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【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.
【多选】A Central Bank fines a commercial bank for not following statutory regulations with regard to making specific non-performing loan provisions on three loans. Louis Marie Buffet, CFA, sits on the Board of Directors of the Commercial Bank as a non-executive director, representing minority shareholders. He also chairsthe internal audit committee of the bank that determines the provisioning policy of the bank. Mercy Gatabaki, CFA is the bank’s external auditor and follows international auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of Central Bank regulations. Which Charterholder is most likely in violation of the Code and Standard?
A: Both.
B:Buffet.
C:Gatabaki.
【多选】Oni Erobo, CFA, is the General Partner in a real estate development project and is responsible for completing the project within an 18-month period and within budget. Erobo is expected to receive equity of 20% if the project comes within budget. Concerned that project costs would escalate, the Limited Partners require Erobo to cap expenses at 15% above budget. Costs were within expectation up until the last month of construction when costs of imported lighting fixtures (accounting for roughly 5% of total costs) escalated by more than 50%. As a result, the overall return declined below the partners expected 35% ROI. Erobo did not inform the Limited Partners about the increased costs. Did Erobo violate the CFA Code of Ethics and Standards of Professional Conduct?
A: No
B:Yes, because returns are lower than expected by the Partners.
C:Yes, because he did not disclose the increased costs to his Partners.Yes, because he did not disclose the increased costs to his Partners.
【多选】Jean-Luc Schlumberger, CFA, is an independent research analyst providingequity research on companies listed on exchanges in emerging markets. He often incorporates statistical data he obtained from the web sites of the World Bank and the Central Banks of the various countries into the body of his research reports. While not indicated within the reports, whenever his clients ask where he gets his information he informs them the information is in the public domain, so hedoesn’t keep his own records. When the clients ask for the specific web site addresses he provides the information. Which Standard has Schlumberger most likely violated?
A:Misconduct.
B: Record Retention.
C:Misrepresentation.
【多选】Francesca Ndenda, CFA and Grace Rutabingwa work for New Age Managers where Rutabingwa reports to Ndenda on a daily basis, working in the same department. It has come to the attention of Ndenda that Rutabingwa received a Notice of Enquiry from the Professional Conduct Program at the CFA Institute regarding a potential cheating violation when he sat for the CFA exam in June. As Rutabingwa’s supervisor, Ndenda is afraid the behavior of Rutabingwa will be seen as a violation of the CFA Code and Standards. Does Ndenda have cause for concern?
A:Yes.
B: No, because her responsibilities do not apply.
C:No, not until Rutabingwa is found guilty of cheating.No, not until Rutabingwa is found guilty of cheating.No, not until Rutabingwa is found guilty of cheating.No, not until Rutabingwa is found guilty of cheating.
【多选】Norman Bosno,,CFA acts as an outside portfolio manager to a Sovereign Wealth Fund. Raphel Palmeti, a Fund Official, approaches Bosno to interest him in investing in Starlite Construction Company. He tells Bosno if he approves a two million dollars investment in Starlite by the Fund Bosno will receive a “bonus” that will make him wealthy. Palmeti also adds if Bosnoviak decides not to invest, he will lose the Fund account. After doing a quick and simple analysis, Bosno determines the investment is too risky for the Fund. If Bosno agrees to make the investment what Standard is least likely to be violated?
A:Loyalty, Prudence and Care
B: Diligence and Reasonable Basis.
C: Additional Compensation Arrangements.
【多选】While waiting in the business class lounge before boarding an airplane, Becca Msafari, CFA, an equity analyst, overhears a conversation by a group of senior managers, including members of the Board, from a large publicly listed bank. The managers discuss staff changes necessary to accommodate their regional expansion plans. Msafari heard several staff names mentioned. Under what circumstances could Msafari most likely use this information when making an investment recommendation to her clients?
A: Under no circumstances.
B:Under no circumstances.
C: If the discussed changes are unlikely to affect the public perception of the bank.
【多选】Reiko Kimisaki, CFA, is an investment advisor for a national social security fund in a frontier market with a very limited and illiquid capital market and a very young labor force with an investment time horizon of 25 – 30 years. She has been asked to suggest ways to increase the investment return of the overall portfolio. After careful assessment of the Fund’s previous investment history, and available asset classes, she considers investment in private equity. What is Kimisaki’s lowest priority to avoid any Code of Ethics and Standards of Professional Conduct violations prior to making this investment recommendation?
A:Assess the risk tolerance of the Fund.
B:Analyze the expected returns of private equity in the market.
C: Determine if the Investment Policy Statement allows for alternative investments.
【多选】Delaney O’Keefe, a CFA candidate, is a portfolio manager at Bahati Management Company. The company is considering investing offshore for the first time, particularly in North America, on behalf of their clientele, whom are all high net worth individuals. O’Keefe does not have experience in offshore investments so she hires Mark Carlson, CFA of Carlson Consulting on the basis of his CFA Charter, to undertake due diligence exercises on the top ten portfolio managers in North America, ranked by Assets under Management (AUM). To avoid violating any Code and Standards, O’Keefe should most likely undertake:
A: a sampling of the suitability of North America for clients
B: a due diligence exercise on Mark Carlson and Carlson Consulting.
C:the due diligence exercise on the top ten asset managers herself.
【多选】Albert Nyakenda, CFA, was driving to a client’s office where he was expected to close a multi-million dollar deal, when he was pulled over by a traffic policeman When Nyakenda, realized the policeman planned to wrongly ticket him for speeding, he offered to buy him “lunch” so that he could quickly get to his client’s office. The alternative was to go to the police station and file a complaint ofbeing wrongly accused that would also involve going to court the next day to present his case. The lunch would cost significantly more than the ticket. Did Nyakenda violate the CFA Code of Ethics?
A: Yes.
B: No, because he was wrongly accused.
C:No, because the cost of lunch is more than the ticket.
【多选】Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. Bennett in response pushed the trader and knocked him to the ground. The exchange, after investigation, cleared Bennett from any wrongdoing. Which of the following best describes Bennett’s conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct? Bennett:
A: did not violate any Code or Standard.
B: violated the Professional Misconduct Standard.
C: violated both Misconduct and Integrity of Capital Markets Standards.

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