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【单选】With respect to the complaint Mills filed against Jackson, and the subsequent investigation of Mills by CFA Institute, which of the following statements is least accurate?
A. Jackson violated the Code and Standards by not responding to Mills.
B. Jackson did not violate the Code and Standards if he provides Mills’ trading information to CFA Institute.
C. Jackson violated the Code and Standards by putting New Medical Developments on its restricted stock list.
【单选】After determining Elise’s risk and return objectives, liquidity needs, tax considerations, and unique circumstances, Pennington has decided the he must reduce Elise’s holding of Allux shares. He has several other clients, whom he met through Flanders, who also have significant holdings in Allux. Pennington has also decided to reduce his own holdings in Allux since his term as a director of Allux will be up in June. He does not plan to seek reappointment, but as a member of the audit committee, he is privy to information about a tender offer. Pennington realizes this is a complex situation. Of the following Standards, determine which would least likely help Pennington decide what actions with respect to selling shares of Allux would be in compliance with the CFA Institute Standards of Practice.
A. Standard III(B), Fair Dealing.
B. Standard VI(A), Disclosure of Conflicts.
C. Standard III(C), Suitability.
【单选】Pennington would like to continue to direct trades from Elise’s portfolio to his sister’s brokerage firm. In order to continue with this arrangement and comply with the CFA Institute Standards, which of the following disclosures are required?
A. Pennington must clearly disclose that his duty as the investment manager is to continue to seek to obtain best execution.
B. Pennington must disclose that directed brokerage arrangements that require the investment manager to commit a certain percentage of brokerage might affect his ability to seek to obtain best execution.
C. Pennington must disclose policies with respect to all soft dollar arrangements and receive written consent from Elise that she understands the consequences if he is not seeking best price and execution through First Brokerage.
【单选】Which of the following best describes Pennington’s compliance with the CFA Institute Standards regarding his use of soft dollars? The purchase of:
A. research reports is an allowable use of soft dollars.
B. both research reports and carpeting are allowable uses of soft dollars.
C. research reports and attending the conference are allowable uses of soft dollars.
【单选】 Susan Nielsen, CFA, works for a rating agency which competes directly with S&P and Moody’s. Her friend, Lance Parker, works for the same company but in a different department which is involved in advisory services for structured products. Nielsen frequently receives pressure from Parker to "put a positive face" on client ratings to help him sell advisory services. She is reluctant to discuss client ratings with Parker and tries to avoid the topic. She consults her company’s compliance department and learns that there are no policies or procedures to discourage Nielsen and Parker from sharing information and is encouraged to consider his advice on company ratings. Nielsen should most likely:
A. continue to consult with Parker on company ratings as the compliance department’s position is that there is no conflict.
B. advise regulators of the potential conflict of interest and seek legal counsel.
C. advise her firm to develop firewalls and protections to allow the different departments to function independently and avoid talking with Parker about client ratings.
【单选】 After a very successful quarter of high investment returns, Judy O’Berry, CFA, receives several gifts from grateful clients. O’Berry considers the gifts to be of novelty or sentimental value only, but she hears rumors that several junior employees are jealous of the attention she received for the group’s efforts. She decides to consult the company’s compliance rules on gifts and is surprised to learn her firm has no established rules. She consults the Standards of Practice Handbook, and then submits proposed rules on gifts to her company’s compliance department. These rules should contain all of the following EXCEPT:
A. restrictions on all types business entertainment.
B. a formal value limit based on local customs.
C. a requirement to disclose the gift.
【单选】By charging “tier one” and “tier two” clients different fees, has Hogue violated any CFA Institute Standards of Professional Conduct?
A. Yes, because having two classes of clients inappropriately discriminates against the lower fee clients
B. Yes, because having two classes of clients is a form of investment fraud.
C. No.

【单选】Has Hogue violated any CFA Institute Standards of Professional Conduct with respect to the time period of returns and method of calculating returns used in his performance presentation?

A. B.
C.

Yes

【单选】When he distributed his buy and sell recommendations on BDB and BAI, respectively, did Hogue violate any CFA Institute Standards of Professional Conduct?

A. Yes, because he has released the two versions of the report at different times.
B. No.
C. Yes, because he has issued two versions of the same report which disadvantages clients paying lower fees.

【单选】Did the increased trading-volume contract that Hogue negotiated between the Brazilian market specialists for the BDB stock violate any CFA Institute Standards of Professional Conduct?

A. Yes, because the intent of the contract is to distort the trading volume of BDB in order to attract investors.
B. No.
C. Yes, because the contract allows the traders to place their transactions ahead of client transactions.

【单选】During his first meeting with the Brazilian brokers and stock exchange members, did Hogue violate any CFA Institute Standards of Professional Conduct?

A. No.
B. Yes, because he broke client confidentiality by revealing their plans to purchase BAI stock.
C. Yes, because he attempted to manipulate the market price of a Brazilian security.

【单选】 Scott Andrews, CFA, is a stockbroker selling an oversubscribed stock issue. Which of the following best describes Andrews' actions regarding this sale? Andrews:

A. cannot offer an oversubscribed issue of stock to any clients.
B. can only offer this security to clients for which it is appropriate on a first come first serve basis.
C. can offer this security on a prorated basis to all clients for which the security is appropriate.

【单选】 Preston Partners is an investment management firm that adopted the Code and Standards as part of its policy manual. Gerald Smithson, CFA, has recently added the stock of Utah Biochemical Company and Norgood PLC to all his client's investment portfolios. Shortly afterwards Utah Biochemical and Norgood announced a merger that increased the share price of both companies. Smithson contends he saw the president of Utah Biochemical dining with the chairman of Norgood, but did not overhear their conversation. Smithson researched both companies extensively and determined that each company was a good investment. He put in a block trade for shares in each company. Preston's policies were not clear in this area as he allocated the shares by starting with his largest client accounts and working down to the small accounts. Some of Smithson's clients were very conservative personal trust accounts, others were pension funds who had aggressive investment objectives. Which standard was NOT broken?

A. Standard IV(C)--Responsibilities of Supervisors.
B. Standard V(A)--Diligence and Reasonable Basis.
C. Standard III(C)-- Suitability.

【单选】In her dealings with the local media, has Ovitz violated any CFA Institute Standards of Professional Conduct?

A. Yes, because she has improperly exaggerated the meaning of the CFA designation.
B. Yes, because her comments regarding her disagreement with CFA Institute policies compromise the reputation of the organization.
C. No.

【单选】Does the referral arrangement between StatInvest and Ryers & Ovitz Inc. violate any CFA Institute Standards of Professional Conduct?

A. Yes, because Ryers & Ovitz pays for the research out of a general overhead account, which disadvantages some clients.
B. No.
C. Yes, because the referral arrangement is not properly disclosed to clients and prospects of Ryers & Ovitz Inc.

【单选】With regard to his record retention actions and his reissuance of past investment recommendations, has Gonzales violated any CFA Institute Standards of Professional Conduct?

A. B.
C.

Yes

【单选】In his first report on investments in the industrial sector, did Gonzales’s three investment recommendations violate any CFA Institute Standards of Professional Conduct?

A. No.
B. Yes, because he failed to distinguish between fact and opinion with regard to expected performance.
C. Yes, because he provided an inherent guarantee of investment performance that cannot reasonably be expected.

【单选】In his first report on investments in the industrial sector, did Gonzales’s description of the stock selection model or its historical results violate any CFA Institute Standards of Professional Conduct?

A. B.
C.

Yes

【单选】 Patricia Cuff is the chief financial officer and compliance officer at Super Selection Investment Advisors, an organization that has incorporated the CFA Institute Code of Standards into the firm's compliance manual. Karen Trader is a portfolio manager for Super Selection. Trader is friendly with Josey James, president of AMD, a rapidly growing biotech company. Trader has served on AMD's board of directors for the last three years. James has asked Trader to commit to a large purchase of AMD stock for Trader’s clients’ portfolios. Trader had previously determined that AMD was a questionable investment but agreed to reconsider. Her reevaluation deemed the stock to be overpriced, but Trader nevertheless decides to purchase for her portfolios. Which standard was least likely violated?

A. V(A) Diligence and Reasonable Basis.
B. III(A) Loyalty, Prudence, and Care.
C. III(B) Fair Dealing.

【单选】 Ken James has been an independent financial advisor for 15 years. He received his CFA Charter in 1993, but did not feel it helped his business, so he let his dues lapse this year. He still has several hundred business cards with the CFA designation printed on them. His promotional materials state that he received his CFA designation in 1993. James:

A. can continue to use the existing promotional materials, and can use the cards until his supply runs out—his new cards cannot have the designation.
B. must cease distributing the cards with the CFA designation and the existing promotional materials.
C. must cease distributing the cards with the CFA designation, but can continue to use the existing promotional materials.

【单选】 June Carter passed Level III of the CFA examination in June but will not complete her work experience requirement until August of next year. Carter can state on her resume that she:

A. passed Levels I, II, and III of the CFA examination.
B. will be a CFA charterholder in August of next year as long as she is on track to complete her work experience.
C. is a CFA in waiting.

【单选】 Jennifer Gates is an individual portfolio manager who only uses mutual funds for her clients; she has therefore never created a portfolio of stocks. She enters an Internet chat room on investments and starts answering questions about investments. She states in the chat room that she has a CFA designation. One woman in particular is interested and questions her about the viability of creating her own stock portfolio. Gates feels that this would be a mistake because she only has $150,000 to invest, and states, "I have experience creating stock portfolios, and it does not make sense to do so with only $150,000." The woman she has chatted with sends her an e-mail and eventually becomes a client of hers. Gates has:

A. violated the Standards by soliciting business over the Internet.
B. not violated the Standards.
C. violated the Standards by misrepresenting her experience.

【单选】As to the process by which Brown's report in Exhibit B came into being, which of the following is NOT a procedural error in violation of CFA Institute Standards of Professional Conduct?

A. Brown has violated the Standard relating to the prohibition against plagiarism.
B. Brown has violated the Standard relating to independence and objectivity.
C. Brown has violated the Standard relating to disclosure of basic characteristics.

【单选】The research report, as shown, has several aspects which violate CFA Institute Standards of Professional Conduct. Which of the following is NOT an apparent violation of CFA Institute Standards?

A. The report does not adequately discuss the factors important to analysis, recommendations, or action.
B. The report violates guidelines on investment performance presentation.
C. The report does not distinguish between fact and opinion.

【单选】 Dan Jeffries is a portfolio manager who is being sued by one of his clients for inappropriate investment advice. The Professional Conduct Program of CFA Institute is investigating Jeffries for the same offense. Jeffries settles the lawsuit with the client while the Professional Conduct Program investigation is ongoing. When the Professional Conduct Program staff questions Jeffries about the problematic investment advice, Jeffries claims he cannot talk about it because doing so would violate the confidentiality of his client. Jeffries has:

A. not violated the Standards by executing the settlement agreement or by refusing to talk about the case with the Professional Conduct Program.
B. violated the Standards by executing the settlement agreement, but not by refusing to talk about the case with the Professional Conduct Program.
C. violated the Standards by refusing to talk about the case with the Professional Conduct Program, but not by executing the settlement agreement.

【单选】 Travis Brown is a partner in a money management firm. He recently attended a seminar and learned about a quantitative model presented by Dixon. Upon returning to his office, Brown began testing the model and making a few minor alterations. He showed the model to his partners who were impressed and decided to promote the model as proof of the firm's value added. In the firm's next newsletter, Brown included a discussion of the model, the results, and financial data on several stocks selected by the model. These factual data were taken from Standard and Poor's publication. According to the CFA Institute Standards of Professional Conduct, which of the following actions is Brown required to take?

A. Brown must credit S&P, no need to credit Dixon.
B. Brown must credit both Dixon and S&P.
C. Brown must credit Dixon, no need to credit S&P.

【单选】Is it likely that Fleming violated any CFA Institute Standards of Professional Conduct related to his meeting with the Chief Investment Officer of the Crockett Foundation?

A. No, because he does not have a duty to maintain client records; only his employer does.
B. No, because he maintained an investment policy statement and followed established procedures in maintaining client records and data.
C. Yes, because he failed to maintain appropriate records to support his investment recommendation.

【单选】According to CFA Institute Standards of Professional Conduct, did Fleming’s conversation with the Chief Investment Officer of the Crockett Foundation or his decision to sell GlobalBank’s position in DCH stock likely violate Standard II(B) – Market Manipulation?

A. B.
C.

Yes

【单选】According to CFA Institute Standards of Professional Conduct, which of the following of Fleming’s actions is most likely a violation of Standard I(C) – Misrepresentation? Fleming:

A. executes the trades on DCH Corp. per Waverly’s instructions without first referring to Waverly’s investment policy statement (IPS).
B. tells the CIO of Crocket Foundation that shares of DCH’s initial public offering outperformed the S&P 500 by at least 15% in each of the last three years since the offering.
C. tells the CIO of the Crockett Foundation that DCH’s secondary offering will earn at least the lowest return earned on its IPO shares over the last three years.

【单选】According to the CFA Institute’s Standards of Professional Conduct, Fleming’s execution of Waverly’s trade order after confirming the appropriateness of the trade is most likely:

A. in violation of Standard V(B) – Communication with Clients and Prospective Clients for not separating fact from opinion but is not in violation of Standard I(C) – Misrepresentation because his guarantee of future investment performance was not a written representation.
B. in violation of Standard I(C) – Misrepresentation for not disclosing to Waverly that he did not read the marketing materials but is not in violation of Standard III(C) – Suitability because the client analyzed the investment thoroughly.
C. in violation of Standard V(A) – Diligence and Reasonable Basis for not exercising diligence and thoroughness in his analysis of the investment and Standard III(C) – Suitability for recommending an investment before determining if the investment was appropriate for the client.

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