Q1.Calvin Doggett, CFA, has been contacted by the CFA Institute Professional Conduct Program (PCP) regarding allegations that he has taken investment actions that were unsuitable for his clients. Doggett is questioned by PCP concerning the identity of his clients he considered suitable for investing in a very risky start-up company that eventually went bankrupt.

Doggett will:

A)   violate the Code and Standards by fully cooperating with a PCP investigation if it means revealing confidential information.

B)   not violate the Code and Standards by revealing the names, financial condition and investment objectives of his clients to PCP.

C)   not violate the Code and Standards only if he reveals the financial condition and investment objectives of his clients on an anonymous basis and does not reveal the names of his clients to PCP.

Q2.A CFA charterholder may disclose confidential information about a client when:

A)   it is a necessary step in proceeding with research on client preferences.

B)   the information is nonmaterial.

C)   the CFA Institute Professional Conduct Program requests it.

Q3.Standard III(E), Preservation of Confidentiality, applies to the information that an analyst learns from:

A)   current clients, former clients, and prospects.

B)   current clients and prospects only.

C)   current clients and former clients only.

Q4.Andrew Mader, CFA, is an analyst with Metro Investment Services. During lunch with some of Metro's managers, Mader is told, "There are going to be major problems at Gebco (a firm that Metro had brought public last year). I was just over there and the place is just crawling with government inspectors.” Mader had just issued a report with a "buy" recommendation on Gebco last week. Mader should:

A)   immediately issue a new report, but only after stopping by Gebco himself to corroborate the story.

B)   not do anything because to do so would violate his obligation to preserve confidentiality.

C)   not do anything to avoid a violation of fair dealing.

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3x

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