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1、1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia1Scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFA
2、InstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:A.toCFAInstitutewhentheinvestigationconcludes.B.onherProfessionalConductStatement.C.toCFAInstituteiftheallegationsareprovencorrect.Answer=BMembersandcandidatesmustself-discloseontheannualProfes
3、sionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI,CodeofEthicsandStandardsofProfessionalConducf2.IleanaInkster,CFA1wasrecentlyofferedaseniormanagementpositionwithinthetrustdepa
4、rtmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesth
5、atrecentseminaradvertisementspreparedbythebanksmarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescanlearnhowtoimmediatelyadd$100,000totheirnetworth/WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.Declinetoac
6、ceptthenewpositionB.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.AcceptthepositionandrevisethemarketingmaterialAnswer=ATheprospectivesupervisorsfirststepshouldbetonottaketheposition.Acceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleav
7、eInksteratriskofincurringaviolationofStandardIv(C)-ResponsibiIitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelIuGuidanceforStandardsI-VlStandardIv(C)-ResponsibiIitiesofSupervisors3.BethKozniak,aCFAc
8、andidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKoziak,shadexpressedinterestinpu
9、rchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinte
10、restintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsOfProfessionalConduct?A.NoB.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientC.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientAnswer=AKozniakdoesnotappeartohaveViOlatedanyCFAInstituteSta
11、ndardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepro
12、pertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchas
13、e,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-LoyaIty,Prudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VI,StandardIII（八）-LoyaIty1Prudence,andCarelStandardVl（八）-DiscIosureofConflicts4.MariamMusa,CFA,head
14、ofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalystabouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesabuy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace
15、.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyKassim.B.bothMusaandKassim.C.onlyMusa.Answer=BBothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibiIitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsOftheStandar
16、dsofProfessionalConduct(inthiscase,StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVI(B)-PriorityofTransactionsbecausehedidnotgiv
17、esufficientprioritytoDunfieId1Sclientsbeforetradingonhisrecommendation.CFALevelIGuidanceforStandardsI-VlStandardIv(C)-ResponsibiIitiesofSupervisors,StandardVI(B)-PriorityofTransactions5.WhichofthefollowingstatementsdoesnotaccuratelyrepresenttheobjectivesofGlobalInvestmentPerformanceStandards(GIPS)?T
18、heGIPSstandards:A.ensureconsistent,accurateinvestmentperformancedataintheareasofreporting,records,marketing,andpresentations.B.obtainglobalacceptanceofcalculationandpresentationstandardsinafair,comparableformatwithfulldisclosure.C.promotefaircompetitionamonginvestmentmanagementfirmsinallmarketsbyreq
19、uiringcommonfeestructures.Answer=COneoftheobjectivesoftheGIPSstandardsistopromotefaircompetitionamonginvestmentmanagementfirmsinallmarkets;thisobjectivedoesnotrequireunnecessaryentrybarriersorhurdlesfornewfirms,suchascommonfeestructures.CFALevelI“TheGIPSStandards,CFAInstituteFundamentalsofCompliance
20、6.JamesSimone,CFA,thechieffinancialofficerofapubliclylistedcompany,seekstoimprovethequalityofhiscompanyscommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompanysquarterlyearningsarebroadcastinapressreleasethenextdaybef
21、orethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemost/eyviolatetheCFAInstituteStandardsofProfessionalConduct?A.YesB.No,becausethecompanyreleasesinformationwhilethemarketisclosedC.No,becauseinvestorbriefingandpressreleaseinformationareidenticalA
22、nswer=ASimoneviolatedStandardII（八）-MateriaINonpublicInformationbygivinginstitutionalfundmanagersaccesstomaterialnonpublicinformationpriortopublicdissemination(i.e.,thepressrelease).Byreleasingearningsresultstoaselectgroupofinstitutionalfundmanagerspriortoapublicpressrelease,Simoneallowstheinstitutio
23、nalfundmanagersatimeadvantageoverotherinvestorsnotinvitedtotheinvestorbriefing.CFALevelI,GuidanceforStandardsI-VlStandardII（八）-MateriaINonpublicInformation7.DianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedatalargeaccountingfirm.Whenherhusbandmentionsthatacomputerfirmheauditswillreceiveaqualified
24、opinion,shethinksnothingofit.Laterthatweek,whenshereviewsanewclientaccount,shenoticestherearesubstantialholdingsofthiscomputerfirm.Whenshedoesathoroughinternetsearchfornewsonthecompany,shedoesnotfindanythingaboutitsmostrecentauditoranyotheradverseinformation.Whichofthefollowingactionsconcerningtheco
25、mputerstockshouldFairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?A.Completeathoroughanddiligentanalysisofthecompanyandthensellthestock.B.Sellthestockimmediatelybecauseshehasareasonablebasisfortakingthisinvestmentaction.C.Takenoinvestmentaction.Answer=CTheinformat
26、ionconcerningthequalifiedopinionismaterial.Itisalsononpublicbecauseithasnotbeenreleasedandisnotavailableonline,sothemosaictheorywouldnotholdupinthiscase.Asaresult,shewouldbeinviolationofStandardII（八）-MateriaINonpublicInformationifshetookinvestmentactionbasedonthisinformation.Sheshouldalsomakereasona
27、bleeffortstoachievepublicdisseminationoftheinformation.CFALevelIGuidanceforStandardsI-Vl,StandardII（八）MaterialNonpublicInformation8.MargieGermainne,CFA,isariskmanagementconsultantwhohasbeenaskedbyasmallinvestmentbanktorecommendpoliciestopreventbankemployeesfromfrontrunningclientorders.Theseclientsge
28、nerallyinvestinoneormoreofthebanklargecapequityunittrusts.ToensurecompliancewiththeCFAInstituteStandardsofProfessionalConduct,Germainneshouldleastlikelyrecommendwhichofthefollowing?Employeesshouldberestrictedfromtrading:A.equity-relatedsecurities.B.withoutpriorpermission.C.duringestablishedtimeperio
29、ds.Answer=AAlthoughStandardVI(B)-PriorityofTransactionsisdesignedtopreventanypotentialconflictofinterestortheappearanceofaconflictofinterestwithrespecttopersonaltransactions,itdoesnotbanemployeesfromtradingsecurities.Abanonallequity-relatedsecuritiescouldbeexcessivelyrestrictivetoemployeesandunneces
30、saryifappropriatepersonaltransactionpoliciesandproceduresareinplace.CFALevelIuGuidanceforStandardsI-Vl,StandardVI(B)-PriorityofTransactions9.MollyBurnett,CFA,isaportfoliomanagerforafundthatonlyinvestsinenvironmentallyfriendlycompanies.Amultinationalutilitycompanyrecentlyacquiredoneofthefundbest-perf
31、orminginvestments,awindpowercompany.Thewindpowercompany,sshareholdersreceivedutilitycompanysharesaspartofthemergeragreement.Theutilityhasoneoftheworstenvironmentalrecordsintheindustry,butitsshareshavebeenoneofthetopperformersoverthepast12months.Becausetheutilitypaysahighdividendeverythreemonths,Burn
32、ettholdstheutilitysharesuntiltheremainingtwodividendsarepaidfortheyearthensellstheshares.BurnettmostlikelyviolatedtheCFAInstituteStandardofProfessionalConductconcerning:A.DisclosureofConflicts.B.Suitability.C.IndependenceandObjectivity.Answer=BTheutilityisnotasuitableinvestmentforafundthatonlyinvest
33、sincompanieswithgoodenvironmentalrecords.Continuingtoholdthisinvestment,therefore,wasaviolationofStandardIII(C)-SuitabiIity.CFALevelIGuidanceforStandardsI-VlStandardI(B)-IndependenceandObjectivity,StandardIII(C)-SuitabiIity,StandardVl（八）-DiscIosureofConflicts10.JohannesMeir1CFA,isacomplianceofficerf
34、orFamilyEstatePlanning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagueshavefamilymemberswhohavestartedtheirownretailbusinesses.SomeofMeirscolleagueshavebeenaskedbyrelativestoserveasnon-executivedirectorsoradviserstotheircompanies.Meirshouldmostlikelyrecommendwhichofthefollowingpoliciestoensureco
35、mpliancewiththeCFAInstituteStandardsofProfessionalConduct?A.RequireemployeestodeclareallincomesourcesannuallyB.RequireemployeestodeclarealloutsidebusinessinterestsC.ProhibitemployeesfrombecomingdirectorsoradvisersAnswer=BStandardVl（八）-DiscIosureofConflictsrequiresthedisclosureofconflicts.ForMeirtoun
36、derstandwhatpotentialconflictsofinterestemployeesmayhavewiththefirmandwiththeirclients,hewouldneedtoknowtheoutsideinterestsOfeachstaffmember.Thestaffmembersthemselvesmaynotknowenoughaboutthecompanyanditsclientstodisclosethoseintereststhatwouldpresentapotentialconflict.Therefore,itmaybebesttohavealle
37、mployeesdeclaretheiroutsidebusinessinterestsonanannualbasissoMeircanmakethedeterminationastowhatoutsidebusinessinterestsneedtobedisclosedtoclients.CFALevelIoGuidanceforStandardsI-VlStandardVl（八）-DiscIosureofConflicts11.WhichofthefollowingstatementsconcerningrequirementsunderStandardV(B)-Communicatio
38、nwithClientsandProspectiveClientsisleastlikelyaccurate?Thisstandardrequiresmembersandcandidatesto:A.divulgethenumberofinvestmentrelatedpersonnelresponsibleforexternalcommunication.B.distinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations.C.disclosethebasicformatandgen
39、eralprinciplesoftheinvestmentprocess.Answer三AStandardV(B)-CommunicationwithClientsandProspectiveClientsdoesnotlimitthetypeornumberofstaffresponsibleforexternalcommunication.CFALevelI“StandardsofProfessionalConduct,mCFAInstituteStandardV(B)-CommunicationwithClientsandProspectiveClients12.GabrielleGab
40、be,CFAhasbeenaccusedofprofessionalmisconductbyoneofhercompetitors.TheallegationsconcernGabbe,spersonalbankruptcyfiling10yearsagowhenshewasacollegestudentandhadalargeamountofmedicalbillsshecouldnotpay.Bynotdisclosingthebankruptcyfilingtoherclients,didGabbemostlikelyviolateanyCFAInstituteStandardsofPr
41、ofessionalConduct?A.NoB.Yes,relatedtoMisconductC.Yes,relatedtoMisrepresentationAnswer=AApersonalbankruptcydoesnotnecessarilyconstituteaviolationofStandardI(C)-MisrepresentationorStandardI(D)-Misconduct.Ifthecircumstancesofthebankruptcyinvolvedfraudulentordeceitfulbusinessconduct,thenfailingtodisclos
42、eitmayconstituteaviolationoftheStandardsofProfessionalConduct.CFALevelIGuidanceforStandardsI-VlStandardI(C)-Misrepresentation,StandardI(D)-Misconduct13.ChanLiu,CFA1isthenewresearchmanageratthePacificMicroCapFund.Liuobservedthefollowingactivitiesaftershepublishedaresearchreportonathinlytradedmicro-ca
43、pstockthatincludedaHbuyrecommendation:PacifictraderspurchasedthestockforPacificsproprietaryaccountandthenpurchasedthesamestockforallclientaccounts;andPacificmarketingdepartmentemployeesdisseminatedpositive,butfalse,informationaboutthestockinwidelyreadinternetforums.1.iunotesthestock,spriceincreasedm
44、orethan50%withinaperiodoftwodaysandwasthensoldforPacificsaccount.WhichofthefollowingstepsismostappropriateforLiutotaketoavoidviolatingtheCFAInstituteStandardsofProfessionalConduct?A.Removehernamefromthemicro-capstockresearchreport.B.Publiclyrefutethefalseinformationpostedoninternetforums.C.Reportthe
45、observedactivitiestoheremployer.Answer=CCertainstaffatLiusemployerappeartobeengagedinfrontrunning,aviolationofStandardVI(B)-PriorityofTransactions,andmarketmanipulation,aviolationofStandardII(B)-MarketManipulation.IfLiuobservestheseviolationswithouttakingstepstonotifyheremployer,sheW川beinviolationof
46、StandardI（八）-KnowIedgeoftheLaw.Liushouldknowthattheconductobservedislikelyaviolationofapplicablelaws,rules,andregulationsaswellasaviolationoftheCFAInstituteStandardsofProfessionalConduct.Herfirststep,therefore,shouldbetoattempttostopthebehaviorbybringingittotheattentionoftheemployerthroughasuperviso
47、rorthefirmsmpliacedepartment.Inactionmaybeconstruedasparticipationorassistanceintheillegalorunethicalconduct.CFALevelIGuidanceforStandardsI-VlFStandardI（八）-KnowIedgeoftheLaw,StandardII(B)-MarketManipulation,StandardVI(B)-PriorityofTransactions14.FrancescaNdenda,CFA,andGraceRutabingwaworkinthesamedep
48、artmentforNewAgeManagers,withRutabingwareportingtoNdenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiryfromtheProfessionalConductProgramatCFAInstituteregardingapotentialcheatingviolationwhenshesatfortheCFAexaminJune.AsRutabingwa1Ssupervisor,NdendaisafraidthatRutabingwa1Sbehaviorwillbeseenasaviol
49、ationoftheCodeandStandards.DoesNdendamostlikelyhavecauseforconcern?A.No,notuntilRutabingwaisfoundguiltyofcheatingB.YesC.No,becauseherresponsibilitiesdonotapplyAnswer=CAsupervisorsresponsibilitiesrelatetodetectingandpreventingviolationsbyanyonesubjecttotheirsupervisionorauthorityregardingactivitiestheysupe
