Reading 1: Code of Ethics and Standards of Professional Con increase, Investment, accordance, his

土豆妮

Liam McCoy has lunch with a wealthy client whose portfolio he manages. McCoy advises the client to double his current position in the JKM Corporation due to an anticipated increase in sales. In accordance with Standard (V) Investment Analysis, Recommendations and Actions, when McCoy returns to his office he should:

A) document the details of the conversation with the client with regard to his investment recommendation.

B) identify other clients for whom JKM may be a suitable investment and notify them immediately of his recommendation.

C) verify the suitability of the investment recommendation before placing the client’s order.

---

Standard V(C) Record Retention requires that Members and Candidates document all recommendation and communications with clients. McCoy should document the details of the conversation, including any resulting investment decisions and/or actions. The suitability of the investment should have already been considered before the recommendation and McCoy should not execute the order until the client instructs him to. Identifying other clients for this investment would fall under Standard III(B) Fair Dealing.

土豆妮

Michael Malone, CFA, is an investment analyst for a large brokerage firm in New York who covers the airlines industry. After hours in his personal time, Malone maintains an online blog on which he expresses his personal opinions about various investment opportunities, including, but not limited to, the airlines industry. On his blog, he posts a very negative investment opinion about WestAir stock. Malone knows that WestAir's stock will be downgraded to a “sell” by his firm next week. Malone has:

A) violated Standard IV(A) Loyalty by divulging confidential information that is the intellectual property of his employer.

B) violated Standard II(A) Material Nonpublic Information by releasing material that could negatively impact the price of the security.

C) violated Standard VI(B) Priority of Transactions by releasing material information to the public before releasing to the firm’s clients.

---

Malone is in violation of Standard II(A) because the information is both material and nonpublic. He is in violation whether or not he divulges the impending downgrade by his firm on his blog, because he is using nonpublic information. A “sell” opinion on a security issued by a large brokerage firm will almost certainly impact the stock’s price.

土豆妮

Which of the following activities would be following a component of the Code of Ethics explicitly?

A) Consulting with colleagues about opinions you reach in your research.

B) Attending continuing education seminars on investing and inviting colleagues to come along.

C) Maintaining a list of colleagues who have violated the CFA Institute standards.

---

The Code states that a member shall “Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.” None of the other answers qualify.

luqian55

THANKS

healthbird

当你的肌肉因疲劳而感到酸痛和紧绷时，使用保健按摩棒能舒适按摩有效舒解不适，缓解肌肉酸痛、消除疲劳、恢复体力；舒筋活络、改善血液循环；放松运动后绷紧的各部位肌肉。适合各类职业人群自我保健！
     淘康鸟商城专注经营家庭保健器械用品，经营各种品牌和样式的保健按摩器，价格从几十元至几百元不等，品质优良，信誉有保证！欢迎广大保健朋友浏览淘康鸟在线商城。www.tokung.com

liudu234

很好，SEO支持一下楼主！

huanghai

Bonjour il j'aime votre billet.Cuire au four pendant optimale, experts tn requin dit pieds très souple et rapide développement de l'enfant, si air max les orteils flexion ou souffre d'extrusion, très facile de se produire dans la, sélectionnez nike air max et acheter, donc attention particulière aux chaussures à porter nike tn des chaussures : acheter des chaussures co?teuses, le meilleur prix d'achat est moins chers chaussures timberland de chaussures, inappropriés peuvent changer dès que possible. Parce timberland pas cher que les enfants bipède augmentent plus rapidement, plus de 2 à 3 mois dans une paire de chaussures. Parce bottes timberland que l'enfant est au cours de la période, donc les pieds de sélectionnez et acheter doit être adapté pour enfants fantaisie pieds, talon ne doit pas dépasser deux centimètres. Chaussures, non seulement affecte les activités normales et les enfants entravera les enfants à pied positionner correctement. Chaussures est trop petites, peut affecter les muscles de la fièvre du développement de l'enfant et ligaments, les orteils, aussi faciles à se produire par extrusion ankylose. Merci beaucoup! thankyou!