Q8. Hillary Jones, CFA, sometimes promises clients that she will allocate more shares from oversubscribed initial public offerings (IPOs) than she knows she will actually be able to deliver. Her employer has reprimanded her in the past for similar behavior. Which of the following statements is least accurate regarding Jones' behavior?

A)   Her actions are a violation of the standard concerning misrepresentation, because she promised something she knew the firm could not deliver.

B)   Her actions are a violation of the Standards only if prosecution results in a felony conviction.

C)   Her actions are a violation of the standard concerning professional misconduct because she deceived her clients.

Q9. An investment advisor takes a trip for which his firm will pay the expenses. Upon his return he alters some of the numbers on restaurant receipts to inflate the expenses by $64. Is this a violation of Standard I(D)?

A)   Yes, because it reflects adversely on the charterholder’s professional reputation.

B)   No, if such a crime carries less than a one-year prison term.

C)   Yes, because the amount involved is over $50.

答案和详解如下：

Q8. Hillary Jones, CFA, sometimes promises clients that she will allocate more shares from oversubscribed initial public offerings (IPOs) than she knows she will actually be able to deliver. Her employer has reprimanded her in the past for similar behavior. Which of the following statements is least accurate regarding Jones' behavior?

A)   Her actions are a violation of the standard concerning misrepresentation, because she promised something she knew the firm could not deliver.

B)   Her actions are a violation of the Standards only if prosecution results in a felony conviction.

C)   Her actions are a violation of the standard concerning professional misconduct because she deceived her clients.

Correct answer is B)

Jones violated Standard I(C) Misrepresentation by promising clients she would allocate more shares than she could deliver. Her actions also violated Standard I(D) Misconduct pertaining to acts of dishonesty, fraud, or deceit which reflects adversely on a member's professional reputation, integrity, or competence. She also violated the Code of Ethics which states that members and candidates must act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, and prospective clients. The specific punishment for the actions is not relevant.

Q9. An investment advisor takes a trip for which his firm will pay the expenses. Upon his return he alters some of the numbers on restaurant receipts to inflate the expenses by $64. Is this a violation of Standard I(D)?

A)   Yes, because it reflects adversely on the charterholder’s professional reputation.

B)   No, if such a crime carries less than a one-year prison term.

C)   Yes, because the amount involved is over $50.

Correct answer is A)

Professional conduct involving dishonesty, fraud, or deceit is a direct violation of Standard I(D), Misconduct.