Reading 2-VII: Standards of Professional Conduct & Guid

答案和详解如下：

6、Judy Albert and Bob Tye, who recently started their own investment advisory business, plan to take the Level III CFA examination next year. Albert's business card reads, "Judy Albert, CFA Candidate." Tye has not put anything about the CFA on his business card. However, the firm's promotional materials describe the CFA requirements and indicate that Tye participates in the CFA program and has completed Levels I and II. According to CFA Institute Standards of Professional Conduct:

A)   Tye has violated the Standards, but Albert has not.

B)   Both Albert and Tye have violated the Standards.

C)   Albert has violated the Standards but Tye has not.

D)   Neither Albert nor Tye has violated the Standards.

The correct answer was C)    

On letterheads and business cards and in directory listings, only the mark CFA or the words Chartered Financial Analyst should appear after the charterholder's name.

7、Nichole Zeller and Randy Toffler have both passed Level II of the CFA Exam Program and have registered for Level III. Zeller circulates a resume stating that she is a candidate for the CFA designation and has passed Level II of the CFA program. Toffler circulates a resume stating that he is a CFA II. Which of the following statements is TRUE?

A)   Only Zeller has violated the Code of Standards.

B)   Both Zeller and Toffler have violated the Code of Standards.

C)   Neither Zeller nor Toffler have violated the Code of Standards.

D)   Only Toffler has violated the Code of Standards.

The correct answer was D)

The Code and Standards permit an individual to state that he or she is a candidate for the CFA designation as long as the person is registered for the next CFA exam. The same individual may state the fact that he or she has passed Level I or II of the CFA program. There is no partial designation, such as CFA II.

8、Lucy Ackert and Chris Brown prepared the following information to be included in the promotional materials of their employer, Lofton Securities.

§ Lucy Ackert is one of five CFAs at Lofton Securities. She satisfied all requirements for the CFA designation in 1998.

§ Chris Brown holds a CFA Level I designation, which he passed in 2001. He is registered to take the next scheduled Level II examination.

Are the promotional materials prepared by Ackert and Brown fully consistent with the Standards of Professional Conduct?

A)   Ackert: No. Brown: Yes.

B)   Ackert: Yes. Brown: No.

C)   Ackert: Yes. Brown: Yes.

D)   Ackert: No. Brown: No.

The correct answer was D)

Neither statement is fully consistent with Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program. The CFA designation must always be used as an adjective and never as a noun as Ackert used in her promotional description. Correct use of the CFA designation would be: “Lucy Ackert is one of five CFA charterholders at Lofton Securities.” No designation exists for someone who has passed Level I of the CFA examination. Thus, Brown’s statement saying that he “holds a CFA Level I designation” represents incorrect use. A correct statement would be: “Chris Brown passed Level I of the CFA examination in 2001.”

9、An analyst has not paid her CFA Institute dues for several years but has filed a professional conduct statement annually. Which of the following statements is TRUE regarding her status with CFA Institute? The analyst’s membership is:

A)   considered "inactive."

B)   suspended and she is not considered a CFA charterholder.

C)   temporarily suspended until she pays her dues.

D)   active, but she cannot use the CFA designation until her dues are paid in full.

The correct answer was B)    

Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, applies. In order to use the CFA designation, the member must pay annual dues and submit a yearly Professional Conduct Statement.

10、When Wes Smith first joined Advisors, Inc., he was excited that all the analysts at the firm had the CFA designation. In letters to prospective clients, he states that this ensures that Advisors can provide better service than their competitors. With respect to Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, this is:

A)   a violation because he mentions the CFA designation in the letter.

B)   a violation for both mentioning the CFA designation and saying the firm can guarantee better service.

C)   a violation because he cannot guarantee better service.

D)   not a violation.

The correct answer was C)    

According to Standard VII(B), the analyst cannot guarantee better service. Smith can mention the fact that all analysts have the designation, but he is limited in what he can say with respect to this fact. He could say, for example, that this means the analysts all had to take and pass three rigorous exams.