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Ethical and Professional Standards
1. Andy McCarthy, CFA, resigned as a portfolio manager at Drexell Investments to take a position as an adjunct faculty member at a local college. For the next two years, he did not file a complete Statement of Professional Conduct with the CFA Institute and did not pay CFA Institute dues.
Two years later, McCarthy began practicing independently as a financial analyst and wrote his CFA designation on his business card and next to his name.McCarthy did not reinstate his CFA Institute membership by filing a Statement of Professional Conduct and paying CFA membership dues. McCarthy did not reinstate his CFA membership by filing a Statement of Professional Conduct and paying the CFA membership fee. He argued that he had not been involved in the investment industry for the past two years and therefore did not need to reinstate his CFA membership.
Did McCarthy violate any CFA Institute standards?
A. No.
B. Yes, relating to reference to the CFA Institute, the CFA designation, and the CFA Program.
C. Yes, relating to loyalty.
2. John Smith, CFA, a trader and chartered financial analyst at Zeta Capital, was having lunch with his software industry analyst friend when he noticed rumors of a merger between two software companies. Smith, always valuing his friend’s advice, placed a large buy order the next day, equally divided among all discretionary accounts that fit the target company. He also informed all of his non-discretionary accounts of this advice.
Did Smith violate the CFA Institute’s Standards of Professional Conduct by acting on his friend’s advice?
A. Yes, with respect to diligence and reasonable basis.
B. Yes, with respect to priority of transactions.
C. Yes, with respect to fair dealing.
3. Which of the following is least likely correct under the Code and Standards?
A. Financial analysts may use conclusions drawn from the analysis of public and immaterial nonpublic information as recommendations, even if those conclusions would be material inside information if communicated directly by the company.
B. If material nonpublic information comes from an industry expert, the financial analyst is free to act on that information.
C. A member or candidate shall make reasonable efforts to achieve public dissemination of material information.
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