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Free CFA-Level-I Exam Braindumps (page: 28)

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PDF with 3963 Questions

Which of the following can be found in Standard I?

  1. Members shall maintain knowledge of and comply with all applicable laws.
  2. Members shall not undertake any independent practice in competition with employer without written consent.
  3. Members shall maintain appropriate records to support the reasonableness of recommendations.
  4. Members shall not participate in plagiarism.
  5. Members shall make reasonable efforts to achieve public dissemination of material nonpublic information disclosed in breach of a duty.

Answer(s): A

Explanation:

Standard I states that members shall: "A. Maintain knowledge of and comply with all applicable laws of any governing agency or professional association governing the member's professional activities, and B. Not knowingly participate or assist in any violation of laws, rules or regulations."



To claim compliance with the AIMR Performance Presentation Standards,

  1. at least 1/2 of the investment managers in the firm must comply with the Standards.
  2. the entire firm must comply with the Standards.
  3. none of these answers. The Standards apply to individual investment manager's performance only.
  4. at least 3/4 of the investment managers in the firm must comply with the Standards.

Answer(s): B

Explanation:

To claim compliance with the AIMR-PPS, the firm must comply with the Standards on a firmwide basis.
Additionally, the firm must state exactly how it is defining itself for purposes of compliance.



Standard IV (B.5) deals with ________.

  1. Disclosure of Conflicts to Clients and Prospects
  2. Prohibition against Use of Material Nonpublic Information
  3. None of these answers
  4. Preservation of Confidentiality
  5. Prohibition against Misrepresentation
  6. Priority of Transactions
  7. Disclosure of Referral Fees
  8. Performance Presentation

Answer(s): D

Explanation:

Standard IV (B.5) deals with the preservation of confidentiality of information communicated by clients or employers concerning matters within the scope of the client-member, employer-member relationship.



Which of the following is not a violation of Standard II (C)?

  1. Use a small part of an analysts work who also is employed in a completely different (non-competitive) industry, without acknowledgment.
  2. Use a small part of an analysts work who also is employed in the same industry, without acknowledgment.
  3. All of these answers are violations.
  4. Using one chart in a presentation that was prepared by another analyst, without acknowledgment.
  5. Giving an oral report and citing specific quotations, attributable to "leading analysts," without specific reference.

Answer(s): C

Explanation:

Using excerpts from articles or reports prepared by others, either verbatim, or with only a slight change, without acknowledgment; citing specific quotations, attributable to "leading analysts," without specific reference; using charts or graphs without stating their sources; and copying proprietary computerized spreadsheets or algorithms without seeking the authorization of their creators - all of these practices are violations of Standard II (C). Only globally recognized sources of factual material such as that provided by Standard & Poor's, or Moody's Investors Service, can be used without acknowledgment, since such information is already in the public realm.






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