2019 CFA level 3 qbank r 1 2 CFA ins code of ethics and standards of prof conduct standards I–VII 1 answers

Study Session 1, Module 1.1, LOS 1.b Related Material SchweserNotes - Book 1 Question #7 of 181 Which of the following is a component of the Code of Ethics?. Study Session 1, Module 2.1,

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Question #1 of 181

Sandra Bulow, CFA, is responsible for updating her employing rm's website to include changes

in analysis techniques and trading procedures She is often very delinquent in making these

changes, despite working extensive hours She is aware clients are using the website to make

investment decisions, and has received complaints from the sales department as the

information on the website if often di erent from what is presented in sales meetings Bulow is

most likely:

A) in violation of Standard I(C) "Misrepresentation."

B) in violation of Standard III(B) "Fair Dealing."

C) not in violation of any Standard.

Explanation

Bulow is most likely in violation of Standard I(C) "Misrepresentation." The web site

information is erroneous, and needs to be updated to match the rm's current practices

(Study Session 1, Module 2.2, LOS 2-I.(C))

Related Material

SchweserNotes - Book 1

Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto He

places trades for the fund with River City Brokerage River City presents Calaveccio with a bottle

of inexpensive wine at Christmas each year Calaveccio does not disclose this fact in the

prospectus of the small cap venture fund This action is:

A) in violation of the Standard concerning disclosure of con icts to clients and

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Under Standard I(B) Independence and Objectivity, members are advised to "use reasonable

care" in order to maintain independence While it is clearly understood that gifts from various

entities have the potential to a ect a member's independence and objectivity, a member can

accept token gifts as long as they are not intended to in uence or reward

(Study Session 1, Module 2.1, LOS 2-I.(B))

Betsy Fox is an investment advisor who has a client, Don Gordon, who is an employment

lawyer At lunch, Fox noticed Gordon and the Chief Financial O cer of Blue Star Company at

the next table She overhears them talking and ascertains that Blue Star is about to announce

higher than expected earnings Before the earnings release, Gordon contacts Fox and asks her

to purchase 3,000 shares for his portfolio Fox:

A) can only purchase shares for her personal account after informing all of her clients

about the potential of the increase in earnings

B) must refuse to purchase shares for Gordon.

C) can purchase shares for Gordon, but cannot ever purchase shares for her personal

account

Explanation

According to Standard II(A), Material Nonpublic Information, Fox cannot act or cause others

to act on material nonpublic information until the information is made public The

information overheard at lunch was material and nonpublic; therefore, Fox must wait until

the information is made public before accepting Gordon's order

(Study Session 1, Module 2, LOS 2.a)

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According to CFA Institute Standards of Professional Conduct, which of the following

statements about the prohibition against plagiarism is most correct? The prohibition against

plagiarism applies to written materials:

A) and oral communications only.

B) only.

C) oral communications, and telecommunications.

Explanation

The prohibition against plagiarism applies to all three areas

B) Consulting with colleagues about opinions you reach in your research.

C) Maintaining a list of colleagues who have violated the CFA Institute standards.

Explanation

The Code states that a member shall "Maintain and improve their professional competence

and strive to maintain and improve the competence of other investment professionals."

None of the other answers qualify

(Study Session 1, Module 1.1, LOS 1.b)

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The CFA Institute Code of Ethics speci es that CFA Institute Members and Candidates must do

all of the following EXCEPT:

A) use reasonable care and exercise independent professional judgment when

engaging in professional activities

B) refrain from any conduct that compromises the reputation or integrity of the CFA

designation

C) act with integrity, competence, diligence, respect, and in an ethical manner.

Explanation

Not compromising the reputation or integrity of the CFA designation is a part of the

Standards of Professional Conduct, but is not speci cally mentioned the Code of Ethics

Which of the following is a component of the Code of Ethics?

A) Members shall not knowingly participate or assist in any violation of such laws,

rules, or regulations

B) Members shall not engage in any professional conduct involving dishonesty, fraud,

deceit, or misrepresentation or commit any act that re ects adversely on their

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Susan Nielsen, CFA, is an equity research analyst on a fact- nding property tour with 6 other

analysts to learn about Just Kittens, Inc Just Kittens sells tungsten ball-bearings and has 16

warehouses, and 20 manufacturing, research, and wholesale sales outlets scattered over 8

countries – mostly emerging markets Because of the remote location of some of the facilities,

commercial travel is e ectively unavailable Just Kittens charters a jet and various busses to

take the research analysts to the properties If Nielsen accepts these accommodations, she is

most likely:

A) not in violation of Standard I(B) "Independence and Objectivity" because

commercial travel is e ectively unavailable

B) in violation of Standard I(B) "Independence and Objectivity."

C) not in violation of Standard I(B) "Independence and Objectivity" because best

practices dictate that better access to company executives is likely to lead to more

Explanation

Nielsen is not in violation of Standard I(B) "Independence and Objectivity" because

commercial travel is e ectively unavailable

The Securities and Exchange Board of India (SEBI) has just enacted a new stock-trading rule

SEBI will give brokers a 10-day grace period, during which violators of the rule will be

immediately noti ed and given a chance to remedy their situation to comply with the new rule

If a CFA Institute member located in India or doing business in India unknowingly violates the

rule and then remedies the situation within the 10-day grace period, has the member violated

Standard I(A)?

A) No, because the member remedied the situation.

B) Yes, because the member did not maintain knowledge and know of the rule.

C) No, because the member unknowingly broke the rule.

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Standard I(A) explicitly says that a member shall maintain knowledge and comply with laws,

rules, and regulations By not knowing of the rule, the member broke the standard

(Study Session 1, Module 2.1, LOS 2-I.(A))

All of the following are violations of Standard II(B) Market Manipulation EXCEPT:

A) exploiting di erences in market ine ciencies.

B) securing a controlling interest in an equity security in order to in uence the price of

a related derivative instrument

C) disseminating misleading information about the development of new products and

technologies

Explanation

Standard II(B) Market Manipulation prohibits practices that distort prices or arti cially in ate

trading volumes with the intent to mislead market participants The Standard is not intended

to prohibit legitimate trading strategies that exploit di erences in market ine ciencies

(Study Session 1, Module 2.3, LOS 2-II.(B))

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The following information involves two research analysts at a brokerage rm.

Erik Bagenot, CFA, is preparing a research report on Global Enterprises, Inc In preparingthe report, he uses materials from many sources For example, he uses factual

information published by Standard & Poor's Corporation without acknowledging thesource He also uses excerpts from a research report prepared by another analyst

Bagenot makes only a slight change in wording for these excerpts, but acknowledges thesource

Sally Wain, who is currently enrolled in the CFA program, is preparing a research report

on Manson Telecommunications She attends a conference in which several investmentexperts provide their views about the future prospects of this company Wain citesseveral quotations from these investment experts in her report without speci creference

According to CFA Institute Standards of Professional Conduct involving prohibition against

plagiarism, which of the following statements is CORRECT?

A) Bagenot violated the Standards, but Wain did not.

B) Both Bagenot and Wain violated the Standards.

C) Wain violated the Standards, but Bagenot did not.

Explanation

Bagenot complied with Standard I(C), which permits publishing factual information from

Standard & Poor's without acknowledgment and using excerpts with acknowledgment Wain

committed plagiarism because she failed to give speci c references for the quotations that

CFA Institute members are required to do all of the following, EXCEPT:

A) disclose, in writing, all observed violations of security laws and regulations to the

proper regulatory authorities

B) inform their employer, clients, and potential clients of bene ts received for

recommending products or services

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C) receive permission from both their employer and outside clients to engage in

investment consulting outside the rm

Explanation

Members are not required to report violations of others to regulatory authorities, either

verbally or in writing, but such reporting may be prudent

According to the Code of Ethics, a member re ects credit on the profession when a member:

A) places the clients rst.

B) consults with other members on a regular basis.

C) practices in a professional and ethical manner.

Explanation

Component four of the Code says that a member shall "Practice and encourage others to

practice in a professional and ethical manner that will re ect credit on members and the

profession." Neither of the other choices are implied by the Code

A) increase membership in CFA Institute.

B) resolve con icts between clients and employers.

C) re ect credit on members and the profession.

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The Code states that a member shall "Practice and encourage others to practice in a

professional and ethical manner that will re ect credit on members and their profession."

Michael Malone, CFA, is an investment analyst for a large brokerage rm in New York who

covers the airlines industry After hours in his personal time, Malone maintains an online blog

on which he expresses his personal opinions about various investment opportunities, including,

but not limited to, the airlines industry On his blog, he posts a very negative investment

opinion about WestAir stock Malone knows that WestAir's stock will be downgraded to a "sell"

by his rm next week Malone has most likely violated:

A) Standard VI(B) Priority of Transactions.

B) violated Standard II(A) Material Nonpublic Information.

C) violated Standard IV(A) Loyalty.

Explanation

By expressing his investment analysis on his personal blog ahead of his employer, Malone

deprived his employer of the bene ts of his skills and abilities and therefore violated

Standard IV(A) Loyalty Malone did not possess material nonpublic information about WestAir

and no transactions have taken place

An analyst is told by his supervisor that when he feels he should write a buy recommendation

he is free to do so, and when he feels he should write a sell recommendation he should check

with the supervisor rst This practice is most likely:

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A) consistent with the Code of Ethics and Standards of Professional Conduct.

B) in violation of Standard I(B) Independence and Objectivity.

C) in violation of Standard V(B), Communications with Clients and Prospective Clients.

Explanation

The policy dictated by the supervisor would infringe upon the analyst's independence and

objectivity It may discourage the analyst from making sell recommendations and,

furthermore, present the opportunity for the supervisor to try and change the analyst's mind

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) not violated the Standards.

B) violated the Standards by misrepresenting her experience.

C) violated the Standards by soliciting business over the Internet.

Explanation

One cannot misrepresent their experience, even over the Internet

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A government committee has concluded that investment company fees should be disclosed to

clients each quarter and has proposed new legislation to require this Currently, the legal

requirement is to report such data annually In compliance with current legal requirements,

Dolphin Investments discloses its fees annually Eugene Shin, CFA, Dolphin's compliance o cer,

learns of the proposed changes but does not convert Dolphin's reporting to a quarterly basis

Shin's decision not to act:

A) is not a violation of the Code and Standards.

B) is a violation of his duty to employer as de ned in the Code and Standards.

C) constitutes professional misconduct as de ned in the Code and Standards.

Explanation

The potential change in the law is only a proposal at this stage There is no violation as long

as Dolphin is following the regulations currently in force

A) are only obligated to comply with securities laws in the U.S.

B) must comply with the laws and rules governing their profession and must not

engage in any individual behavior that re ects adversely on the entire profession

C) need not comply with the laws and rules governing their profession or must not

engage in any individual behavior that re ects adversely on the entire profession

Explanation

CFA charterholders must comply with the laws and rules governing their profession and must

not engage in any individual behavior that re ects adversely on the entire profession While

they should act honorably and follow U.S securities laws, they are obligated to more than

that, as set forth in the Code and Standards

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Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of

nonpublic information through her contacts with drug rms Although no one piece of the

information she collected is "material," Waters correctly concluded that the earnings of one of

the drug companies would be unexpectedly high in the coming year According to CFA Institute

Standards of Professional Conduct, Waters:

A) can use the information to make investment recommendations and decisions.

B) may use the information, but only after approval from a compliance o cer or

supervisor

C) cannot legally invest or make recommendations based on this information.

Explanation

Members who can piece together items of nonmaterial nonpublic information with public

information can, based upon the mosaic theory, use such information for trading purposes

(Study Session 1, Module 2.3, LOS 2-II.(A))

Mark Williamson is "bearish" on ABC Manufacturing Company Williamson is so convinced that

ABC is overpriced, two weeks ago, he shorted 100,000 shares Today, Williamson is "sur ng"

several popular investment bulletin boards on the internet and posting false derogatory

comments about company management According to Standard II(B), Market Manipulation,

Williamson has engaged in:

A) both transaction-based manipulation and information-based manipulation.

B) transaction-based manipulation, but not information-based manipulation.

C) information-based manipulation, but not transaction-based manipulation.

Explanation

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Williamson is in violation of Standard II(B), Market Manipulation, by engaging in

information-based manipulation Information-information-based manipulation includes, but is not limited to,

spreading false rumors about a rm in order to induce others to trade

Steve Reese, CFA, an equity analyst for Bison Investments, has just completed his extensive

research on the long-term prospects of ThetaCorp, a small technology rm that creates medical

software for hospitals and other medical clinics Reese has determined that the economic

outlook for ThetaCorp warrants issuing a buy recommendation and has re ected this long-term

view in his report which is being reviewed by Bison's compliance department The head of

Bison's investment banking department, Mark Hazel, CFA, learned of the report and called

Reese to suggest that he increase his recommendation to a strong-buy in an e ort to support

Bison's bid to be retained as the lead underwriter for an upcoming bond issue by ThetaCorp

Hazel explained that the level of risk that Reese has assigned to ThetaCorp is too high and that

with a slight downward adjustment, a strong-buy recommendation would be justi ed Reese

agreed to the adjustment and updated his report which he then resubmitted to the compliance

department which gave its o cial approval for distribution According to CFA Institute

Standards of Professional Conduct, which of the following is CORRECT? Reese has:

A) not violated the Standards since he has reasonable basis to support a strong-buy

recommendation

B) violated the Standards by failing to deal fairly with all of Bison Investments’ clients.

C) violated the Standards by failing to maintain his independence and objectivity.

Explanation

According to Standard I(B) – Independence and Objectivity, members and candidates must

not allow other entities to compromise the independence and objectivity of their professional

activities Reese has allowed Hazel to materially in uence his research report Hazel is the

head of Bison's investment banking department which may have interests at odds with the

equity research department Ideally, the rm would build a rewall to prevent such

communication between departments

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Lin Liu, a Level III candidate, sat for the CFA examination in June in Hong Kong Liu was very

nervous before and during the exam because she did not study the material as well as she had

planned She feels particularly weak in the use of complex derivatives to modify portfolio risk

and return and hopes the exam will not have many questions on that topic

Liu arrived at the exam center very early and planned to do some last minute studying in the

exam room She had a large backpack with her that contained all of her study notes When she

arrived at the exam center, the proctor who was checking candidates in at the door told Liu that

she could not bring her backpack or study notes into the exam room but would need to leave

them somewhere outside the exam center Liu left the exam room and continued to study until

the very last minute She didn't know where to leave her backpack She remembered that there

was a small closet in the Ladies Lavatory, which was just outside the exam room She decided

to leave her backpack and notes hidden there

Liu showed her current passport and approved calculator to the proctor and was sent to her

assigned seat She was seated at the end of a row with another candidate to her right Wang

Chou, lead proctor, read the opening statement to candidates as the exam booklets were

distributed Wang cautioned candidates not to open the exam booklet until he instructed them

to do so

When Masako Yamasaki, the section proctor, distributed the exam booklets, Liu quickly opened

hers and began to read the rst question Yamasaki rushed over and told Liu to close her exam

booklet until Wang instructed candidates to open the booklets Liu closed her book and waited

patiently for Wang to make his announcement When instructed to open her booklet, Liu

quickly began taking the exam Liu's actions at the start of the exam cause Yamasaki to pay

close attention to her during the exam

About 50 percent of the morning session consisted of questions about derivatives Liu became

increasingly nervous about her ability to answer these questions correctly She remembered

that she had left her notes in the Ladies Lavatory and decided she had nothing to lose by going

to the lavatory and looking at her notes She raised her hand and received permission from

Yamasaki to go to the lavatory She retrieved her notes from the closet where she had hidden

them when Yamasaki entered the lavatory and found her with her notes Yamasaki informed

Liu that she would con scate the notes and inform the CFA Institute of Liu's actions in a proctor

report Liu then gathered her belongings and left the exam center

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Are CFA candidates subject to the same disciplinary action for violations of the CFA Institute

Code of Ethics and Standards of Professional Conduct (Code and Standards) for their actions

during the CFA examination as other members of the CFA Institute?

A) Yes, CFA candidates are subject to the same disciplinary action for violations of the

CFA Institute Code and Standards for their actions during the CFA examination

B) No, CFA candidates are not subject to the same disciplinary action for violations of

the CFA Institute Code and Standards during the exam since they are not members

f h C A i

C) No, CFA candidates are not subject to the same disciplinary action for violations of

the CFA Institute Code and Standards during the exam but other sanctions may still

Explanation

Standard VII(A) Conduct as Participants in CFA Institute Programs speci cally references

candidate's responsibility not to engage in any conduct or commit any act that compromises

the integrity of the CFA designation or the integrity or validity of the examinations leading to

the award of the right to use the CFA designation Candidates' actions at the exam site or

while taking the exam are covered by this standard Candidates are subject to disciplinary

action, including expulsion from candidacy in the CFA program

(Study Session 1, Module 1.1, LOS 1.a)

Several weeks after the exam, Liu received a letter from the Professional Conduct sta of the

CFA Institute's Professional Conduct Program concerning Liu's use of notes during the exam

When a proctor (complaining party) informs the CFA Institute Professional Conduct Program of

a potential violation of the Code and Standards during the examination, the CFA Institute's

Rules of Procedure permit the Professional Conduct sta to do all of the following EXCEPT:

A) disclose the name, address and phone number of the proctor (complaining party)

to the candidate regardless of the complaining party's wishes

B) designate another person to act on his or her behalf.

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C) provide the candidate with a notice of inquiry explaining the nature of the

investigation

Explanation

Under the CFA Institute Rules of Procedure, the identity of the complaining party may be kept

con dential at the complaining party's request During the CFA exam, proctors and other

exam administration personnel are the complaining parties when they complete proctor

reports on suspected violations of the CFA Institute Code of Ethics and Standards of

Professional Conduct or the examination rules

After conducting an investigation into Liu's actions, including reviewing proctor reports,

speaking with proctors, and reviewing Liu's notes, the Professional Conduct sta noti ed Liu

they were proposing the following sanction: voiding of exam results and a permanent

expulsion from participation in the CFA program Liu is devastated and determines to appeal

the proposed sanction

Which of the following best describes the option open to Liu to appeal the Professional

Conduct sta proposed sanction?

A) Liu may admit wrongdoing and enter into a stipulation agreement with the

Designated O cer for a lesser sanction

B) Liu may reject the proposed sanction.

C) Liu may request a panel review.

Explanation

After the Professional Conduct sta proposes a sanction for violation of the CFA Institute

Code and Standards during an examination, the candidate can accept or reject the proposed

sanction If the candidate rejects the proposed sanction the matter is referred to a panel

consisting of members of the Disciplinary Review Committee

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Liu rejected the charges and a panel was convened to review the proposed sanction The panel

was convened by telephone and panel members heard testimony from Liu and Yamasaki Liu

admitted that she had reviewed her notes, recognized her error and expressed remorse and a

commitment to avoid violations of the Code and Standards in the future

A panel review has the authority to issue all of the following decisions with respect to sanctions

EXCEPT:

A) refer the matter back for further review.

B) impose a lesser sanction.

C) reverse the sanction.

Explanation

The member or candidate may reject the charges brought against them and the matter is

then referred to a panel review The panel, composed of Disciplinary Review Committee

members, determines whether or not a violation of the Code and Standards or testing

policies has occurred and if so what sanction should be imposed Sanctions include public

censure, suspension of membership and use of the CFA designation, revocation of the CFA

charter, and prohibiting candidates from further participation in the CFA Program There is

no further appeal process once the panel review is concluded

Throughout the investigation and appeal processes, Liu was concerned that her friends and

colleagues would learn that she was under investigation and might be expelled from the CFA

Program

Which of the following circumstances would permit the CFA Institute Professional Conduct

Program to disclose information about a professional conduct investigation to external parties?

A) Criminal activity is uncovered.

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B) A complaining party wants to know what the Professional Conduct Program is

doing to investigate his complaint

C) The Professional Conduct sta receives a call from a journalist about a case under

investigation

Explanation

The Professional Conduct sta must maintain strict con dentiality regarding complaints,

investigations, proceedings and records Exceptions to the con dentiality policy will only be

made in the following circumstances: (a) failure to disclose the ndings has the potential to

cause serious harm to the profession, (b) criminal activity is uncovered, (c) con dentiality is

waived by the member or candidate, and (d) disclosure is required by law However, if a

public censure, timed or permanent suspension of membership and the right to use the CFA

designation is imposed on a covered person, the CFA Institute may publish the covered

person's name and information about the violation This information is usually published in

the CFA Magazine for violations regarding professional practice and in the Candidate Bulletin

for exam-related violations

After she received the Notice of Inquiry from the Professional Conduct sta , Liu had fully

cooperated with the investigation into her actions during the CFA Exam If a member or

candidate receives a Notice of Inquiry about an alleged violation of the CFA Institute Code and

Standards and fails to cooperate fully with the investigation, which of the following sanctions

are the Professional Conduct sta likely to impose?

A) Suspension or prohibited from further participation in the CFA Program.

B) 1-year Timed Suspension.

C) Private Censure.

Explanation

The Professional Conduct sta is likely to suspend and prohibit a candidate from further

participation in the CFA Program for failure to cooperate with a professional conduct

investigation Other sanctions may include public censure, suspension of membership and

use of the CFA designation

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Greg Allen is a security analyst and visits David Dawson, the Chief Financial O cer of Edmonds

Company Dawson reveals a great deal of nonmaterial nancial data to Allen, data that Dawson

routinely reveals to all security analysts who visit him From this data and other industry

information, Allen conjectures that Edmonds is likely to make a tender o er for another

company in the industry, a fact that if true would be considered material to the value of the

company Allen:

A) can publish his conclusion in a research report.

B) should send a copy of the report to Dawson for veri cation before disseminating

the report to clients

C) must not disseminate the information or use it for trading purposes until the

tender o er is announced

Explanation

While the information that Allen received from the Edmonds CEO may be non-public, we are

also told that it is non-material Because Allen has reached his investment conclusion

through an analysis of public information together with items of non-material non-public

information (ie "mosaic theory"), publishing this conclusion is not a violation of the Code and

An analyst preparing a report needs to cite which of the following?

A) A recent quote from the Federal Reserve Chairman.

B) The individual who developed a chart from the same rm.

C) Estimates of betas provided by Standard & Poor's.

Explanation

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Statistics provided by a recognized agency, such as Standard and Poor's, do not need to be

cited Charts, quotes, and algorithms developed by the rm would need to be cited when

they are used but the individual(s) who developed the materials within the rm do not need

Marc Randall, CFA, is an investment analyst During a meeting with a potential client, Randall's

boss states that, "You can be sure our investments will always outperform Treasury Bonds

because of our ne research sta members, like Marc." Randall knows that this statement is:

A) a violation of the Standard concerning prohibition against misrepresentation.

B) not in violation of the Code and Standards.

C) a violation of duciary duties owed to clients under the Standards.

Explanation

Under Standard I(C), members are forbidden from guaranteeing a speci c rate of return on

volatile investments Therefore, the statement is in violation of the Standard

If an analyst suspects a client or a colleague of planning or engaging in ongoing illegal activities,

which of the statements about the actions that the analyst should take is most correct?

According to the CFA Institute Standards of Professional Conduct, the analyst should:

A) consult counsel to determine the legality of the activity and disassociate from any

illegal or unethical activity if the member has reasonable grounds to believe that

B) disassociate from any illegal or unethical activity if the member has reasonable

grounds to believe that the activity is illegal or unethical

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C) consult counsel to determine the legality of the activity.

Explanation

According to the procedures for compliance involving Standard I(A), CFA Institute members

should determine legality and disassociate from any illegal or unethical activity

A CFO who is a CFA Institute member is careful to make his press releases— some of them

containing material and previously undisclosed information—clear and understandable to his

readers While writing a new release, he often has his current intern proofread rough drafts He

also sends electronic copies to his brother, an English teacher, to get suggestions concerning

style and grammar With respect to Standard II(A), Material Nonpublic Information, the CFO is:

A) only in violation by e-mailing the pre-release version to his brother but not the

intern, because the intern is in essence an employee of the rm

B) not in violation of the Standard.

C) violating the standard by either showing the pre-release version to his intern or

sending it to his brother

Explanation

Standard II(A), Material Nonpublic Information, says that a member must be careful about

handling material non-public information As a member of CFA Institute, the CFO must limit

the people who see important information before it is released It would not be appropriate

to involve an intern or a relative in the process

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A) not in violation of the standards.

B) in violation of Standard I(D) concerning professional misconduct.

C) in violation of Standard IV(A) concerning duties to employer.

Explanation

Being intoxicated at work is poor personal behavior It is a violation of Standard I(D), which

covers professional competence and integrity

(Study Session 1, Module 2.2, LOS 2-I.(D))

A) A member who trades securities in a foreign securities market where no applicable

local laws or stock exchange rules regulate the use of material nonpublic

B) A member is required to comply only with applicable local laws, rules, regulations,

or customs even though the CFA Institute Code and Standards may impose a higher

C) In the absence of speci c applicable law or other regulatory requirements, the Code

and Standards govern the member's actions

Explanation

The Code and Standards represent a minimum level of guidance for members' actions, not a

maximum level The key to remember here is that whether the local area does or does not

have standards governing member's actions, one must follow the stricter standard

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A CFA charterholder gathers the closing prices of a security from a widely read publication The

charterholder uses the data as part of a report she is preparing and fails to report the data

source in the report This is:

A) a violation of Standard I(C).

B) not a violation of Standard I(C) if the data can be gathered from several public

sources

C) not a violation of Standard I(C) if the data cannot be gathered from several public

sources

Explanation

Since the security prices represent factual information that can be veri ed from several

sources, there is no violation It could have been a violation had the information been

exclusively published by the source

Steve Waters, a Level I CFA candidate, has decided to enter into a long position of Farmco stock

Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of

Farmco and the price will surge Waters engages in a series of block trades in order to

accomplish the purchase According to Standard II(B), Market Manipulation, Waters has

engaged in:

A) both transaction-based manipulation and information-based manipulation.

B) transaction-based manipulation, but not information-based manipulation.

C) neither transaction-based manipulation nor information-based manipulation.

Explanation

Waters is not in violation of Standard II(B), Market Manipulation Transaction-based

manipulation includes, but is not limited to, transactions that arti cially distort prices or

volume Information-based manipulation includes, but is not limited to, spreading false

rumors about a rm in order to induce others to trade

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Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc She discovers that

management has knowingly participated in an activity she knows is illegal According to the CFA

Institute Standards of Professional Conduct, White is least likely to be required to:

A) seek legal advice to determine what actions should be taken.

B) report the violation to the CFA Institute Professional Conduct Program.

C) disassociate herself from the activity.

Explanation

Members are encouraged but not required to report violations of others Standard I(A),

Knowledge of the Law Prohibition against knowingly practicing or assisting in violation of

laws, rules, and regulations If White knows that someone has engaged in a possible illegal

activity, she should: (1) report the nding to the appropriate supervisory person at her rm,

(2) if the situation is not remedied, disassociate herself from the situation, and (3) seek legal

advice to see what other actions, such as notifying the proper regulatory agency, should be

In accordance with Standard III (A) Loyalty, Prudence and Care, which of the following

statements is least accurate? Members and Candidates should:

A) utilize client brokerage to the sole bene t of the client.

B) submit to clients, at least quarterly, itemized statements detailing all of the period’s

transactions

C) vote all proxies on behalf of clients in a responsible manner.

Explanation

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Because of the time and expense involved in voting a proxy, Members and Candidates are

not required to vote every proxy A cost bene t analysis can be performed to determine if it

is necessary to vote a proxy

CFA Institute believes:

A) that a minimum level of professional responsibility and conduct dictates that

members be aware of and comply with laws, rules, and regulations governing theird

B) that rms should comply with all domestic laws and regulations and that these laws

also govern behavior in foreign markets, regardless of foreign laws andi

C) that a maximum level of professional responsibility and conduct dictates that

members be aware of and comply with laws, rules, and regulations governing theird

Explanation

CFA Institute's Code and Standards dictate a minimum level of conduct Standards should not

be based on ethics of upper management and the board of directors of a company Firms

must comply with the strictest applicable standards, whether they be foreign or domestic

laws and regulations

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Greg Allen is a security analyst and visits David Dawson, the Chief Financial O cer of Edmonds

Company Dawson reveals a great deal of nonmaterial nancial data to Allen, data that Dawson

routinely reveals to all security analysts who visit him From this data and other industry

information, Allen conjectures that Edmonds is likely to make a tender o er for another

company in the industry, a fact that if true would be considered material to the value of the

company Allen:

A) should send a copy of the report to Dawson for veri cation before disseminating

the report to clients

B) can publish his conclusion in a research report.

C) must not disseminate the information or use it for trading purposes until the

tender o er is announced

Explanation

Releasing information to analysts does not constitute a public release of information

Dawson's information should be considered nonpublic until it is released to the public Allen

has used this information, along with other industry information, to come to his conclusion of

a pending tender o er which he can use to trade upon based on the mosaic theory

Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public

o ering (IPO) of NewCo Because this is Bellow's rst involvement in an IPO, he reports to an

experienced supervisor While reviewing past nancial statements provided by NewCo, Bellow

suspects that NewCo deliberately overstated its earnings for the past several quarters Bellow

seeks the advice of his rm's highly competent general counsel and follows the advice given

without deviation Based on the general counsel's advice, Bellow consults his immediate

supervisor about the suspected overstatement of earnings After reviewing the situation,

Bellow's supervisor explains why NewCo's calculations of its earnings are correct Bellow

realizes that his inexperience and exuberance initially led him to an incorrect conclusion about

NewCo's earnings

Which of the following statements about Bellow's actions involving Standard I(A), Knowledge of

the law, and Standard I(C), Misrepresentation, is CORRECT? Bellow:

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A) violated Standard I(A) but did not violate Standard I(C).

B) did not violate either Standard I(A) or Standard I(C).

C) violated both Standard I(A) and Standard I(C).

Explanation

Bellow did not violate Standard I(A), Knowledge of the law, because he sought advice of

counsel and followed that advice Bellow did not violate Standard I(C), Misrepresentation,

because he made reasonable and diligent e orts to ensure the accuracy of the information

and to avoid any material representation

Timothy Hooper, CFA, is a security analyst at an investment rm In his spare time, Hooper

serves as a volunteer for City Pride, which collects clothes for the homeless Hooper has

occasionally given some of the clothes to his friends or sold the clothes instead of returning all

of the clothing to City Pride City Pride discovers what he has been doing and dismisses him

Later, City Pride learns that other volunteer organizations have dismissed Hooper for similar

actions Has Hooper violated Standard I(D) on professional misconduct in the CFA Institute

Standards of Professional Conduct?

A) No, because Hooper's conduct is unrelated to his professional activities as a

security analyst

B) Yes.

C) No, because Hooper volunteers his services to City Pride.

Explanation

Hooper violated Standard I(D) because he repeatedly engaged in conduct that involves

dishonest conduct This violation occurred despite the fact that his o enses do not relate

directly to his professional activities However, Hooper's conduct re ects poorly on his

professional reputation and integrity

(Study Session 1, Module 2.2, LOS 2-I.(D))

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Mary Montpier, CFA, is an equity analyst located in the Malaysia o ce of World Class Advisers.

The rm provides investment advice and nancial-planning services globally to institutional and

retail clients The Malaysia o ce was opened last year to provide additional international

investment opportunities for U.S clients Montpier covers small-cap stocks in the region

Montpier's supervisor, Rick Reynolds, CFA, works in New York

Jim Taylor is an analyst in New York who works at World Class Broker-Dealer, a sister company

of World Class Advisers Taylor covers health-care and biotech stocks for the rm Taylor

recently completed Level I of the CFA examination and is registered for the Level II examination

next year Taylor works for John James, CFA

Through her interaction with other analysts in Malaysia, Montpier learns that the use of

material, nonpublic information is common practice in analyst research reports and

recommendations, and is not prohibited by law in Malaysia Montpier has acquired material,

nonpublic information on the research pipeline of Circuit Secrets, a Malaysian semiconductor

company The nonpublic information makes the company seem like a ne investment After

extensive research through traditional means, Circuit Secrets appeared to be fully valued

relative to its growth potential – until Montpier found the nonpublic information

In preparation for a client meeting, James asks Taylor to prepare a research report on attractive

companies in the health-care industry Since Taylor is busy preparing for company conference

calls, James tells him to "throw something together." To meet James' request, Taylor obtains

reports on Immune Health Care and Remedy Corp., two companies that he likes, but has not

researched in depth Taylor takes the original reports, which were prepared by a small

brokerage rm in the Netherlands, adds some general industry information, incorporates

World Class's proprietary earnings-growth model, and submits "strong buy" recommendations

to James for the stocks Although written procedures require James to review all analyst reports

prior to release, time constraints consistently prevent him from reviewing the reports prior to

distribution

Montpier is proud of her CFA charter In fact, she often boasts that she is one of the elite

members of the CFA Institute that passed all three exams consecutively without failing Taylor

is also proud of the CFA program He told his friends and family the CFA designation is globally

recognized in the eld of investment management and research Furthermore, Taylor states

that he believes the program will enhance his portfolio management skills and further his

career development

In her free time, Montpier has begun consultation for members of a local investment club The

club is in the process of developing an appropriate compensation package for her services,

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which to date have included nancial-planning activities and investment research Montpier

informs the investment club that she has a full-time job at World Class Advisers, which o ers

similar services The investment club gave Montpier written permission to consult for them

despite her full-time work

To gain insight on biotech stocks, Taylor registers for an upcoming asthma study conducted by

Breakthrough Corp., through which he and others will be the subject of testing for the e cacy

of several new drugs On his application, longtime asthma su erer Taylor indicates that he has

the appropriate medical condition for the study and signs a con dentiality agreement During

the study, a researcher shows Taylor a spreadsheet detailing the progress of Breakthrough's

research pipeline Two of the new drugs on which Breakthrough is awaiting regulatory approval

have serious negative side e ects in patient testing This information con rms suspicions

Taylor had developed after extensive research and conversations with company executives

regarding nonmaterial, nonpublic information, though he was not certain about the names of

the drugs until he saw the spreadsheet At the conclusion of the study, Taylor releases a report

detailing the drugs' side e ects and recommends that clients "sell" Breakthrough Corp

Over the next two weeks, Breakthrough releases information that the drugs in question have

been held up by a regulatory agency pending additional investigation The stock plunges more

than 30 percent on the news

Which of the following is a violation of the Code and Standards?

A) Taylor sends out a resume referring to himself as a Level II CFA candidate and

indicating his intention to take the Level II test in June

B) James has dinner with Taylor and promises to provide Taylor with three weeks o

in May to study for the CFA exam and o er some test-taking tips

C) Reynolds approves Montpier’s report on Circuit Secrets immediately, but tells his

traders to wait a week before buying the stock themselves

Explanation

An immediate approval of Montpier's report implies that Reynolds did not check the facts or

talk to Montpier about the recommendation, which was dependent on the use of insider

information Reynolds violated the Standard relating to supervisory responsibilities Side

work that is not in competition with the intern's rm is not a violation unless the side job

interferes with her work for World Class The statement on Taylor's resume is appropriate,

and James' plans to help Taylor are well within the requirements of the Standards

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Which of the following statements about Montpier's analysis of Circuit Secrets is CORRECT?

A) Montpier’s best course of action is to initiate coverage of Circuit Secrets as a “hold,”

and attempt to get the company to disclose the nonpublic information

B) If Montpier prepares a research report for all World Class clients recommending

Circuit Secrets as a Buy, but does not reveal the nonpublic information, she has still

C) Montpier could satisfy the requirements of Standard II(A): Material Nonpublic

Information by producing a research report on Circuit Secrets for Malaysian clients,

Explanation

Standard II(A) prohibits not only the revelation of nonpublic information, but also trading on

the basis of that information The buy rating itself is a product of the nonpublic information,

and as such is a violation Montpier must comply with the Code and Standards regardless of

the laxness of regulations in her country If Montpier believes the stock is a buy, initiating it

as a hold would be inappropriate Analysts cannot be expected to have a recommendation on

every stock, so failing to recommend a potentially good stock is not a breach of duciary

A) Montpier is not in compliance, and Taylor is in compliance.

B) Montpier is in compliance, and Taylor is in compliance.

C) neither Montpier nor Taylor is in compliance.

Explanation

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Both Montpier, as a CFA charterholder, and Taylor, as a CFA candidate, are subject to the

Standards Montpier violated Standard VII(B) by exaggerating the implications of passing the

exam in three years Taylor's comments comply with the standard

A) Just use excerpts from the original reports, rather than copying the whole reports.

B) Base his report on information from Value Line and Standard & Poor’s reports

rather than research from rival analysts

C) Initiate coverage of Immune Health Care and Remedy Corp as holds, not strong

buys, until he has time to do further research

Explanation

Value Line and Standard & Poor's are "recognized nancial or statistical reporting services,"

and, as such, can be used as the basis for reports without acknowledgment Caveat: Those

publications are copyrighted, and copying directly from them may be illegal in some

circumstances, even if it does not technically violate the plagiarism Standard Using excerpts

is still plagiarism and changing the stock recommendation will not change that fact It is

unlikely that a Dutch research report would not be protected under U.S copyright, and even

if it were not, using the material without attribution still violates the Standard

Which of the following statements regarding Standard IV(A): Loyalty to Employer is CORRECT?

A) By accepting compensation for his role in the medical study, Taylor is violating the

Standard

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B) Despite getting written permission from her client to consult, Montpier is not in

compliance with the Standard

C) Neither Taylor nor Montpier is in violation of the Standard.

Explanation

Montpier needs to get permission from both the client and her employer before she can

begin to consult Thus, Montpier is not in compliance, as she has not received permission

from World Class Neither Taylor's use of rivals' research nor his participation in a medical

study violate the Standard Standard IV(A) addresses outside income, not research methods

And while the medical-study payment is certainly income, it is not in competition with his

rm, and as such does not violate the Standard

Taylor's actions regarding Breakthrough Corp.:

A) did not violate Standard I(D): Misconduct because he did not misappropriate the

information

B) violate Standard II(A): Material Nonpublic Information because the information was

not in the public domain

C) do not violate Standard II(A): Material Nonpublic Information because he was only

con rming what he already suspected

Explanation

Taylor's use of the material nonpublic information provided to him in con dence by a

researcher is a clear violation of Standard II(A) The professional-misconduct Standard

prohibits actions that re ect negative on "professional reputation, integrity, or competence"

Since Taylor has signed a con dentiality agreement, his violation of the agreement de nitely

says something about his honesty Thus, he is in violation of Standard I(D) Standard IV(A)

only applies to work in competition with the employer

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Which of the following does NOT violate Standard I(D), Misconduct? Roland Lawson, a nancial

analyst:

A) is arrested for participating in a nonviolent protest.

B) drinks excessively during business meetings with clients and returns to work under

the in uence of alcohol

C) committed perjury in connection with a lawsuit against his rm.

Explanation

Any professional conduct that involves dishonesty, fraud, or deceit is a violation of Standard

I(D), Misconduct One must refrain from activities that re ect poorly on integrity, reputation,

trustworthiness, or professional conduct The focus of the Standard is on professional, not

The rst component of the Code of Ethics does NOT explicitly say that a CFA Institute member

will act with which of the following?

A) Integrity.

B) Competence.

C) Solemnity.

Explanation

Component one mentions all of these except solemnity

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Mega Securities, a multinational investment advisor based in the United States, employs the

following analysts who practice in multiple jurisdictions

Melissa Black, CFA, resides in Country N, which has no securities laws or regulations, butdoes business in Country L, which has securities laws and regulations that are less strictthan the Code and Standards

Tom White, a CFA Institute member, resides in Country L, but does business in Country S,which has securities laws and regulations that are stricter than the Code and Standards

According to the CFA Institute Code and Standards, which of the following statements about

Black and White is CORRECT?

Black must adhere to the

White must adhere to the

C) law of

Country L

law of Country S

Explanation

Because the applicable law in Country L is less strict than the Code and Standards, Black must

adhere to the Code and Standards Because the applicable law is stricter than the Code and

Standards, White must adhere to the more strict applicable law of Country S

A copyrighted technique for measuring the downside risk of an investment has just been

revealed to the public If an analyst adopts the technique, he must cite the use of the technique

in all research reports in which the technique is used EXCEPT:

A) Neither of these answers provide grounds for an exception.

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B) if the analyst uses reasonable care and veri es that the technique provides

superior results

C) if the analyst does not modify the technique at all.

Explanation

Neither of the answers in this question provide adequate grounds for not citing the source of

the methodology Although "verifying" the technique is a good idea and congruent with the

Code and Standards, the analyst still needs to cite the use of the copyrighted technique even

after modifying it slightly to avoid violation of Standard I(C), Misrepresentation

Regarding non-public information, which one of the following statements is NOT correct?

A) An analyst may use some types of non-public information.

B) Disclosing material non-public information would have an impact on the price of a

security or be of interest to a reasonable investor

C) A member can be summarily suspended for having received material non-public

information

Explanation

All of these are true except that a member can be suspended for having received material

non-public information The member can receive such information as part of their regular

duties or by accident Neither is punishable in and of itself, and penalties only apply if the

member trades or causes others to trade on the information The member may have certain

duties, such as trying to disseminate the information after receiving it An analyst may use

nonmaterial non-public information

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CFA Institute members should encourage their employers to do all of the following EXCEPT:

A) make clear that dishonest personal behavior re ects poorly on the profession.

B) conduct background checks on potential employees to ensure that they are of good

character and eligible to work in the investment industry

C) require employees to write personal ethics statements.

Explanation

There is no reason to have employees write personal ethics statements CFA Institute

encourages all of the other actions

A stockbroker who is a member of CFA Institute has a part-time housekeeper who also works

for the CEO of Festival, Inc One day the housekeeper mentions to the broker that she saw the

CEO of Festival having a conversation at his home with John Tater, who is a nationally known

corporate lawyer and consultant The stockbroker is restricted from trading on this

information:

A) for both of the reasons listed here.

B) if the housekeeper says the meeting concerned a tender o er and the broker

knows that it is non-public information

C) only if the broker knows that the meeting is non-public information.

Explanation

Standard II(A), Material Nonpublic Information, states "a member cannot trade or cause

others to trade in a security while the member possesses material nonpublic information" A

tender o er would certainly be material nonpublic information Knowing that the meeting

took place, and nothing else, does not restrict the broker A reasonable investor would need

to know more to determine if the information was material

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According to the CFA Institute Standards of Professional Conduct, Standard I(A), Knowledge of

the Law, members shall not knowingly participate or assist in any violations of laws, rules, or

regulations An analyst:

A) is held responsible for participating in illegal acts when the law is evident to anyone

knowing the law and is held responsible for violations by others when the analyst is

B) is held responsible for participating in illegal acts when the law is evident to anyone

knowing the law and can participate in a violation by having knowledge of the

C) must report all legal violations to the proper regulatory commission and is held

responsible for participating in illegal acts when the law is evident to anyone

Explanation

If you suspect someone is planning or engaging in illegal activities, you should:

1 Determine the legality of the activities Consult your supervisor and legal counsel

2 Take appropriate action Disassociate, attempt to persuade the perpetrator to stop

CFA Institute does not require you to report them to the authorities, but the law might

Which of the following statements about the CFA Institute Code and Standards is most

accurate? The Code and Standards:

A) do not require that members report legal violations to the appropriate

governmental or regulatory organization

B) prohibit members from accepting gifts that create a con ict with their employer's

interest

C) require members to persuade the perpetrator to cease illegal activities.

Explanation

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The Code and Standards do not require members to report violations to legal authorities, but

such disclosure may be prudent or required in certain circumstances They do not require

members to quit their jobs or to persuade violators to cease illegal activities They do require

that members report the activities to the appropriate person(s) in their own rm and

disassociate themselves from the illegal actions Members must obtain written permission to

accept gifts that create a con ict with their employer's interest

According to CFA Institute Standards of Professional Conduct, which of the following is least

likely a form of misrepresentation?

A) Presenting statistical estimates of forecasts prepared by others with the source

identi ed, but without qualifying statements or caveats that may have been used

B) Attibuting speci c quotations to "leading analysts" and "investment experts"

without speci c reference

C) Using factual information published by recognized nancial and statistical reporting

services or similar sources without acknowledgment

Explanation

Standard I(C) provides that "factual information published by recognized nancial and

statistical reporting services or similar sources" may be used without an acknowledgment

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A) disclose to their employer all matters that reasonably could be expected to

interfere with their duty to their employer or ability to make unbiased and objective

d i

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B) strive to maintain and improve their competence and the competence of others in

the profession

C) make reasonable e orts to detect and prevent violations by those who are under

their supervision

Explanation

Striving to maintain and improve their competence and the competence of others in the

profession is one of the components of the Code of Ethics, whereas the other statements are

part of the Standards of Professional Conduct

If a CFA Institute member knows that a fellow member has violated the Code and Standards,

according to Standard I(A) the member is::

A) required to dissociate from the activity and strongly encouraged to report it

B) required to report the activity.

C) strongly encouraged to dissociate from the activity

Explanation

Standard I(A) does not require a CFA Institute member to report potential violations by

others, but "strongly encourages members and candidates to report potential violations of

the Code and Standards committed by fellow members and candidates."

NQX Partners is a Los Angeles-based investment rm specializing in the equities of natural

resources companies, both as an underwriter of secondary issues and as a market-maker

Paula Braman, CFA, an analyst at NQX, is putting together a research report on Melbourne

Gold, an Australian rm She is in possession of a report distributed by a little-known Brisbane

brokerage rm, Ipswich, which has several CFA charter holders on the sta Braman also uses

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market data available from the nancial press and recognized statistical sources In her report,

she uses several unaltered paragraphs and data tables from the Ipswich report as well as

nancial data from the other sources For neither of these does she provide acknowledgement

of the original source

Braman attended a lunch-time presentation put on by Melbourne Gold (MG) for

representatives of NQX and other rms During the meeting, Braman agrees to accept a trip to

Australia to visit MG's operations as well as spend several days touring Australia at MG's

expense Braman had a few drinks at the lunch-time presentation On the way back to the

o ce, she was arrested for driving while intoxicated (DWI), and this is her second o ense

Braman recently hired a personal assistant who will be partly paid by her and partly paid by

NQX The assistant had passed the level one CFA exam prior to being hired Knowing that

Braman had the CFA designation, during the application process the assistant mentioned

having passed the exam both on his resume and in the interview

For the past 10 years, Braman has served as a proctor for the CFA exam Braman tells her

assistant that she normally receives the examinations on the Thursday before the exam Given

the low pass rate at Level II, Braman asks her assistant if she would like an advance copy of the

next exam Braman's assistant declines the o er However, Braman's assistant has been very

vocal about expressing opinions about the low pass rate The assistant claims, "CFA Institute is

simply trying to increase its cash ow by continuing to fail candidates."

Initially, Braman only had the assistant type up routine forms, stu envelopes, screen calls, and

schedule meetings The assistant did nothing related to analysis or decision making Braman

has been pleased with the work of the assistant and often tells associates that she "has a level

one CFA as an assistant." Recently, Braman has allowed the assistant to write portions of

preliminary reports, which Braman reviews before incorporating them into the nal reports

With respect to the use of information in the report on MG, Braman was:

A) in violation of the Standards in the use of all the sources of data.

B) not in violation of the Standards.

C) in violation of the Standards in the use of the Ipswich report but not the data from

the other sources

Explanation

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