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A)	Contractual provisions.

B)	Integrity.

C)	Independent judgment.

D)	Competence.

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

A)	not knowingly violate the securities acts and laws.

B)	practice their profession in an ethical manner.

C)	act with integrity and dignity.

D)	exercise independent judgment.

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

B)	Candidates in the CFA Program, as defined in the CFA Institute Bylaws, may reference their participation in the CFA Program, but the reference must clearly state that an individual is a candidate in the CFA Program and cannot imply that the candidate has achieved any type of partial designation.

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.

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

A)	CFA Institute members may reference their membership only in a dignified and judicious manner. The use of the reference may be accompanied by an accurate explanation of the requirements that have been met to obtain membership in these organizations.

B)	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.

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

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.

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

A)	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.

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

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

D)	consider the appropriateness and suitability of investment recommendations or actions for each portfolio or client.

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

A)	use particular care in determining applicable fiduciary duty.

B)	use reasonable care and exercise independent professional judgment.

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

D)	comply with any prohibitions on activities imposed by their employer if a conflict of interest occurs.

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)	practice and encourage others to practice in a professional and ethical manner.

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

D)	comply with the CFA Institute Performance Presentation Standards.

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

A)	dependent on that of his/her colleagues.

B)	quick and timely.

C)	independent.

D)	guided by the SEC guidelines.

Which of the following activities would be following a component of the Code of Ethics explicitly?

A)	Maintaining a list of colleagues who have violated the CFA Institute standards.

B)	Acting as a character witness for a colleague.

C)	Consulting with colleagues about opinions you reach in your research.

D)	Attending continuing education seminars on investing and inviting colleagues to come along.

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

A)	Act with integrity.

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

C)	Reflect credit on the profession.

D)	Exercise independent professional judgment.

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)	resolve conflicts between clients and employers.

C)	reflect credit on members and the profession.

D)	resolve conflicts between fellow employees and the employer.

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?

A)	The public.

The SEC.

C)	The member's employer.

D)	Colleagues in the investment profession.

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:

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

A)	Act with integrity.

B)	Reflect credit on the profession.

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

D)	Exercise independent professional judgment.

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:

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

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

C)	not correct because his first duty is to his employer as long as the employer is enforcing the Standards.

correct.

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

A)	use reasonable care and exercise independent professional judgment.

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

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

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

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

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

B)	acting with integrity, competence, respect, and in an ethical manner when dealing with others.

C)	using reasonable care and exercising independent professional judgment.

D)	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.

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)	honesty, professionalism, and goodwill.

C)	conviction, skill, and ethical awareness.

D)	confidence, knowledge, and high ethical standards.

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

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

A)	Improve professional competence.

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

C)	Using reasonable care when making investment recommendations.

D)	Acting with integrity, competence, and diligence.

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

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

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

A)	practices in a professional and ethical manner.

B)	consults with other members on a regular basis.

C)	places the clients first.

D)	reports on the violations of fellow members.

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. None of the other choices are implied by the Code.

There are six components of the CFA Institute Code of Ethics. All of the following are part of the Code of Ethics EXCEPT:

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

B)	Strive to maintain and improve the competence of regulatory bodies such as the Securities and Exchange Commission (SEC).

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

D)	Use reasonable care and exercise independent professional judgment.

The Code of Ethics governs only the conduct of members and individuals in the profession, not the conduct of regulatory bodies. The first component of the CFA Institute Code of Ethics is to act with integrity, competence, diligence, respect, and in an ethical manner when dealing with the public, clients, prospects, employers, employees, and fellow members.

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

B)	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.

C)	exercise diligence and thoroughness in making investment recommendations or in taking investment actions.

D)	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.

In accordance with Standard III (A) Loyalty, Prudence and Care, which of the following statements is least accurate? Members and Candidates should:

A)	submit to clients, at least quarterly, itemized statements detailing all of the periods transactions.

B)	make investment decisions in the context of the total portfolio.

C)	vote all proxies on behalf of clients in a responsible manner.

D)	utilize client brokerage to the sole benefit of the client.

Because of the time and expense involved in voting a proxy, Members and Candidates are not required to vote every proxy. A cost benefit analysis can be performed to determine if it is necessary to vote a proxy.

Liam McCoy, CFA, has lunch with a wealthy client whose portfolio he manages. McCoy advises the client to double his current position in the JKM Corporation due to an anticipated increase in sales. In accordance with Standard (V) Investment Analysis, Recommendations and Actions, when McCoy returns to his office he should:

A)	identify other clients for whom JKM may be a suitable investment and notify them immediately of his recommendation.

B)	execute his clients order, and then consider whether or not JKM might be a suitable investment for McCoys personal portfolio.

C)	document the details of the conversation with the client with regard to his investment recommendation.

D)	verify the suitability of the investment recommendation before placing the clients order.

Standard V(C) Record Retention requires that Members and Candidates document all recommendation and communications with clients. McCoy should document the details of the conversation, including any resulting investment decisions and/or actions. The suitability of the investment should have already been considered before the recommendation and McCoy should not execute the order until the the client instructs him to. Identifying other clients for this investment would fall under Standard III(B) Fair Dealing.