Q5. 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: Yes. Brown: No.
B) Ackert: No. Brown: Yes.
C) Ackert: No. Brown: No.
Q6. 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 Toffler has violated the Code of Standards.
B) Only Zeller has violated the Code of Standards.
C) Both Zeller and Toffler have violated the Code of Standards.
Q7. Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003. During the past several years, Willis has been out of work because of a serious illness. He also failed to pay his annual CFA Institute dues during the current year. Willis has now recovered and accepted a position with an investment advisory firm. His new business card says, “Ted Willis, CFA.” As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients. He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients.
Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard I(C), Misrepresentation, is most accurate? Willis:
A) violated Standard VII(B) but he did not violate Standard I(C).
B) did not violate either Standard VII(B) or Standard I(C).
C) violated both Standard VII(B) and Standard I(C).
答案和详解如下：
Q5. 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: Yes. Brown: No.
B) Ackert: No. Brown: Yes.
C) Ackert: No. Brown: No.
Correct answer is C)
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.”
Q6. 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 Toffler has violated the Code of Standards.
B) Only Zeller has violated the Code of Standards.
C) Both Zeller and Toffler have violated the Code of Standards.
Correct answer is A)
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.
Q7. Ted Willis received his CFA designation in 1998 and was employed as an investment counselor until 2003. During the past several years, Willis has been out of work because of a serious illness. He also failed to pay his annual CFA Institute dues during the current year. Willis has now recovered and accepted a position with an investment advisory firm. His new business card says, “Ted Willis, CFA.” As part of his job with his new firm, Willis uses PowerPoint® to make presentations to groups of prospective clients. He obtained some of these PowerPoint® slides from web sites, but removed the copyright notice before showing the slides to prospective clients.
Which of the following statements about Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program, and Standard I(C), Misrepresentation, is most accurate? Willis:
A) violated Standard VII(B) but he did not violate Standard I(C).
B) did not violate either Standard VII(B) or Standard I(C).
C) violated both Standard VII(B) and Standard I(C).
Correct answer is C)
Willis violated Standard VII(B) because his right to use the CFA designation was suspended when he stopped paying CFA Institute dues. Thus, he can no longer use the CFA designation on his business card. Willis also violated Standard I(C) because he was guilty of plagiarism. He inappropriately used copyrighted material, which provided the impression that such material was his own.CAC
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