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1、CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.BlanchardInvestmentsCaseScenarioCarolBlackwell,CFA5hasbeenhiredintotheresearchdepartment4BlanchardInvestments.BlancharcfsmanageThaddeusBaIdwinCFA,hasworkedinthesecuritiesbusinessformorethan50years.OnBlackwelTsfirstd
2、ayattheofficeBaldwingivesheranincompleteresearchreportonTopsGroceries,Inc,tofinishUPlUponresearchingTops,informationaboutthefinancialinstabilityofTopsGrocerieslargestcustomersurfaces.Blackwellrevisestheresearchreportbyloweringtheearningsprojections.Thedaythereportistobereleased,BlackwelllearnsthatBa
3、ldwinhasreplacedthelower;revisedearningsprojectionswithhisearlierestimates.BaIdwinrealizesthatmanyofthefirmspracticesandpolicieswouldbenefitfromacompliancecheckBaIdWinwantsBlackwelltoensurethatthepoliciesandproceduresatthefirmareincompliance.WhilereviewingadraftresearchreportonPatCLInc.,Blackwellnot
4、icesthattheresearchanalystresponsibleforauthoringthereporthadusedneuralnetworksinforecastingrevenuesandearnings.SincethatanalystWaSnolongeremployedatthefirm,andBlackwellisnotfamiliarWiththatspecificquantitativetool,hedeletesthesegmentpertainingtoneuralnetworksbutotherwisedoesnotchangethereportbefore
5、signingOfTonitBlanchardsinvestmentbankingdepartmentrecentlyannouncedthattheyweresuccessfulinobtainingtheaccountofTeosToys,Inc.InlightOflhiSannouncement,BaldwinwantstoknowwhetherhecancontinuetorateTeos,stockfavorably;Duringalocalsocietyluncheon,BlackweDisseatednexttoCFAcandidateLucasWalters,whohasbee
6、nassignedthetaskofcreatingacompliancemanualforBorchard&Sons,asmallbrokeragefirm.Waltersasksforheradvice.WhenWaltersreturnstowork,heisapprisedofthefollowingsituation:Borchard&Sonspurchased25,OOOsharesofCBXCorp,forequitymanagerQuintuxQuantitativejustminutesbeforethemoneymanagercalledbackandsaiditmeant
7、tobuy25,000sharesofCDXCorBorchardthenpurchasedCDXsharesfor*Quintux,butnotbeforesharesofCBXCorp,declinedby1.5%.ThebrokerisholdingtheCBXsharesinitsowninventory.BorchardproposesthreemethodsfordealingwiththetradingerrorMethod1:QuintuxdirectsadditionaltradestoBorchardworthadollarvalueequaltotheamountofth
8、etradinglossMethod2:BorchardreceivesinvestmeritresearchfromQuintuxinexchangeforBorchardcoveringthecostsfthetmdingerrorMethod 3:BorchardtransferstheorderedCBXsharesinitsinventcrytoQuintux,whichallocatesthemtoallofitsclientsonap*crtatabasixQuestionID: 1220672Question#1of60BlackwelTsmostappropriatecour
9、seofactiontoremainincompliancewiththeCodeandStandardsisto:A)includeadisclosureindicatingIhatIOWerearningsestimatesareavailableB)followupthefirstreporturithasecondreportemphasizinglowereainingsprelectionsC)removehernamefromthereportiftheyreleasethereportwithhigherearningsestimates.QuestionID: 1220673
10、Question#2of60Whenupdatingtheproxy-votingpolicytoconformtoCFAInstitiiterecommendations5whichofthefollowingrecommendationsisleastappropriateforBlanchardtoadopt?A)DeterminetheeconomicimpactGfnon-routineproxyvotes.B)Followthesameproxy-votingproceduresregardlessofthenatureoftheproposalC)IftheproxyVotefs
11、preferencediffersfromthepreferenceofaclientwhohasdelegatedhisvotingpowers,gowiththeclientspreference.Question#3of60QuestionID:1220674AccordingtotheStandardsofProfessionalConduct,BaIdwiKSmostappropriateacionregardingTeosToyswouldbeto:A)refusetohaveanyinvolvementWithTeosbecauseofaconflictofinterestari
12、singfromthefiriSotherrelatishipswiththecompany.B)completeanindependentandobjectiveanalysisofTeosandissueareportdisclosingthenatureofbusinessrelationshipWithTeosToysC)ProvideacopyoftheresearchreporttoanalystsatreputableresearchoutfitsandaskforsomeinputQuestion#4of60QuestionID:1220675DoesBlackwellviol
13、ateanystandardthroughhisactionsrelatedtotheresearchreportonPatel,Inc.?A)No.B)Yes,pertainingtodiligenceandreasonablebasis.C)Yes,pertainingtodisclosurefconflictskQuestion#5of60QuestionID:1220676IfWcdterswantsthemanualtosatisfytherequirementsandrecommendationsoftheCodeandStandards,whichofthefollowingin
14、structionsisleastappropriatetoincludeinthesectiononfairdealing?A)Wheneverpossibledisseminateinvestmentrecommendationstoallclientsatthesametime.B)Executeallclient*?requestedtradespromptlyandwithoutcomment,regardlessofthecompany?sopiniononthestockbeingtradedC)Membersoftheinvestent-olicycomitteeshouldn
15、otdiscusspossiblechangesininvestmentrecommendationsWithanyoneelseinthefirmuntilafteranfficialdecisionhasbeenmade.Question#6of60QuestionID:1220677WhichmethodfordealingwiththetradingerrorismostconsistentWiththeCodeandStandards?A)Method1.B)Method2C)Method&Questions#7-12of60Questions7through12relatetoQu
16、antitativeMethods.1.eadEquitLLP,CaseScenarioMihirKotak,CFA,isthemanagingpartneratLeadEquity;LLP,aprivateequityfirmbasedinsouthernCaliforniaKotakhasdecidedtorevisethemodeltheIIimUSeStoidentifyattractiveinvestmentopportunitiesbysupplementingthemodelwithbigdataanalysisKotaksetsupameetingwithKetanMehta,theleadanalystwithBigSolutions,Inc.,aconsultingcompanyprovidingsolutio
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