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

Study Session 1, Module 2.8, LOS 2-VI.C Related Material SchweserNotes - Book 1 Question #4 of 62 When an analyst makes an investment recommendation, which of the following statements mu

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Question #1 of 62

Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services In return,

Towers performs routine services for Smith, such as his tax returns, for no charge Towers has

just become a member of CFA Institute With this development, Towers must:

A) reveal to the prospects referred by Smith that he performs services for Smith, along

with the estimated value of those services

B) discontinue his services for Smith.

C) only reveal to the prospects referred by Smith that he performs services for Smith.

Explanation

According to VI(C), Referral Fees, as a member of CFA Institute, Towers must tell his clients

about the payment in kind to Smith along with an estimate of the value of those services

(Study Session 1, Module 2.8, LOS 2-VI.(C))

Related Material

SchweserNotes - Book 1

A rm produces regular proprietary research reports on various companies According to

Standard VI(B), Priority of Transactions, which of the following would be an "access person?"

A) A supervisory analyst who reviews all research reports prior to dissemination.

B) An independent auditor with access to material, non-public information on a

company being analyzed

C) A person working in the mail room.

Explanation

Persons with access to information during the normal preparation of research

recommendations are subject to Standard VI(B) An independent auditor is not involved in

the normal preparation of research recommendations

(Study Session 1, Module 2.8, LOS 2-VI.(B))

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Jim Bennett, CFA, leases o ce space to his best friend, Steve Waters Bennett is an independent

investment advisor specializing in high net worth clients and Waters is a licensed life insurance

underwriter In lieu of paying rent, Waters refers his insurance clients to Bennett, but only with

the clients' permission For clients referred by Waters, Bennett:

A) need not disclose the terms of the lease arrangement because Waters obtained the

clients’ permission for the referral

B) must disclose the terms of the lease arrangement.

C) need not disclose the referral fee if Waters discloses the lease arrangement to the

clients rst

Explanation

Standard VI(C), Referral Fees, requires members to disclose to clients and prospects any

consideration or bene t received by the member or delivered to others for the

recommendation of any services to the client or prospect Bennett has delivered a bene t

(free rent) to Waters, which must be disclosed to the clients referred by Waters Bennett must

not rely on Waters to make the disclosure

When an analyst makes an investment recommendation, which of the following statements

must be disclosed to clients?

A) An employee of the rm holds a directorship with the recommended company.

B) The rm is a market maker in the stock of the recommended company.

C) Both of these statements must be disclosed to clients.

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David Lynch is an individual investment advisor who uses mutual funds for his clients He

typically chooses funds from a list of 40 funds that he has thoroughly researched The Palmers,

a married couple that are a client, asked him to consider the Twin Peaks fund for their

portfolio Lynch had not previously considered the fund because when he rst conducted his

research three years ago, Twin Peaks was too small to be considered However, the fund has

now grown in value, and after doing thorough research on the fund, he nds the fund has

suitable characteristics to be included in his acceptable list of funds He puts the fund in the

Palmers' portfolio but not in any of his other clients' portfolios The fund ends up being the best

performing fund of any of the funds on his list Has Lynch violated any Standards? Lynch has:

A) not violated the Standards.

B) violated the Standards by not disclosing con icts to clients.

C) violated the Standards by not dealing fairly with clients.

Explanation

Prior to the discovery of the fund, Lynch did not put all of the same funds in all of his clients'

portfolios, so there was no reason to do so now The fund was among a list of other good

funds Lynch did not fail to maintain independence and objectivity, had no con icts to

disclose to clients, and did not deal unfairly with clients

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

A) paying membership dues to CFA Institute on an annual basis.

B) Passing each exam in no more than two tries.

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C) remit a completed Professional Conduct Statement on an annual basis.

Explanation

Passing each exam in two or fewer tries is not required to maintain active status as a

member of the CFA Institute CFA Institute imposes both of the other choices

(Study Session 1, Module 2.9, LOS 2-VII.(B))

Tucson Financial Advisors (TFA) has determined that it needs to have the ability to conduct

in-house research to support its other activities To this end, TFA has recently hired Alba

Hernandez, a CFA charterholder in good standing, as an investment analyst Hernandez

becomes the rst full-time employee of TFA to have the CFA designation When she is hired, her

supervisor tells her that TFA is familiar with the CFA Institute Code and Standards, but that the

company does not feel that they are important TFA is a well-respected rm with a reputation

for integrity that predates the CFA program TFA tells her that they do not plan to use

Hernandez's a liation with CFA Institute in any of their literature or advertisements

Prior to her employment with TFA, Hernandez was an independent contractor, providing

nancial advice for a fee to private clients She continues to do so but has informed these

clients not to reveal this fact to TFA Some of her private clients would be considered viable

prospects by TFA, while others would not meet TFA's $1 million net worth criterion Hernandez

routinely uses TFA's data and other research materials in servicing her private clients

Throughout the year, Hernandez holds a "quarterly investment forum" under the guidance of

TFA Prospects nd out about the meetings via private mailings from TFA, which Hernandez

supervises In composing the mailing list, Hernandez is aware that many of the clients do not

meet TFA's $1 million net worth criterion After each forum, Hernandez often contacts those

attendees that do not meet TFA's criterion, and she solicits them to become clients in her

private practice

ChemMex is a large conglomerate headquartered in Monterrey, Mexico At present, ChemMex

is planning an IPO in the U.S TFA is seeking the mandate for the IPO, and has asked Hernandez

to meet with management to present a proposal Hernandez's uncle, Hector Lopez, is CFO and

treasurer of ChemMex In recent years, Lopez has given ChemMex securities to his nieces and

nephews as Christmas gifts TFA is not aware of Hernandez's nancial interests and personal

connections with ChemMex

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Hernandez is putting together a research report on CoppOre, a rm that mines copper in a

developing country She obtains insider information that states a rival rm in that country will

soon make a tender o er for CoppOre Hernandez knows the laws in that country very well and

knows that trading on inside information is not illegal there Hernandez plans to write the

research report exaggerating the facts on positive points in order to encourage her clients to

purchase shares in CoppOre, but she does not plan to explicitly say that CoppOre will soon be

bought out in a tender o er In doing so, the clients will be encouraged to buy CoppOre stock

while not knowing about the tender o er Hernandez feels that this is part of her duciary duty

and explains her plan to TFA management The managers of TFA tell her to do what she thinks

is in the best interest of the clients

Concerning her private clients, Hernandez:

A) must obtain written consent from TFA only if the private practice was not disclosed

orally during the hiring process

B) must obtain written consent from TFA to continue the relationship.

C) must discontinue her independent practice.

Explanation

Even though the relationships with Hernandez's private clients predate her employment with

TFA, she is obligated to obtain written consent from TFA to continue with the activities

Moreover, she needs written consent from her private clients as well Standard IV(A) Loyalty

to Employer, and Standard IV(B) Additional Compensation Agreements

(Study Session 1, Module 2.8, LOS 2-VI.(A))

With respect to the prospects she invites to the "quarterly investment forum" and then solicits

for her private practice, Hernandez is:

A) not in violation of any Code or Standard.

B) in violation Standard VI(A) concerning disclosure of con icts.

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

Explanation

Standard I(D) states that members shall not engage in any professional conduct involving

dishonesty, fraud, or deceit Hernandez is being dishonest by using a TFA mailing to bring in

prospects that she knows cannot become TFA clients with the apparent intent of soliciting

them for her own private business Note that Standard VI(A) deals with disclosing con icts of

interest that would impair the member's ability to make unbiased and objective

recommendations, such as serving on a board or having a bene cial interest in a security

Standard III(C) states that a member must inquire as to a client's nancial situation and

consider the appropriateness of investment recommendations for each client Because there

are no speci c recommendations being given, Standard III(C) does not apply here

(Study Session 1, Module 2.7, LOS 2-V.(B))

With respect to the proposal for the IPO mandate of ChemMex, Hernandez:

A) may meet with ChemMex o cials, but cannot be otherwise involved with the IPO.

B) may meet with ChemMex o cials and be involved with the IPO, as long as she

discloses the material facts of the situation to TFA

C) is not allowed to meet with ChemMex o cials.

Explanation

Hernandez would be allowed to meet with ChemMex and to be involved with the IPO so long

as she discloses the material facts to TFA Once in possession of these facts, TFA is in position

to determine if the con icts of interest are such that they should preclude Hernandez's

participation in the project Standard VI(A), Disclosure of Con icts

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A) proceed with the recommendation as long as she does not exaggerate facts and

mention the tender o er, but must make an e ort to achieve public dissemination

B) proceed with the recommendation as long as she does not exaggerate facts and

mention the tender o er, but does not have to make an e ort to achieve public

C) not proceed with the recommendation with either the exaggerated information or

the information of the tender o er

Explanation

Exaggerating facts is a violation of Standard V(A) Diligence and Reasonable Basis Mentioning

the tender o er, or causing others to trade in a security involved with a tender o er is a

violation of Standard II(A): Material Nonpublic Information According to Standard II(A), in no

instance may a member trade or cause other to trade in a security while a member possesses

material nonpublic information The fact that the home country does not make trading on

information concerning a tender o er a crime does not allow Hernandez to use it because

Standard II(A) prohibits it Remember that the member must go along with either the home

country laws or the Code and Standards, whichever is stricter

All of the following are violations of the Code and Standards EXCEPT:

A) TFA’s management not making any special e ort to include Hernandez’s holding

the CFA designation in their literature and advertisements

B) Hernandez not informing TFA of her private practice and getting written permission

for it

C) Hernandez using TFA data and research for her private practice.

Explanation

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Using the CFA designation is a privilege and is not mandatory TFA has not prohibited

Hernandez from using it, they simply have said that they will not make an e ort to use it,

which may actually be in compliance with the Standards in that they avoid any undigni ed

use of the designation The other three choices are clear violations Hernandez cannot use

the property, i.e., the data and research, of TFA She needs written permission to continue

her private practice TFA is required to supervise Hernandez, and they are not ful lling this

responsibility by allowing her to proceed with her plans to write the CoppOre report

Upon her arrival at TFA, as a CFA charterholder, Hernandez:

A) is only required to provide her employer with written noti cation of her obligation

to comply because she has been told her supervisors are aware of the Code and

B) is required to deliver a copy of the Code and Standards to her employer and

provide them with written noti cation of her obligation to comply

C) is not required to deliver a copy of the Code and Standards to her employer.

Judy Gonzales is a portfolio manager with Brenly Capital and works on Johnson Company's

account Brenly has a policy against accepting gifts over $25 from clients The Johnson portfolio

has a fantastic year, and in appreciation, the pension fund manager sent Gonzales a rare bottle

of wine Gonzales should:

A) present the bottle of wine to her supervisor.

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B) inform her supervisor in writing that she received additional compensation in the

form of the wine

C) return the bottle to the client explaining Brenly's policy.

Explanation

By not returning the bottle she would be violating the Standard on disclosure of con icts to

the employer, which states that employees must comply with prohibitions imposed by their

Nichole Zeller and Randy To er have both passed Level II of the CFA Exam Program and have

registered for Level III Zeller circulates a resume stating that she is a candidate for the CFA

designation and has passed Level II of the CFA program To er circulates a resume stating that

he is a CFA II Which of the following statements is CORRECT?

A) Only To er has violated the Code of Standards.

B) Only Zeller has violated the Code of Standards.

C) Both Zeller and To er have violated the Code of Standards.

Explanation

The Code and Standards permit an individual to state that he or she is a candidate for the

CFA designation as long as the person is registered for the next CFA exam The same

individual may state the fact that he or she has passed Level I or II of the CFA program There

is no partial designation, such as CFA II

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Julie Stades retired several years ago and relinquished her membership in CFA Institute She

had the CFA designation up until then She has decided to go back to work and puts the

following statement on her resume: "I earned the CFA designation 10 years ago." Is this a

violation of Standard VII(B)?

A) Yes, she has used the letters "CFA" in an undigni ed manner.

B) Yes, because she uses "CFA" as a noun.

C) No, as long as she does not indicate she currently has the designation.

Explanation

Stades is allowed to state that she earned the designation as long as she does not infer that

she currently has the designation

An analyst who is a member of CFA Institute has composed an introductory information packet

for her new clients, which includes information on fees she receives for referring clients to

other professionals and those she pays for having clients referred to her With respect to

Standard VI(C), Referral Fees, this action:

A) exceeds the requirement of the Standard because she does not need to reveal the

fees she pays to those that refer clients to her

B) is not addressed in the Standard.

C) may not satisfy the Standard if such information is only provided after the receivers

of the information have become clients

Explanation

Standard VI(C) says that a member must reveal information both on fees she receives for

referring clients to other professionals and those she pays for having clients referred to her

before a prospect becomes a client This allows the prospect to evaluate any partiality of a

recommendation and the full cost of the services

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All of the following are violations of conduct as members and candidates in the CFA Program,

EXCEPT:

A) expressing opinions in disagreement with CFA Institute advocacy positions.

B) providing con dential program information to the public.

C) disregarding the rules related to the administration of the CFA examination.

Explanation

Members and Candidates are allowed to express their opinions about the CFA Institute and

CFA Program without violation of any Standards All of the other choices are in direct

violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program

(Study Session 1, Module 2.9, LOS 2-VII.(A))

Ralph Lim and Susan Bland have both passed Level I of the CFA Program Both are currently

enrolled to sit for Level II Lim's business card reads, "Ralph Lim, CFA Level I." Bland's resume

states, "Level II Candidate in the CFA Program." According to CFA Institute Standards of

Professional Conduct involving use of the professional designation:

A) Lim violated the Standard, but Bland did not.

B) Both Lim and Bland violated the Standard.

C) Bland violated the Standard, but Lim did not.

Explanation

There is no designation for someone who has passed Level I, Level II, or Level III of the CFA

examination Candidates may state, however, that they have completed Level I, II, or III, as

the case may be, in the CFA Program Thus, Lim violated the Standard, but Bland did not

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Bill Valley has been working for Advisors, Inc., for several years, and he just joined CFA Institute

Valley routinely writes research reports on Pharmaceutical rms Valley has recently been

asked to serve on the board of directors of an organization that promotes the search for a cure

of a certain cancer Serving on the board is an unpaid position without any direct bene ts other

than meeting new people and potential clients To comply with Standard VI, Disclosure of

Con icts, Valley needs to:

A) both disclose the position on the board to his supervisor and describe his

responsibilities on the board

B) only disclose the position on the board to his supervisor.

C) do nothing.

Explanation

Valley could be a ected by his position on the board because he may tend to favor

investments in rms that do cancer research To comply with Standard VI(A), Disclosure of

Con icts, Valley must inform his supervisor of this relationship and describe his

responsibilities on the board Even if his supervisor does not nd the relationship

troublesome, any subsequent action that could lead to a con ict of interest should be

discussed with the rm's compliance o cer

Stephanie Irons, Level II CFA candidate, regularly posts in Internet chat rooms dedicated to

candidates studying for the Level II exam Throughout the season, she and other candidates

discuss curriculum content in great detail Three days after the exam, she returns to the site

and vents her frustrations over complicated exam questions by posting questions she

remembers on the site, and asking others for their responses and reasoning Other candidates

follow suit and post the questions they remember Within a week, Irons and her fellow

candidates are able to reconstruct about 85% of the exam from their collective memory Irons

and her fellow candidates are most likely:

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A) in violation of Standard VII(A) the Code and Standards for discussing curriculum

content in a public forum prior to the exam

B) not in violation because the information about the actual exam contents was

posted after the conclusion of the exam

C) in violation of Standard VII(A) the Code and Standards for providing con dential

information about the exam

Explanation

Standard VII(A) Conduct as Participants in CFA Institute Programs prohibits members and

candidates from providing con dential information about the exam even after the conclusion

Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research

rm All of the following are potential con icts of interest EXCEPT:

A) Aneas hires Trobb as a consultant to analyze Aneas' nancial statements.

B) Trobb's research rm has a large stake of ownership in Aneas Lumber.

C) Trobb's cousin repairs machines for Aneas.

Explanation

Standard VI(A) de nes what constitutes a con ict of interest with regard to clients,

prospective clients, and employers All of these represent potential con icts of interest with

the exception of the cousin working for Aneas Lumber in a job that is unrelated to the Aneas'

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Steve Jones is a member of CFA Institute but has not earned the CFA designation yet CFA

Institute is investigating Jones' activities If Jones declines to cooperate, he:

A) may be suspended from membership.

B) may not be suspended because cooperating could be self incriminating.

C) may not be suspended because he does not have the CFA designation yet.

Explanation

Refusing to cooperate with a CFA Institute investigation of a member's behavior could lead to

suspension of membership or participation in the CFA Program

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

Dwight Dawson, a CFA charterholder and portfolio manager at Ascott Investments, was recently

appointed to the investments committee at Brightwood College He will receive no

compensation from Brightwood for serving on this committee Another person at Ascott

manages part of Brightwood's endowment Dawson does not inform Ascott's compliance o ce

of his involvement with Brightwood, because he does not believe doing so is necessary

Brenda Hamilton, a CFA candidate, also works for Ascott as an investment analyst Procedures

established at Ascott prohibit personal trading in securities analyzed or recommended by

Ascott One of these securities is Horizon, a telecommunications rm Hamilton buys 10 shares

of Horizon for her infant son's trust account She believes that reporting this purchase to

Ascott's compliance o cer is unnecessary because the amount of the transaction is small and

is not for her own personal account

Did Dawson or Hamilton's actions violate CFA Institute Standards of Professional Conduct?

A) Dawson: No, Hamilton: No.

B) Dawson: Yes, Hamilton: Yes.

C) Dawson: No, Hamilton: Yes.

Explanation

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Dawson violated Standard VI(A), Disclosure of Con icts, by failing to inform Ascott of her

involvement with Brightwood College Dawson could reasonably be expected to be involved

with investment policy decisions at Brightwood that could a ect Ascott because Ascott

manages a portion of Brightwood's endowment Hamilton also violated Standard VI(A),

because she ignored a directive of her employer Her purchase of Horizon stock has an

appearance of impropriety Hamilton could discuss the purchase of Horizon stock with her

rm's compliance o cer and request an exception to the prohibition against personal

trading in securities analyzed or recommended by Ascott

An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund This is his

only professional responsibility When the analyst comes across a speculative stock investment

that he feels is a good investment for his personal portfolio, the analyst:

A) may invest in the stock because the analyst would not purchase the stock for the

bond portfolio he manages

B) is in violation of Standard IV(A), Loyalty to Employer, by spending time analyzing

stocks when he should only analyze bonds

C) must notify his supervisor about the stock according to Standard VI(B), Priority of

Transactions, to see if it is appropriate for the portfolio that he manages

Explanation

The problem says the analyst "came across" the speculative stock investment We do not

know if the analyst neglected his duties Since such an investment is clearly not appropriate

for a high-grade bond fund, the analyst may invest in the stock without any restrictions

relating to the fund

(Study Session 1, Module 2.8, LOS 2-VI.(B))

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Janet Olson, CFA, is an analyst at Quantech Associates Olson attended a conference at which

Brian Wright presented several proprietary computerized spreadsheets that he had developed

to value high-tech stocks While at the conference, Olson copied the spreadsheets without

Wright's knowledge Later, Olson made several minor changes to Wright's initial model After

testing the revised model, Olson was impressed with the results As inputs for the model, she

used factual materials supplied by Moody's Investors Service, a recognized nancial and

statistical reporting service Olson wrote a research report describing the revised model and its

results and distributed the report to Quantech's clients According to CFA Institute Standards of

Professional Conduct, which of the following actions is Olson required to take? Olson is:

A) required to acknowledge Moody's Investors Service as the source of the data but is

not required to seek authorization from Wright to copy the spreadsheets or to

k l d i h f d l i h i i i l d l

B) required to seek authorization from Wright to copy the spreadsheets and

acknowledge Wright for developing the initial model and Moody's Investors Service

C) required to seek the authorization from Wright to copy the spreadsheets,

acknowledge Wright for developing the initial model but is not required to

Explanation

To comply with Standard I(C) Misrepresentation, Olson should have gotten the authorization

from Wright to copy the spreadsheets The prohibition against plagiarism requires that Olson

identify Wright as the source of the initial model However, the Standard permits publishing

factual information from Moody's Investors Service without acknowledgment because

Moody's is recognized as a source of factual materials

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For the past 5 years, Karen Beckworth, CFA, has served as a proctor for the CFA exam.

Beckworth tells her assistant, a Level III CFA candidate, that she normally receives the

examinations on the Thursday before the exam Given the low pass rate at Level III, Beckworth

asks her assistant if he would like an advance copy of the next exam Beckworth's assistant

declines the o er

Beckworth's assistant has been very vocal about expressing his opinions about the low pass

rate The assistant claims, "there are too many charterholders and CFA Institute is deliberately

failing candidates because the prestige of the CFA charter is becoming diluted."

With regard to Standard VII(A) Conduct as Participants in CFA Institute Programs, which of the

following statements concerning Beckworth's and her assistant's behavior is most accurate?

A) Neither Beckworth nor her assistant is in violation of Standard VII(A).

B) Both Beckworth and her assistant are in violation of Standard VII(A).

C) Beckworth is in violation of Standard VII(A), but her assistant is not in violation.

Explanation

Beckworth is in violation of Standard VII(A), Conduct as Participants in CFA Institute

Programs Beckworth compromised the integrity of the exam by o ering her assistant an

advance copy Beckworth's assistant is allowed to express his opinion without violation of any

When Wes Smith rst joined Advisors, Inc., he was excited that all the analysts at the rm had

the CFA designation In letters to prospective clients, he states that this ensures that Advisors

can provide better service than their competitors With respect to Standard VII(B), Reference to

CFA Institute, the CFA Designation, and the CFA Program, this is:

A) a violation for both mentioning the CFA designation and saying the rm can

guarantee better service

B) a violation because he cannot guarantee better service.

C) a violation because he mentions the CFA designation in the letter.

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According to Standard VII(B), the analyst cannot guarantee better service Smith can mention

the fact that all analysts have the designation, but he is limited in what he can say with

respect to this fact He could say, for example, that this means the analysts all had to take

and pass three rigorous exams

Lindsay Gordon is a Level II CFA candidate living in San Francisco Gordon's best friend, Steve

Haney, also a Level II candidate, is living in Munich Because of the time di erence between

Munich and San Francisco, Gordon suggests that Haney call Gordon during the Munich exam

lunch break to discuss the morning exam Haney makes the call on exam day

Which of the following statements regarding Gordon and Haney is most accurate?

A) Neither Gordon nor Haney is in violation of the Code and Standards.

B) Gordon is in violation of the Code and Standards, but Haney is not in violation.

C) Both Gordon and Haney are in violation of the Code and Standards.

Explanation

Both Gordon and Haney violated Standard VII(A) Conduct as Participants in CFA Institute

Programs by compromising the integrity of the exam

(Study Session 1, Module 2.9, LOS 2-VII.(A))

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During 2004 Nancy Arnold received an undergraduate business degree with a management

major and completed all requirements for the CFA designation imposed by CFA Institute She is

applying for employment at several brokerage rms Her resume states, "I was awarded the

CFA degree in 2004 by CFA Institute." Her resume also states that she graduated "with honors"

and majored in nance Her grade point average was 3.48 but "with honors" requires a 3.50

grade point average

Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA

Designation, and the CFA Program, and Standard I(C), Misrepresentation, is CORRECT? Arnold:

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

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

C) violated both Standard VII(B) and Standard I(C).

Explanation

Arnold violated Standard VII(B) The CFA designation should not be referred to as a degree

Arnold also violated Standard I(C) because her claim that she graduated "with honors" is not

Ryan Brown, CFA, is an analyst with a large insurance company His personal portfolio includes

a signi cant investment in QRS common stock that his rm does not currently follow The

director of the research department asked Brown to analyze QRS and write a report about its

investment potential Based on CFA Institute Standards of Professional Conduct, Brown is

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