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1、1.CarolinaOchoa,CFA,isthechieffinancialofficeratPantagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagonia1Scorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.AccordingtotheCFA
2、InstituteCodeofEthicsandStandardsofProfessionalConduct,itismostappropriateforOchoatodisclosetheallegations:A.toCFAInstitutewhentheinvestigationconcludes.B.onherProfessionalConductStatement.C.toCFAInstituteiftheallegationsareprovencorrect.Answer=BMembersandcandidatesmustself-discloseontheannualProfes
3、sionalConductStatementallmattersthatquestiontheirprofessionalconduct,suchasinvolvementincivillitigationorcriminalinvestigationsorbeingthesubjectofawrittencomplaint.CFALevelI,CodeofEthicsandStandardsofProfessionalConducf2.IleanaInkster,CFA1wasrecentlyofferedaseniormanagementpositionwithinthetrustdepa
4、rtmentataregionalbank.Thedepartmentisnew,butthebankhasplanstoexpanditsignificantlyoverthenextfewmonths.Inksterhasbeentoldshewillbeexpectedtohelpgrowtheclientbaseofthetrustdepartment.Sheisinformedthatthetrustdepartmentplanstoconducteducationalseminarsandpursuetheattendeesasnewclients.Inksternoticesth
5、atrecentseminaradvertisementspreparedbythebanksmarketingdepartmentdonotmentioninvestmentproductswillbeforsaleattheseminar.Theadsindicateattendeescanlearnhowtoimmediatelyadd$100,000totheirnetworth/WhatshouldInkstermostlikelydotoavoidviolatinganyCFAInstituteStandardsofProfessionalConduct?A.Declinetoac
6、ceptthenewpositionB.AcceptthepositionandinformseniormanagementofinadequatecomplianceproceduresC.AcceptthepositionandrevisethemarketingmaterialAnswer=ATheprospectivesupervisorsfirststepshouldbetonottaketheposition.Acceptingthepositionwithinadequateproceduresinplaceorimpropermarketingmaterialwouldleav
7、eInksteratriskofincurringaviolationofStandardIv(C)-ResponsibiIitiesofSupervisors.Shecouldagreetobehiredasaninterimconsultantwiththebankinordertoimplementadequateproceduresbeforetakingonanysupervisoryrole.CFALevelIuGuidanceforStandardsI-VlStandardIv(C)-ResponsibiIitiesofSupervisors3.BethKozniak,aCFAc
8、andidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.Iftheclientsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKoziak,shadexpressedinterestinpu
9、rchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclientslimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinte
10、restintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsOfProfessionalConduct?A.NoB.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientC.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientAnswer=AKozniakdoesnotappeartohaveViOlatedanyCFAInstituteSta
11、ndardsofProfessionalConduct.BecausesheisknowninthemarketforinvestingandbrokeringpropertyandbothpartieshaveworkedwithKozniakinthepast,bothpartieswouldknowofherinterests.Inaddition,inbothcases,sheactsforherownaccountasaprimaryinvestor,notasabroker.Shebuysthepropertyforherownportfolioandthensellsthepro
12、pertyfromherownportfolio.Therefore,KozniakdidnotviolateStandardVl（八）-DiscIosureofConflicts.Whenshepurchasedthepropertyforherportfolio,shesavedherclientfromlosingthebuildingtothebankanddidnotchargeasalescommission.Becausethesaleofthepropertytoherotherclientdidnottakeplaceuntilsixmonthsafterherpurchas
13、e,andshewasunabletocontacttheclientwhohadearlierexpressedinterestpriortoherpurchase,shecannotbeaccusedofviolatingStandardIII（八）-LoyaIty,Prudence,andCarewitheitherclient.CFALevelIuGuidanceforStandardsl-VI,StandardIII（八）-LoyaIty1Prudence,andCarelStandardVl（八）-DiscIosureofConflicts4.MariamMusa,CFA,head
14、ofcomplianceatDunfieldBrokers,questionshercolleagueOmarKassim,aCFAcandidateandaresearchanalystabouthispurchaseofsharesinacompanyforhisownaccountimmediatelybeforehepublishesabuy”recommendation.HedefendshisactionsbystatinghehasdonenothingwrongbecauseDunfielddoesnothaveanypersonaltradingpoliciesinplace
15、.TheCFAInstituteStandardsofProfessionalConductweremostlikelyviolatedby:A.onlyKassim.B.bothMusaandKassim.C.onlyMusa.Answer=BBothMusaandKassimviolatedtheStandardsofProfessionalConduct.MusaviolatedStandardIv(C)-ResponsibiIitiesofSupervisorsbynotensuringpolicieswereinplacetopreventviolationsOftheStandar
16、dsofProfessionalConduct(inthiscase,StandardVI(B)-PriorityofTransactions)bysomeonesubjecttohersupervision.Astheheadofcompliance,MusasupervisedKassimandmustmeethersupervisoryresponsibilitiesoutlinedintheStandardsofProfessionalConduct.KassimviolatedStandardVI(B)-PriorityofTransactionsbecausehedidnotgivesufficientprioritytoDunfieId1Sclientsbeforetradingonhisrecommendation.CFALevelIGuidanceforStandardsI-VlStandardIv(C)-
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