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The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act in a certain manner with respect to which of the following groups?

The SEC is not mentioned in the Code of Ethics. Component one mentions duties to the public, clients, prospects, employers, employees, colleagues, and other participants in the global capital markets.

Contractual provisions are not part of the Code of Ethics.

A)	act with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

B)	maintain knowledge and comply with all applicable laws, rules and regulations.

C)	preserve the confidentiality of information communicated by clients, prospects, or employers concerning investment matters.

Acting with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets is one of the six components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

A)	using reasonable care and exercising independent professional judgment.

B)	striving to maintain and improve their competence and the competence of others in the profession.

C)	demonstrating diligence, independence, and thoroughness when preparing investment reports.

Demonstrating diligence, independence, and thoroughness when preparing investment reports is found in the Standards of Professional Conduct.

The Code of Ethics does NOT explicitly say that a CFA Institute member shall do which of the following?

A)	Exercise independent professional judgment.

B)	Act with integrity.

C)	Actively lobby for new laws to protect the public.

The Code of Ethics says nothing about a CFA Institute member lobbying for new laws. In fact, legal issues are not a part of the Code. The Standards of Professional Conduct say that the member shall obey laws.

John Elliot, CFA, says that in issues of ethics he always puts the clients first according to the guidelines in the Code of Ethics. In doing so he is:

correct.

B)	not correct, because his first duty is to the public.

C)	not correct, because no such ordering or priority is given in the Code.

Component one mentions duties to the public, clients, prospects, employers, employees, and fellow members. No ordering of priorities is given.

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A)	not knowingly participate or assist in any violation of laws, rules, or regulations.

B)	use reasonable care and exercise independent professional judgment.

C)	use particular care in determining applicable fiduciary duty.

Using reasonable care and exercising independent professional judgment is one of the components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

The CFA Institute Code of Ethics least likely requires a Member or Candidate to:

A)	Strive to maintain and improve the competence of others in the profession.

B)	Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.

C)	Understand and comply with all applicable laws, rules, and regulations.

Understanding and complying with all applicable laws, rules, and regulations is required by Standard I(A) – Knowledge of the Law. The other choices are included in the Code of Ethics.

According to the Code of Ethics, a member reflects credit on the profession when a member:

A)	consults with other members on a regular basis.

B)	practices in a professional and ethical manner.

C)	places the clients first.

Component four of the Code says that a member shall “Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and the profession.” Neither of the other choices are implied by the Code.

Which of the following is least likely a component of the Code of Ethics? In dealing with the public, clients, prospects, employers, employees, and fellow members, CFA Institute members shall act with:

Although acting with humility may be desirable, CFA Institute members are not required to do so. However, they should act in a manner that reflects credit on themselves and their profession.

According to the CFA Institute Code of Ethics, CFA Institute Members and Candidates must do all of the following EXCEPT:

A)	exercise independent judgment.

B)	not knowingly violate the securities acts and laws.

C)	act with integrity and dignity.

Not knowingly violating the law is in the Standards of Professional Conduct, but is not in the Code of Ethics.

A)	Members and candidates shall not engage in any conduct or commit any act that compromises the integrity of the CFA designation or the integrity or validity of the examinations leading to the award of the right to use the CFA designation.

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.

C)	Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.

This is a component of the Code of Ethics. Others pertain to the Standards of Practice.

The Code of Ethics does NOT explicitly say that a CFA Institute member shall do which of the following?

A)	Actively lobby for new laws to protect the public.

B)	Reflect credit on the profession.

C)	Act with integrity.

In dealing with the public and others, the CFA Institute Code of Ethics indicates that CFA Institute members will act with:

A)	integrity, competence, and respect.

B)	confidence, knowledge, and high ethical standards.

C)	honesty, professionalism, and goodwill.

Integrity, competence, and respect are included in the first component of the Code of Ethics.

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A)	strive to maintain and improve their competence and the competence of others in the profession.

B)	act for the benefit of their clients and place their clients' interests before their own.

C)	disclose to their employer all matters that reasonably could be expected to interfere with their duty to their employer or ability to make unbiased and objective recommendations.

Striving to maintain and improve their competence and the competence of others in the profession is one of the components of the Code of Ethics, whereas the other statements are part of the Standards of Professional Conduct.

The first component of the Code of Ethics does NOT explicitly say that a CFA Institute member will act with which of the following?

Component one mentions all of these except solemnity.

Which of the following is NOT an act explicitly referred to in the Code of Ethics?

A)	Using reasonable care when making investment recommendations.

B)	Improve professional competence.

C)	Giving free introductory seminars on investing to the public.

Although the Code says a member has obligations to the public, educating the general public for whatever reason is not implied.

According to the Code of Ethics, which of the following statements is FALSE? CFA Institute members are required to:

A)	use reasonable care and exercise independent professional judgment.

B)	comply with the CFA Institute Performance Presentation Standards.

C)	maintain and improve their competence and strive to maintain the competence of others in the profession.

The CFA Institute-PPS are voluntary standards for the industry. Firms are not required to comply with these standards when presenting performance. The other statements are each components of the CFA Institute Code of Ethics.

Although acting with humility may be desirable, CFA Institute members are not required to do so. However, they should act in a manner that reflects credit on themselves and their profession.

A)	Members shall not knowingly participate or assist in any violation of such laws, rules, or regulations.

B)	Members shall use reasonable care and exercise independent professional judgment.

C)	Members shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act that reflects adversely on their honesty, trustworthiness, or professional competence.

This is a component of the Code of Ethics. Others pertain to the Standards of Professional Conduct.

Which of the following is NOT part of the CFA Institute Code of Ethics. Members of CFA Institute will:

A)	recommend investments that maximize returns for a given level of risk.

B)	use reasonable care and exercise independent professional judgment.

C)	strive to maintain and improve their competence and the competence of others in the profession.

Standard of Professional Conduct III(C), not the Code of Ethics, requires that investments be appropriate and suitable.

According to the Code of Ethics, the professional judgment of a member should be:

A)	independent.

B)	guided by the SEC guidelines.

C)	dependent on that of his/her colleagues.

The Code of Ethics states that the CFA Institute member shall “Use reasonable care and exercise independent professional judgment.” None of the other answers resemble anything in the Code.

According to the Code of Ethics, when practicing in a professional and ethical manner the goal is to:

A)	increase membership in CFA Institute.

B)	reflect credit on members and the profession.

C)	resolve conflicts between clients and employers.

The Code states that a member shall “Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.”