:
No.
B:
Yes, with respect to Misrepresentation.
C:
Yes, with respect to Diligence and Reasonable Basis.
【多选】Miranda Grafton, CFA, purchased a large block of stock on behalf of specific accounts she managed. The stock realized a significant gain in value before the close of business;, so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Grafton's most appropriate action is to allocate the shares to:Select exactly 1 answer(s) from the following:
A:
all accounts equally.
B:
all accounts for which she has discretionary authority.
C:
only those accounts for which the block shares were originally intended.
【多选】Several years ago Leo Peek, CFA, co-founded an investment club. The club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Peek's employer requires an annual disclosure of employee stock ownership. Peek discloses all of his personal trading accounts, but does not disclose his holdings in the investment club. Which CFA Institute Standards of Professional Conduct has Peek violated?Select exactly 1 answer(s) from the following:
A:
Fiduciary duty.
B:
Selective disclosure.

C:
onflicts of interest.
.
【多选】During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer(CEO) of Stargazer, Inc. discussing the company's pending tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products, According to the Standards of practice Handbook, Ward may not use the information to take investment action because: Select exactly 1 answer(s) from the following:
A:
the information relates to a tender offer.
B:
she does not have a reasonably and adequate basis for taking investment action.
C:
acting on the information would breach a duty to both Stargazer and Dynamica.
【多选】William Wong, CFA, is an equity analyst with Hayswick Securities, Based on his fundamental analysis, Wong concludes that the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from "hold" to "buy" to .allow his brother to buy shares at a lower price. According to the Standards of practice Handbook, Wong is least likely to have violated the CFA Institute Standards of professional Conduct that relate to: Select exactly 1 answer(s) from the following:
A:
duty to clients.

B:
reasonable basis.
.
C:
priority of transactions.
priority of transactions.
priority of transactions.
【多选】A large manufacturing company is seeking help finding a fund manager for its pension plan. After a comprehensive but unsuccessful search, Brett Arun, CFA, is hired to solicit proposals from various fund managers. Arun is paid a lump sum fee for his services. The search concludes with the hiring of Ramport Investments as the pension plan's manager. A year after Ramport is hired, the pension administrator sends Arun a letter telling him how satisfied the pension trustees are with the services provided by the fund manager. Subsequently, without the plan sponsor's knowledge, Arun receives a payment from Ramport for successfully introducing it to the pension plan under an agreement entered into when the search was initiated. Regarding the payment received, did Arun most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:No.
B:Yes, because he did not disclose the payments to all parties.
C:Yes, because he should have refused payment from the fund manager.
【多选】At the conclusion of the afternoon section of the Level I CFA examination, the exam proctor instructs all candidates to stop writing and put their pencils down immediately. Krishna Chowdary thinkshe sees other candidates in front of him continue to fill in their answer sheets. Chowdary has two questions left to complete so he randomly fills in one of the ovals on his answer sheet before puttinghis pencil down on the table. Did Chowdary’s actions most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:yes
B:no, because other candidates continued writing
C:no, because he randomly answered one question
【多选】Priscilla Moab, CFA, is the director of marketing at Red Lantern Investments. Red's investment approach uses technical and fundamental analysis as well as portfolio construction to minimize risk. Moab plans to market an online investment newsletter to retail clients. Moab decides to let prospective clients have access to Red's buy and sell recommendation list by posting this information on a social media site. The posting also provides information on Red's basic investment process and logic. To avoid violating the CFA Institute Code of Ethics and Standards of Professional Conduct, Moab should most likely:
A:describe the investment approach in detail.
B:update investment process changes annually.
C:indicate that additional information and analysis are available.
【多选】Manuel Tacqueria, CFA, is a sole proprietor investment adviser managing accounts for a diversified group of clients. Tacqueria obtains his investment research through a subscription service with Alpha Services, a large financial services organization. Tacqueria notes the research reports are sound because they are extremely detailed and comprehensive. As a result, Tacqueria feels comfortable relying solely upon this research when making recommendations to clients. Tacqueria should most likely do which of the following to conform to the CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Utilize additional sources of research.
B:Add his own research to the existing reports.
C:Conduct additional due diligence on Alpha Services.
【多选】Abe Seneca, CFA, supervises a team of analysts who create index funds for institutional investors. When Seneca provides sales demonstrations to potential clients simulating the fund's performance, the scenarios he prepares show outcomes based on assumptions reflecting upside bias and positive risk assessments. Gail Tremblay, CFA, an analyst in Seneca'sgroup, observes that the actual performance of these index funds is less than indicated in the scenario outcomes shown in the sales meetings. Seneca least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Loyalty
B:Performance Presentation
C:Responsibilities of Supervisors
【多选】PNW Bank publishes Investment Monthly magazine, which highlights a specific stock in each issue. Publication of the magazine invariably causes the highlighted stocks to rise significantly in value. Rachel Coursing, CFA, manager of PNW's marketing department, often trades in the securities mentioned in the Investment Monthly articles prior to publication of the magazine. Coursing has access to the recommendations prior to the magazine's publication because the magazine is created in her department and edited by her. PNW's Code of Ethics restricts trading by all of the bank's analysts and portfolio managers and requires their trades to be pre-cleared by the Compliance Department. Coursing least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Priority of Transactions
B:Diligence and Reasonable Basis
C:Material Nonpublic Information
【多选】Jacques Lagarde, CFA, is a sell-side analyst at Springhill Financial, a small investment bank. Springhill is the lead manager for the equity offering of Chorale Music, a guitar maker. Lagarde is not part of the IPO team for this offering. While finalizing a research report on Chorale, Lagarde discovers information that makes him believe the company concealed losses in its leasing division last quarter that would significantly reduce its earnings. Based upon this information, Lagarde adds the following statement to his report: "The factual data I have gathered indicate Chorale experienced losses in the last quarter rather than profits." Lagarde suspects Springhill's investment bankers are aware of the unreported losses. The prospectus for Chorale's equity offering has already been approved by regulators and distributed to potential investors. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Lagarde should least likely:
A:seek legal counsel
B:report the issue to his supervisor.
C:keep loss data in his research report.
【多选】Lewis McChord, CFA, a research analyst, covers the auto industry at an investment bank. McChord recently read a report on an auto manufacturing company written by Pierce Brown. Brown's report provided extensive coverage of the company's newly launched products indicating that sales volume, not yet publicly available, would raise future profits. Intrigued by the report, McChord called a senior executive at the company whom she has known personally for years. The officer gave her specific details on new vehicle sales, indicating that profits would double in the current quarter. McChord added this data to Brown's report and then circulated it within her firm as her own report. McChord least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A:Misrepresentation
B:Preservation of Confidentiality
C:Material Nonpublic Information
【多选】Alan Quanta, CFA, provides credit rating analysis of high-yield bonds using external credit ratings as a foundation. At the end of the last quarter, Quanta's firm, North Investment Bank, held a large position in the bonds of Veyron Corporation, a real estate company with all of its land holdings in a country recently downgraded by several credit rating agencies. The downgrades made Veyron bonds extremely difficult to sell because the bond price has dropped every day since the downgrades. Quanta has been asked by his supervisor to contact institutional clients of the firm to convince them that Veyron bonds are still an attractive purchase, especially at these lower prices. Quanta does not consider the Veyron bonds a buy at this price level. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Quanta is to:
A:obey his supervisor's request.
B:ignore his supervisor's request.
C:promote the bonds with appropriate disclosures.
【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

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