Reading 2-III: Standards of Professional Conduct & Guid comply, telephone, following, class, his

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Q2. In light of Singh’s comments during his telephone call to Patel prior to his uncle’s death, which of the following actions that Patel can take comply with CFA Institute Standards of Professional Conduct?

A)   Patel must adhere to the existing portfolio strategy until she meets with Singh to develop a new portfolio strategy based upon updated financial information but may place trades which are consistent with the existing strategy.

B)   Patel must not place any trades in the account until she meets with Singh to develop a new portfolio strategy based on the updated information.

C)   Patel may change the current portfolio strategy and begin trading based upon Singh’s expectations because he advised her to do so.

Q3. According to CFA Institute Standards of Professional Conduct, may Patel reallocate Singh’s portfolio toward technology stocks after his Uncle dies but before the meeting with Singh?

A)   Yes, because the total value of the municipal bonds received into the account will be too large relative to the other assets in the portfolio.

B)   No, because Patel must wait until the next annual meeting to reallocate.

C)   No, because Patel and Singh must meet and revise the investment policy statement and portfolio strategy before reallocating.

Q4. Did Patel violate any CFA Institute Standards of Professional Conduct when she purchased the NetWin stock for Singh’s portfolio or for the other clients’ portfolios?

Singh's  portfolio      Other portfolios

A)    Yes                     Yes

B)    No                      No

C)    No                      Yes

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