vcfa二級(jí)百題預(yù)測(cè)

唯專業(yè)提供唯專業(yè)提供CFAFRM+講 Case1:Sobhani Case2:Trendwise tative Case1:EduardoDeMolayCaseScenario Case2:GaryHansen Case3:PaulCharlentCaseScenario Case1:Tremblay Case2:Barton Case4:AndersonBrothersCase Case5:Sagara FinancialReportingand Case1:BiancaPuglisiCase Case2:LuhvulCooperageCaseScenario Case3:EagleAerospaceCase Case4:Turner Case7:LondonStarRefuseCase Case9:ReadyPower Case10:Stanley CorporateFinance Case2:EnglandCaseScenario Case3:Nationalstics Case2:Mendosa Case4:Angela Case1:MarthaBrady Case2:HorizonYield Case4:Julian e Case1:KatrinaBlackCase Case2:SusanEvermoreCaseScenario Case3:BettyTattonCase Case4:Samuel&SonsCase Case5:Campbell eyticsCaseScenario Case6:JonStevenson,CFA Case1:Merinar Case2:RyanParisiCase Case3:MeredithWhitneyCaseScenario Case5:MeredithGaleCaseScenario Case7:ErichReiann Case1:JamesStephensonCaseScenario Case3:Shah Case4:PearlAssetManagement Case6:TamaraOgle Case1:BetterInvestments,foundedbyArdySobhani,CFA,fiveyearsago,isaninvestmentadviserservingmostly esalongwithseveralhigh-networths.Sobhaniinitiallyworkedalone,butbecauseofrapidgrowth,betterhasexpandedto20employeestoday.Bettercontinuestoaddnewsandrecentlyhiredajunioryst,ShigeruMiyagawaisregisteredforLevelIoftheCFAexams.HerecentlylearnedthatSobhanihasbeenaninstructorwithaCFAexamprepprogramformanyyearssoheasksSobhaniifhecanprovideanytipsontheexam.Sobhaniresponds,"Ourprepcourseproviderslookedatthecurriculumreadingsandbasedonthisysiswedonotthinkyoushouldworryaboutexoticover-the-counter(OTC)derivativesbeingtested.Insteadfocusonthebodyofknowledge.CFAInstitutehasaheavierweightingonequitiesand ysis,andIamsuretheexamwillalwayshaveasimilaremphasis."Miyagawareplies,"WhenItookthepracticeexamitseemedtohavemoreweightonalternativetoretireintwoyearsandinsistedthatSobhanisellallofherstockholdingsduringamarketlowpointlastyear.PoundstontheninsistedSobhaniinvestherassetsonlyinbondsandcashtopreservehercapitalandreduceherriskexposure.Afterwatchingthestockmarketincreaserecently,PoundstoncallsSobhanitorequestsomeequityexposureinvestinthestockmarketthanrightnow.Withstocksapproachingall-timehighsitisfoolishnottoownstocksandmissoutonanopportunitytoreaptherewardsofagrowingmarket.I mendthatyouinvestatleast60%ofyourassetsinstockstotakeadvantageofwhatis,inmyopinion,arisingmarketenvironmentforthenextcoupleofyears."ThenextdaySobhaniissurprisedtoseeasecuritiesindustryregulatorappearathisoffice.TheregulatorindicatesacominthasbeenreceivedaboutBetterandaskstoseeallinvestmentrecordssoaninitialassessmentoftheissuecanbemade.Sobhanimakesavailablethosefileskeptonsitecoveringthepastsevenyears,asrequiredbylocallegalstatutes.Forfilesolderthansevenyears,hereferstheregulatortothes'brokers.SobhaniasksMiyagawatorespondtoanyotherrequestsfromtheregulatorandtomakecarefulnotesonanycomments mendationstheregulatorconcerningcomplianceissues.Thefirm'scompliancepoliciesandprocedureswerefinalizedatthefirm'sinceptionandSobhaninstousewhathelearnsfromthisvisittoInameetingwithSpencerPurce,aprospectivewhorecentlysoldhisbusinessforover$100million,SobhanilearnsPurcenstoquitworking.Purceasksforideasonhowtoinvesthissaleproceedstobuildwealthwithinatruststructure,sothathecanpasscapitalontohistwinsons,whoare19year-oldstudents.SobhanilsPurce:"Consideringyourobjectivesspecifically,Ilookedatinfrastructureprojectsindevelocountriesforsinterestedindiversifyingtheirportfolioswithlong-durationprojects,consistentcashflow,highoperatingmargins,andapositivecorrelationtoinflation.Thesetypesofinvestmentsrequirelargeupfrontcashinjections,patienceandtheabilitytoacceptalongcashoutperiod.But,thereareseveralbenefitstothistypeofinvestmentthatIthinkareimportantforyou,includingdiversification,exposuretorapidlygrowingeconomies,andreturns,whicharecurrentlyinthe8-12%range,basedonmyreviewofsimilarbytheattorney,whichhefullydisclosesonceamakesaninvestment.Theattorneyofferedbothstheopportunitytoinvestinaloansecuredbymortgagesonthreecommercialwarehouses.Oneofthesbuysintothelucrativedeal,butSobhanimendstheotherdeferhisinvestmentbecauseofliquidityconstraints.But,whentheliquidityissuesarefinallyresolved,theinvestmentisnolongeravailable.Reviewingthefirm'sbankaccount,Sobhaninoticesseveralunauthorizedcreditcardpaymentsforthousandsofdollars.JanisWilder,Sobhani'salassistant,confessestoobtainingacreditcardinSobhani'snameandusingthiscardtofundheraltravels.Locallawrequiresinvestmentadvisorstoinformtheirregulatorsofanyemployeetheft.holdthecheckbookandifyoueverdosomethinglikethisagainIwillreportyoutotheregulators."(2014MockExamAfternoonSession)VII–ResponsibilitiesasaCFAInstituteMemberorCFACandidate?Solution:TheinformationdisclosedabouttheexamsbyeitherSobhaniorMiyagawaisnotCFAPrograminformationsotheyarenotinviolationofStandardVII.Sobhani'sinformationwasbaseduponhisysisofthereadingsandishisopinion,andMiyagawareferencedthepracticeexam,whichdoesnotreflectcontentintheactualCFAexam.WhichofSobhani'sstatementstoPoundstonleastlikelyviolatestheCFAInstituteStandardsofProfessionalConduct?Hisstatementregarding:Solution:Themarketenvironmentforecastisstatedasanopinion,notfact,andassuchisnotviolationofStandardV(B)-CommunicationwithsandProspectives.But,Sobhani'sassetallocation mendation,a60%equityallocationisriskyanddoesnotrelatetothelong-termobjectivesandcircumstancesofPoundston,so,isinviolationofStandardIII(C)-Suitability.Ahighequityallocationforasickandelderlywhonstoretiresoonisnotasuitable mendation,especiallytoawhoisriskaverseandseekingpreservationofcapital.Finally,SobhanihasviolatedStandardV(A)-DiligenceandReasonableBasisbecausehis mendationthatPoundstoninvestalargepercentageofevidenceorysis.CFAInstituteStandardsofProfessionalConductconcerningwhichofthefollowing?storage.Solution:StandardIV(C)-ResponsibilitiesofSupervisorshasbeenviolated.Astoitrequiresmembersandcandidateswithsupervisoryresponsibilitytounderstandwhatconstitutesanadequatecompliancesystemfortheirfirmsandtomakereasonableeffortstoseethatappropriatecomplianceproceduresareestablished,ed,communicatedtocoverednel,andfollowed."Adequate"proceduresarethosedesignedtomeetindustrystandards, therequirements oftheCodeandStandards, andthenotupdatinghiscompliancepoliciesandproceduressincefoundinghis,Sobhanihasviolatedthisstandard.theCFAInstituteStandardsofProfessionalConductconcerningwhichofthefollowing?Solution:ofothersimilarinvestments.Inaddition,hehasnotpromisedaspecificreturn.ThusSobhaniisnotinviolationofStandardIII(D)-PerformancePresentation.But,SobhaniisinviolationofStandardIII(A)-Loyalty,Prudence,andCarebecauseheisrequiredtoidentifytheactual,whichinthiscasewouldbePurceandthetrustbeneficiaries,thetwins.Fromtheinformationprovided,thereisnoevidencethatSobhaniknowsorhasconsideredthetwin's andconstraints andthusisalso inviolation ofStandardtheCFAInstituteStandardsofProfessionalConduct?Solution:s,andprospectives,asappropriate,anycompensation,consideration,orbenefitreceivedfromorpaidtoothersforthe intoanyformalagreementforservices.Inthiscase,Sobhaniadvisessofthereferralfeearrangementafterthefact,thusviolatingStandardVI(C).StandardsofProfessionalConductconcerningwhichofthefollowing?sofSolution:SobhanihasnotviolatedStandardVI(A)-DisclosureofsbecausedisclosureofhisrelationshipwithWilderisnotrequiredbecauseitwouldnotimpairSobhani'sindependenceandobjectivitynorinterferewithhisrespectivedutiestos.But,bynotfollowinglocallawandreportinghiscousin'smalfeasance,SobhaniviolatedStandardI(A)-KnowledgeoftheLawandasaresultalsoviolatedStandardI(D)-Misconductbecausehisactionsreflectadverselyonhisprofessionalreputationandintegrity.Case2:TrendTheOmegaFundismanagedbyTrendwise,aninvestmentfirmadvisingindividuals,aswellas,offeringavarietyofmutualfunds.OmegahasalargeequitypositioninCyclicalIndustries.AtarecentOmegainvestmentcommitteemeeting,thefund’sportfoliomanager,IleanaNatali,CFA,statedthatafterconductingthoroughresearchandysis,shefirmlyconvincedthefundshouldsellitscyclicalshares.AnOmegadirectoradvisedNatali,“Don’tsellCyclical.It’sagreatstock,isn’titMr.Libra?”GlennLibra,adirectorforbothOmegaandCyclical,lookedatthedirector,butdidnotrespond.Hearingthedirector’scomment,NatalidecidednottosellCyclicalasnned.Inthefollowingweeksthestockpricerosedramatically.Onemonthlater,LibraphonedNatali,requestingshevoteOmega’ssharestore-electhimtothecyclicalboardofdirectors.NatalithensentLibraansaying,“IvotedOmega’ssharesforyou,astepIfeelisinthebestinterestofourfundholders.”Natali,“Pleasebeawarewerecentlyconductedacost-benefitysisanddetermineditisnotworthwhiletovoteallproxies.Wearesendingallsacopyofournew-votingpolicieswhichwillexin,wemaynotvoteallproxiesinthefuture.”Librareplied,“Votingproxiesisanintegralpartofthemanagementofinvestments.AfiduciarywhofailstovoteproxiesmayviolateCFAStandards.”Inresponse,NataliagreedtoconsultcounselandtheCFAhandbookregardingthenewpolicies.Natali’ssupervisoratTrendwiseaskshertoevaluateaproposalfromBrockBrokerage.BrockrecentlyproposedasoftdollararrangementwithTrendwise.TrendwiseclaimscompliancewiththeCFAInstituteSoftDollarStandards.Inherevaluation,NatalinotedBrockproposesahighercommissionrate,anaverageof4%versusthecurrent2–3%rangeTrendwisepaysitscurrentbrokeragefirm.Inaddition,NataliindicatedBrockcouldInamemorandumtoTrendwise'scomplianceofficer,Natalistates: brokeragearrangementfromBrocksatisfiesthetwofundamentalprinciplesintheCFAPrinciple1:Allcommissionspaidtoabrokerarethepropertyofthe.brokerageshouldbeusedsolelyforresearch."1.Basecompensationforystsisdeterminedfromthequalityofresearchperformed.Year-endbonusesmaybeadjustedbasedonanyst’scollaborationwith2.Intheirrelationshipswithcorporateissuers,ystsareprohibitedfromeitherdirectlyorindirectlypromisingfavorablereportsorthreateningnegativereports.Pricetargetsmaybeagreedonwiththeissuersaslongasallproperdisclosurerequirementsare3.Intheirrelationshipswithcorporateissuers,ystsareprohibitedfromsharingwithorcommunicatingtoasubjectpriortopublication,anysectionofaresearchbeforesectionsaresharedwiththesubject.4.EnsurethatcoveredemployeesdonotshareinformationabouttheSubjectorsecuritywithanywhocouldhavetheabilitytotradeinadvanceoforotherwisedisadvantagethefirm’ss.(2014MockExamAfternoonSession)WithrespecttohertradeactionsconcerningLibraandCyclicalIndustries,NatalileastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerning:Solution:TherewasnoviolationofStandardII(A)MaterialNonpublicinformation.However,whenNataliconductedathoroughysisthatconvincedhertoselltheCyclicalstockandthenreversedherdecisionandfollowedtherequestbyanOmegaFund'sdirectortoholdCyclicalwithouthavingareasonablebasisforngso,sheviolatedbothStandardII(A)Loyalty,Prudence,andCareandStandardV(A)DiligenceandReasonableBasis.likelytobeconsistentwiththeCFAInstituteStandards?Solution:StatementsmadebybothNataliandLibraareconsistentwiththeStandards.AccordingtoStandardIII(A)Loyalty,Prudence,andCarevotingproxiesisanintegralpartofthemanagementofinvestmentsandafiduciarywhofailstovoteproxiesmayviolatetheStandard.TheStandardsofPracticeHandbookalsostatesthatacost-benefitysismayshowthatvotingallproxiesmaynotbenefitthe,sovotingproxiesmaynotbenecessaryinallinstances.MembersandcandidatesshoulddisclosetosNatali'sbestresponsetohersupervisor'squestionregardingthefirm'sresearchobjectivityPolicies1and2wouldbewhichofthefollowing?1isinconsistent,while2isconsistentwiththeResearchObjectivitySolution:BothPolicies1and2areinconsistentwiththeResearchObjectivityStandards.AccordingtotheResearchObjectivityStandards,firmsmustestablishandimplementsalary,bonus,andothercompensationforyststhatdonotdirectlylinkcompensationtoinvestmentbankingorothercorporatefinanceactivitiesonwhichtheystcollaborated(eitherindividuallyorintheaggregate).TheStandardsalsostatethatresearchystsareprohibitedfromdirectlyorindirectlypromisingasubjectorotherissuerafavorablereportorspecificpricetarget,orfromthreateningtochangereports, pricetargets.Natali'sbestresponsetohersupervisor'squestionregardingthefirm'sresearchobjectivityPolicies3and4wouldbewhichofthefollowing?3requireschanges,but4isconsistentwiththeResearchObjectivityStandards,soitcanremainunchanged.BothPolicies3and4shouldremainunchanged,astheyareconsistentwiththeResearchObjectivityStandards.BothPolicies3and4willneedtobechanged,astheyareinconsistentwiththeResearchObjectivityStandards.Solution: 專業(yè)提供專業(yè)提供FRM全+講information,whichmustnotbecommunicatedincludingproposed orpricetarget.However,factualhistoricalinformationsuchasalistofdirectorsorhistoricalCase3:JacobKostecka,CFA,isaportfoliomanageratForksonInvestmentManagement,anassetmanagementandresearchfocusedorganization.AfterobtaininghisCFAcharterlastmonth,KosteckawastransferredtotheprivatewealthmanagementdivisionatForkson.DharshiBope,aprivatewealth,wasinvolvedinamajormotorcycleaccidentandisininhermid-twenties.Sincetheaccident,Nathoohasmanagedherfather’saffairs,payingallindicatedherinterestinmanagingtheaccountmoreaggressivelyandpossiblymovingtoanothermanagementfirm.NathoorecentlypetitionedthecourttoappointherfullpowerofattorneytolegallymanageBope’saffairs.Priortothecourtdecision,NathooasksKosteckaaftersocialmediathathasyettogenerateaprofit.Thefollowingweek,thecourtapprovesNathoo’srequesttoactonbehalfofherfather.Goingthroughrecordsinherfather’shome,NathoodiscoverssshowingBopeembezzledseveralmilliondollarsfromhisemployer,arealestatedevelopment.MostofthesefundswereceddirectlyintoBope’salaccount,forwhichNathooisnowresponsible.NathooinformsKosteckaaboutherdiscovery;however,Kosteckadoesnotactonthisinformation,however,becauseitisalargeaccountforForkson.Nathooestablishesanon-discretionaryinvestmentaccountatForksontiedtohernewlyestablishedbusiness.Shortlythereafter,Kosteckajoinstheboardof ,asmallersocialmediacompetitortoChatterbox.BasedonhisknowledgeofChatterbox,KosteckabelievesthestockofJabbertalkisagoodinvestment,eventhoughitisnotyetprofitable.Buoyedbyhisfaithinsocialmedia,KosteckaultimaypurchasessharesofJabbertalk’sIPOforNathoo’saccount,aswellasforallshecurrentlymanages.When informsNathooofthepurchase, sheexpresses concernaboutherlegalresponsibilitiesandlackofaccountingknowledgeinoverseeingtheaccount.KosteckaprovidesNathooalistof mendedprofessionalshehasworkedwithinthepast,engagedtooneoftheattorneysbutbrokeofftherelationshippriortotheirwedding,andoneoftheaccountantswasKostecka’scollegeroommate.Sincethen,Kosteckahasnothadprice.KosteckalshissthemultifactorvaluationmodelusedbyForksonJabbertalkstockisstillundervalued.Forkson’sresearchreport,dueoutthenextday,willmendinvestorsholdtheirJabbertalkshares.However,KosteckalsallhisssimultaneouslytheyshouldselltheirsharesbecausehebelievesJabbertalkisovervaluedandthestockpricewillfallsoon.KosteckanoteshehasfollowedthroughonthisbeliefbysellinghisalholdingsofJabbertalkshares.NathooignoresKostecka’smendationtosellJabbertalk.Overthenextweek,thestockdeclines75%.WatchingJabbertalk’sseveresharepricedecline,Nathoo esfuriouswithKosteckabecausehedidnotsellsharesofJabbertalkinheraccount.ShefilesacomintwithKostecka’ssupervisor,SallyFang,CFA,claimingshewasmisledonthevalueoftheIPOinthedaysimmediayafterthestockstartedtrading.KosteckarespondstothecomintbylingFang,“Theystwhowrotethehold mendationonJabbertalkhasonlypassedhisCFALevelIIexamination.Asacharterholder,IhaveearnedtherighttousetheCFAdesignation,soIammorequalifiedtomanages’investments.”Inordertobuildhisbase,Kosteckapreparesperformanceinformationtoshowprospectives.Heincludesthefirm’scompositeperformancebasedonsimilardiscretionaryportfoliosthatareincompliancewiththeGIPSStandards.Inaddition,Kosteckaprepareshisowncompositeperformance,includingallaccountshemanages.ThispresentationincludesNathoo’saccountassumingshehadsoldhersharesofJabbertalk.Alongwithhisperformancerecord,Kosteckaprovidesafootnotedisclosingthefollowinglanguage:“Ifyouraccountismanagedonadiscretionarybasis,youmightexpectresultssimilartothoseshownabove.”(2014MockExamAfternoonSession)shouldmostlikely:ComplywithherSeekadvicefromtheSolution:Theaccountshouldbemanagedaccordingtothe’sinvestmentgoalofcapitalpreservationandalowrisktolerance.UnderStandardIII(A)Loyalty,Prudence,andCare,thefirststepformembersandcandidatesinfulfillingtheirdutyofloyaltytosistodeterminetheidentityofthe“”towhomthedutyofloyaltyisowed.Onlywhenthedaughterisgrantedlegalresponsibilityoverherfather’saffairsbythecourtdoesshee BynotactingontheinformationreportedbyNathoo,whichCFAInstituteStandardofProfessionalConducthasKosteckaleastlikelyviolated?DutiestoSolution:KosteckahasnotviolatedStandardIII(A)Loyalty,Prudence,andCareashehasputhisKosteckahasviolatedStandardIKnowledgeoftheLaw.Bymanagingthesefunds,Kosteckatransactionsandpotentiallyviolatingantimoneylaunderingregulations.Inaddition,bynotwhereitmaysufferreputationalharmsohasviolatedStandardIV(A)DutiestoEmployers(Loyalty)..WithregardtoinvestinginJabbertalkand needstodisclosesrelatedtohis:BoardSolution:Kostecka’sboardservicecreatestheopportunitytoreceivematerialnonpublicinformationinvolvingJabbertalkandisabasicofinterest.Asaresult,accordingtoStandardVI(A)sofInterest,thedirectorshipshouldbedisclosed.Membersandcandidatesmustmakefullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpairtheirindependenceandobjectivityorinterferewithrespectivedutiestotheirs,prospectives,andtheiremployer.Becausethememberhasnotmadeanydisclosureconcerninghisboardmembership,heisinviolationofStandardVI(A).andisinviolationofStandardIII(C)Suitability.Inaddition,Nathoohasviolatedherfiduciarydutyasa“trustee”oftheaccountasshefailedtomanageherfathers’portfolioinaccordancewithhiswishes. PriorityofSolution:withallswhenprovidinginvestmentysis,makinginvestment takinginvestmentaction,orengaginginotherprofessionalactivities.WhenKosteckainformssofthe inginvestment mendationbyForkson,hehastreatedallsfairlybecausethisdisclosureisprovidedtoallofhiscurrents.CFAInstituteCodeofEthicsandStandardsofProfessionalConductconcerningthe:Solution:Statementsoverstatingthecompetencyofanindividualorimply,eitherdirectlyorindirectly,thatsuperiorperformancecanbeexpectedfromsomeonewiththeCFAdesignationarenotallowedunderStandardVII(B)ReferencetoCFAInstitute,theCFADesignation,andtheCFA TheStandardspecificallystateswhenreferringtotheCFAInstitute,CFAInstitutemembership,theCFAdesignation,orcandidacyintheCFAProgram,membersandcandidatesmustnotmisrepresentorexaggeratethemeaningorimplicationsofmembershipIII(D)PerformancePresentationwithregardto:Solution:Kostecka’sperformancepresentationofhisfirm’scompositeperformanceisincompliancewithStandardIII(D)PerformancePresentation.Case4:Theernmentofadevelocountrypublishedarequestforproposal(RFP)forthedevelopmentofpoliciestoimprovethebusinessconductofitscapitalmarketslicensees,withthehopeofimprovingconfidencelevelsamonginvestors.followingjustificationsforwhythefirmshouldwinthetender:Justification1:WithateamofthreeCFAcharterholders,Kingfisherismorequalifiedthanourcompetitorstodesignpoliciestoupholdandenhancecapitalmarketintegrity.Justification2:EachteammembermustannuallyrenewhisorhercommitmenttoabidebyJustification3:Inaddition,everyteammemberpassedeachleveloftheCFAexamonthefirstattempt.leaderKhalidJuma,CFA,andhistwoassociates,VimalBachu,CFA,andAnilaPa,tocreateanindustry-widecodeofconductbasedontheCodeandStandards.AlthoughtheCodeandStandardsarenotintendedtobeadoptedinfullbytheernment,thedecisionismadetoconcentrateonfourmainareas:professionalism,capitalmarketintegrity,dutiestos,andinvestment LevelsofProfessionalismtheintegrityofthecountry’scapitalmarkets.Assuch,financialservicesprofessionalsmustensurethattheymeetataminimumthreemajorrequirements.Professionalsmust(1)discloseallsofinterest,(2)selectivelydifferentiateservicestos,and(3)outlineallmanagercompensationarrangementsfors.Financialservicesprofessionalsmustprotecttheintegrityofthecapitalmarketsbyensuringthatanyinsiderinformationobtainedismanagedinsuchawayastopreventtheinvestingpublicfrombeingdisadvantaged.Inaddition,nofinancialservicesprofessionalcanknowinglyparticipateinanyactivitydevisedtomisleadinvestorsordistortanyprice-settingDutiestos’interestsmustcomebeforethoseofthefinancialservicesfirmand/oritsstaff.Toensurethats’interestsareprotected,allportfoliosmustbeinvestedaccordingtoeach’sinvestmentnandmustbewelldiversifiedacrossallassetclassesavailable.Furthermore,fundmanagersmustannuallyreviewneedsandobjectivesandrebalanceportfoliosifrequired. Allinvestment onbehalfofthefirm.Inaddition,eachresearchreportmustdiligencepolicieswerefollowed, Requirement3:onlyincludenamesofteammemberswhotookpartintheresearchandagreedwiththe TheKingfisherteamandtheernmentcommitteemeettoagreeonthedraftcodeofconduct.Membersoftheernmentcommitteesuggestthefollowingadditional:“Eachfinancialservicesfirmmusthaveacompliancesupervisortoensurethatallnelonthesameandmakessurethepoliciesandproceduresarefollowed;andTask3:inadequateproceduresareidentifiedand mendationstocorrectinadequateproceduresaresubmittedtoseniormanagementforapprovalandimplementation.”(2014MockExamAfternoonSession)WhichofKingfisher'sstatementsintheRFPregardingitsqualificationsmostlikelyviolatestheCFAInstituteStandardsofProfessionalConduct?Solution:ItisaviolationofStandardVII(B):ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgramtoimplythatthecompetenciesofaCFAcharterholderaresuperiortothoseofothersnotholdingthedesignation.Itisnotaviolation,however,tofactuallystatethatcharterholdersmustannuallyrenewtheircommitmenttoabidebytheCodeandStandardsorthateachoftheteammemberspassedallthreeCFAexamsontheirfirstattempt.WithregardtotheproposedstatementrelatingtoLevelsofProfessionalism,whichdraftrequirementleastlikelyreflectsanyoftheCFAInstituteStandardsofProfessionalConduct?sofSolution:StandardIII(B):FairDealing modatesthedifferentiationofservicestosaslongsandprospectivesandshouldbeavailabletoeveryone.ArequirementtodiscloseallsofinterestwouldnotviolateStandardVI(A):Disclosureofs,norwouldtheoutlineofallcompensationarrangementsviolateStandardIV(B):AdditionalCompensationArrangements.DoesKingfisher'sproposedstatementsrelatedtoCapitalMarketIntegritymostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?Solution:inprincipleStandardII(A):MaterialNonpublicInformationandStandardII(B):MarketManipulation.StandardII(A)doesnotdisallowthepossessionofinsiderinformationbutdoesdisallowusingtheinformationtotakeunfairadvantageofthegeneralinvestingpublic.StandardII(B)requirestheprohibitionofmarketmanipulation—thatis,disseminationoffalseormisleadinginformationandtransactionsthatdeceivesorwouldbelikelytomisleadmarketparticipantsbydistortingtheprice-settingmechanismoffinancialinstruments.WhichofKingfisher'sproposedrequirementstoensureDuties sisrequirementcallingfora(n):Solution:StandardIII(A):Loyalty,Prudence,andCarerequirea'sportfoliotobemanagedbyinvestmentguidelinesagreedonwiththe.Somes'investmentobjectivesmaynotallowforadiversifiedportfolioacrossallassetclassesavailable.Therefore,itmayviolateStandardIII(A)toincludeallassetclassesavailable.WhichofKingfisher'sproposedrequirementsregardinginvestment mendationsismostappropriatetopreventviolationsofStandardV(A):DiligenceandReasonableSolution:Itis the mendat