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【单选】 Sue Parsons, CFA, works full-time as an investment advisor for the Malloy Group, an asset management firm. To help pay for her children’s college expenses, Parsons wants to engage in independent practice in which she would advise individual clients on their portfolios. She would conduct these investment activities only on weekends. She is currently only in the preparation stage and has not started independent practice yet. Which of the following statements about Standard IV(A), Loyalty to Employer, is most accurate? Standard IV(A):
A. requires Parsons to obtain written consent from both Malloy and the persons from whom she undertakes independent practice.
B. does not require Parsons to notify Malloy of preparing to undertake independent practice under the current conditions.
C. requires Parsons to notify Malloy in writing about her intention to undertake an independent practice.
【单选】 Grant Starks, CFA, has been working for Advisors, Inc., for eight years. Starks is about to start his own money management business and has given his two-week notice of his resignation. A few days before his resignation takes effect, a current client of Advisors calls him at his office to inquire about some services for her account at Advisors. During the conversation, Starks tells the client that his new business will have lower commissions than Advisors. Starks has most likely violated:
A. Standard VI(B), Priority of Transactions, by violating the priority of transactions.
B. Standard IV(A), Loyalty to Employer, by competing with his current employer.
C. none of these Standards.
【单选】 Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust?
A. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.
B. No, because Bellow received no monetary compensation for his services.
C. No, because Bellow provided no ongoing investment advice.
【单选】 Michel Marchant, CFA, recently became an independent money manager. After six months, he has only ten clients, who are family and friends. To supplement his income, Marchant accepted part-time employment as an advisor at Middleton Financial Advisors. According to CFA Institute Standards of Professional Conduct, which of the following statements about Marchant's duty to his new employer is CORRECT?
A. Marchant need not inform Middleton about his existing clients but must inform his existing clients about his new part-time employment at Middleton.
B. Marchant must inform Middleton to keep his existing clients and must inform his existing clients of his new part-time employment at Middleton.
C. Marchant must inform Middleton about his existing clients but need not inform his existing clients about his new part-time employment with Middleton.
【单选】 The following information concerns two analysts at Mega Securities Company. Mega recently hired Ron Anderson, CFA, who was previously an independent investment advisor. Anderson wants to keep his existing clients for himself and obtains written consent from Mega to do so. He also informed and received consent from his existing clients in writing about his new position at Mega. Brenda Ford, a CFA Institute member, has been a full-time analyst for Mega for 12 years. She recently started providing investment services, which compete with Mega, to private clients on her own time. Ford obtained written consent for this arrangement from her direct supervisor at Mega. Ford has not disclosed to each of her clients her employment at Mega. According to CFA Institute Standards of Professional Conduct, have Anderson and Ford violated Standard IV: Duties to Employers?
A. Ford violated this Standard, but Anderson has not.
B. Neither Anderson nor Ford violated this Standard.
C. Anderson violated this Standard, but Ford has not.
【单选】 Nick O'Donnell, CFA, unsuspectingly joins the research team at Wickett & Co., an investment banking firm controlled by organized crime. None of the managers at Wickett are CFA Institute members. Because of his tenuous situation at Wickett, O'Donnell begins making preparations for independent practice. He knows he will be terminated if he informs management at Wickett that he is preparing to leave. Consequently, he determines that "if he can just hang on for one year, he will likely have a client base sufficient for him to strike out on his own." This action is:
A. a violation of his fiduciary duties.
B. not a violation of his duty to employer.
C. a violation of his duty to disclose conflicts to his employer.
【单选】 John Hill, CFA, has been working for Advisors, Inc., for eight years. Hill is about to start his own money management business and has given his two-week notice of his resignation from Advisors. A few days before his resignation takes effect, on his lunch hour, he takes out a loan from a bank on behalf of his new business and uses the money to buy some office equipment for his new business. Since he engaged in these transactions while still an employee of Advisors, Hill violated Standard IV(A), Loyalty to Employer, by:
A. engaging in a financial transaction, like taking out a loan, only.
B. both taking out the loan and purchasing the office equipment.
C. neither of these actions.
【单选】Dave Kline, CFA, is a personal investment advisor with 200 individual, family, and corporate accounts. After a dispute with a coworker on margin policy, he formally resigns his position by giving suitable notice. However, he does not follow his firm’s established "Transition and Exit Policies" regarding his accounts. The firm’s stated policies require him to notify each client of his planned departure and personally introduce them to their new account representative, Greg Potter. Kline sees Potter as a rival and states "...let Potter do his own work and find his own clients." Kline is most likely:
A. in violation of Standard I(D) "Misconduct" for leaving clients subject to an account representative he does not find suitable.
B. in violation of Standard IV(A) "Loyalty" for failing to follow the employer’s policies and procedures related to notifying clients of his departure.
C. not in violation of the Code and Standards.
【单选】 May Frost, CFA, is concerned about the comments and activities of several of her coworkers and feels both ethical and legal violations are routinely overlooked. According to the Code and Standards, a recommended first step would least likely be to:
A. provide her supervisor with a copy of the Code and Standards.
B. review the company’s policies and procedures for reporting ethical violations.
C. contact industry regulators.
【单选】 Dave Kline, CFA, is a personal investment advisor. After a dispute with a coworker on margin policy, he formally resigns his position by giving suitable notice. However, he does not follow his firm’s established "Transition and Exit Policies" regarding discussion of the reason for his departure. During his final two weeks of employment, Kline routinely discusses the margin policy dispute, stating "...anyone who would lend that much money on securities of such low quality does not belong in this business..." Kline’s statements are in direct violation of the firm’s "Transition and Exit Policies," but he considers it a free-speech issue. Kline is most likely:
A. in violation of Standard IV(A) "Loyalty" recommended procedures for failing to notify regulators of the dangerous margin policy.
B. in violation of Standard IV(A) "Loyalty" recommended procedures for failing to follow the employer’s policies and procedures related to termination policy.
C. not in violation of the Code and Standards.
【单选】 May Frost, CFA, is an equity research analyst for a "precious metals mining" exchange traded fund which has recently started significantly outperforming its benchmark after several years of stagnation. Upon investigating the source of the outperformance, Frost learns that the fund has experienced severe style drift, and now has a significant proportion of its resources invested in technology and Internet stocks. Frost reviews the fund’s prospectus and learns the current sector weighting violates multiple prospectus covenants. Frost contacts her supervisor and the fund’s compliance department and is told the portfolio weighting is not her responsibility and that she should not pursue the matter further. Frost reviews the firm’s whistleblower policy, contacts personal legal counsel, and then contacts regulatory authorities regarding the style drift and prospectus violations. Frost is most likely:
A. not in violation of the Code and Standards.
B. in violation of Standard IV(A) "Loyalty."
C. in violation of Standard III(E) "Preservation of Confidentiality."
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund but has had trouble hiring analysts who are CFA charterholders as well as with finding clients. She offers a $15,000 incentive bonus to any charterholder who joins the firm with over $1 million in committed client investments. Which of the following interpretations of the Code and Standards is most accurate?
A. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided the member or candidate refuses to accept the incentive bonus.
B. A member or candidate may not solicit current clients away from their current employer.
C. A member or candidate may arrange for current clients to switch to the Korthauer Tautology Fund provided clients are informed of the incentive bonus.
【单选】 Nicholas Brynne, CFA, develops a trading model while working for CE Jones, an investment management firm. By working on the model at home from his personal computer, Brynne is able to devote additional work hours. Although the trading model is successful, Brynne losses his job in a company restructuring, and decides to start his own practice using the trading model. Nicholas is most likely:
A. not in violation of the Standards because the trading model was created using his home computer.
B. in violation of the Standards because he did not receive permission from his employer to keep or use the files after employment ended.
C. in violation of the Standards because he did not have permission to build the trading model using his home computer.
【单选】 Greg Stiles, CFA, CAIA, has recently liquidated most of a client’s portfolio because the client is planning to buy a house. Stiles informs one of the brokers in his office who has his real estate license about the plans of his client. With respect to Standard III(E), Preservation of Confidentiality, this action:
A. is appropriate since Stiles keeps the information in the firm.
B. is appropriate since Stiles only tells a licensed salesman.
C. violates the Standard unless the client asks Stiles to tell the licensed salesman.
【单选】 Greg Stiles, CFA, may withhold from CFA Institute information about a client acquired in the regular performance of his duties:
A. for neither of the reasons listed.
B. only if Stiles is a relative of the client.
C. only if Stiles has a special confidentiality agreement with the client.
【单选】 While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?
A. Contact CFA Institute about the determination.
B. There are no exceptions in this list.
C. Contact the appropriate governmental authorities about the determination.
【单选】 While servicing his clients’ accounts, an analyst who is a CFA charterholder, determines that one client is probably involved in illegal activities. According to Standard III(E), Preservation of Confidentiality, the analyst may NOT do which of the following?
A. There are no exceptions in this list.
B. Contact CFA Institute about the determination.
C. Both contact CFA Institute and governmental authorities.
【单选】 Greg Stiles, CFA, keeps a list of his clients’ birthdays and has personally sent them a birthday card each year at the appropriate time. With respect to this action, which of the following may be a violation of Standard III(E), Preservation of Confidentiality?
A. Hiring a company outside the firm to perform the task.
B. Sending a gift along with the card.
C. The mere act of sending a birthday card each year.
【单选】 Trude Front, CFA, is a portfolio manager and works extensive hours. To give her a more flexible work environment, she often works from home on her personal computer and keeps client account information there – in violation of company policy. While away on travel, her home is burglarized and her computer is taken. Rather than disclose the policy violation, she does not notify her company or her clients of the contents of her computer files. Two months later the client account information is used to commit identity theft, costing her clients a total of $58,000 in fraudulent charges. Front is most likely:
A. not in violation of any Standard because the disclosure of confidential information was accidental and unavoidable.
B. not in violation of any Standard because the confidential information was stored on her personal computer for use for work during her personal time.
C. in violation of Standard III(E) "Preservation of Confidentiality" for failing to follow company policies and procedures relating to electronic information and security resulting in accidental disclosure of confidential information.
【单选】 Nancy Korthauer, CFA, has launched a new hedge fund called the Korthauer Tautology Fund and is actively soliciting clients from competitor’s firms. Client presentations are necessarily brief and often take place with the prospective client’s current investment advisor in the room. The Code and Standards require that:
A. member or candidate provide (on request) additional detail information which supports the abbreviated presentation.
B. a prospective client’s current investment advisor not participate in meetings.
C. all client presentations provide a thorough review of all elements of the investment management process. Abbreviated presentations are forbidden.
【单选】With respect to the choice of broker, did Patel violate any CFA Institute Standards of Professional Conduct?
A. Yes, since Patel is obligated to seek the best possible price and execution for all clients.
B. Yes, since Patel failed to properly notify Singh that using TradeRight would lead to higher commissions and opportunity costs.
C. No.

【单选】Did Patel violate any CFA Institute Standards of Professional Conduct when she purchased the NetWin stock for Singh’s portfolio or for the other clients’ portfolios?

A. B.
C.

Yes

【单选】According to CFA Institute Standards of Professional Conduct, may Patel reallocate Singh’s portfolio toward technology stocks after his Uncle dies but before the meeting with Singh?

A. Yes, because the total value of the municipal bonds received into the account will be too large relative to the other assets in the portfolio.
B. No, because Patel and Singh must meet and revise the investment policy statement and portfolio strategy before reallocating.
C. No, because Patel must wait until the next annual meeting to reallocate.

【单选】In light of Singh’s comments during his telephone call to Patel prior to his uncle’s death, which of the following actions that Patel can take comply with CFA Institute Standards of Professional Conduct?

A. Patel must not place any trades in the account until she meets with Singh to develop a new portfolio strategy based on the updated information.
B. Patel may change the current portfolio strategy and begin trading based upon Singh’s expectations because he advised her to do so.
C. Patel must adhere to the existing portfolio strategy until she meets with Singh to develop a new portfolio strategy based upon updated financial information but may place trades which are consistent with the existing strategy.

【单选】 According to CFA Institute Standards of Professional Conduct, when a client asks her portfolio manager to change the current investment strategy of the client’s portfolio, the manager should:

A. examine whether the strategy is appropriate for the client and explain the implications of the new strategy before implementing the strategy.
B. explain the implications of the new strategy after the member manager implements the strategy.
C. obey the client's request without question.

【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. One of the clients gets married and the assets of the new spouse and the client are combined. With the larger portfolio of the now married client, Hatfield determines that they can assume a higher level of risk and begins a change in the policy concerning that portfolio. Which of the following would violate Standard III(C), Suitability?

A. Implement a similar policy for the other client who did not just get married.
B. Assess the return objectives of the newly married client and his spouse.
C. Assess the time horizon of the newly married client and his spouse.

【单选】 A broker was sanctioned for unsuitable recommendations and excessive trading involving three accounts under his care. These clients were unsophisticated, inexperienced individual investors with limited means. According to CFA Institute Standard III(C), Suitability, which of the following is least likely to be considered a relevant factor in determining the appropriateness and suitability of investment recommendations or actions for each portfolio or client?

A. Basic characteristics of the total portfolio.
B. Needs and circumstances of the portfolio or client.
C. Best interests of the investment professional.

【单选】 Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients’ behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is:

A. a violation of Standard III(C), Suitability.
B. congruent with Standard III(C), Suitability.
C. a violation of Standard III(B), Fair Dealing.

【单选】 The O’Douls (husband and wife) have decided to work with Jane Mack, CFA, to have her recommend an investment portfolio for them. The O’Douls are novice investors and Mack has determined their asset allocation model falls into the conservative category. After researching various investment options for the O’Douls, Mack has made a recommendation that they divide their account on a 25%/75% basis between shares of a computer peripherals manufacturing company her brokerage firm is underwriting and investment grade corporate bonds. The O’Douls are not aware that Mack’s firm is underwriting an offering of the company in question. Which CFA Institute Standard(s) has Mack violated given her actions?

A. Standard V(A), Diligence and Reasonable Basis, and I(D), Misconduct.
B. Standard III(B), Fair Dealing, and III(A), Loyalty, Prudence, and Care.
C. Standard VI(A), Disclosure of Conflicts, and III(C), Suitability.

【单选】 Carol Hull, CFA, is an investment advisor whose prospective client, Frank Peters, presents special requirements. To construct an investment policy statement for Peters, Hull inquires about Peters’ investment experience, risk and return objectives, and financial constraints. Peters states that he has a great deal of investment experience in the capital markets and does not wish to answer questions about his tolerance for risk or his other holdings. Under Standard III(C), Suitability, Hull:

A. may accept Peters’ account but may only manage his portfolio to a benchmark or index.
B. must decline to enter into an advisory relationship with Peters.
C. is permitted to manage Peters’ account without any knowledge of his risk preferences.

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