QUESTION: 93

AIMR Standard ________ prohibits plagiarism.

I (D)
IV (A)
None of these answers
II (C)
III (B)

Answer(s): D

Explanation:

Standard II (C) - Prohibition against Plagiarism states: "Members shall not copy or use, in substantially the same form as the original, material prepared by another without acknowledging and identifying the name of the author, publisher, or source of such material. Members may use, without acknowledgment, factual information published by recognized financial and statistical reporting services or similar sources."

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QUESTION: 94

Fiduciaries are obligated to vote proxies:

none of these answers.
on an "as needed" basis, depending on the issue at hand.
only when there is a nonroutine governance issue.
only when there is a change in firm capitalization.
in an informed and responsible manner.
only when management requests the fiduciary to vote, in writing.

Answer(s): E

Explanation:

As part of a fiduciary's duty of loyalty, they are obligated to vote proxies in an informed and responsible manner.
A fiduciary who fails to vote, casts a vote without considering the impact of the question or votes blindly with management on nongovernance issues may violate this duty of loyalty.

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QUESTION: 95

Standard III (E) is ________.

Obligation to Inform Employer of Code and Standards
Duty to Employer
Responsibilities of Supervisors
Disclosure of Conflicts to Employer
None of these answers
Disclosure of Additional Compensation Arrangements

Answer(s): C

Explanation:

Standard III (A) deals with the Obligation to Inform Employer of Code and Standards. Standard III (B) deals with the Duty to Employer. Standard III (C) deals with Disclosure of Conflicts to Employer. Standard III (D) deals with Disclosure of Additional Compensation Arrangements. Standard III (E) deals with Responsibilities of Supervisors.

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QUESTION: 96

Chan and Chung are two of the five Managing Directors of Alfalfa, a mid-size hedge fund. In a recent court case involving a securities lawsuit, Chan was called on to testify as an expert on securities research. During his testimony, Chan had to invoke several results from a proprietary research carried out by his staff at Alfalfa. He did so without specifically attributing the results to them. At around the same time, Chung had to meet with a few prospective clients for a business presentation. During this presentation, he showed them some of the results obtained by Chan's team, without specifically acknowledging the research team. Instead, he referred to them with phrases like, "our studies indicate that..." In this set of events, as it relates to Standard II(C) - Prohibition against Plagiarism,

neither Chan nor Chung has violated the standard.
Chan has not violated the standard while Chung has.
both Chan and Chung have violated the standard.
Chan has violated the standard while Chung has not.

Answer(s): D

Explanation:

In the interactions with clients, senior management members represent the firm and as such, do not have to give specific attribution to research results obtained by employees of the firm. Hence, Chung has committed no violation. On the other hand, in the capacity of an expert, Chan is not representing the firm but himself. In such a case, he has to properly acknowledge the sources of all results he quotes. Refer to Standard II(C).

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Free CFA-Level-I Exam Braindumps (page: 24)

QUESTION: 93

Explanation:

QUESTION: 94

Explanation:

QUESTION: 95

Explanation:

QUESTION: 96

Explanation: