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1. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing: A. fire-walls. B. watch lists.

C. selective disclosure. Answer: C

CFA Institute Standards

2010 Modular Level I, Vol. 1, pp. 36-42 Study Session 1-2-c

Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct

C is correct as selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. Standard II (A).

2. William Wong, CFA, is an equity analyst with Hayswick Securities. Based on his fundamental analysis, Wong concludes the stock of a company he follows, Nolvec Inc., is substantially undervalued and will experience a large price increase. He delays revising his recommendation on the stock from “hold” to “buy” to allow his brother to buy shares at a lower price. Wong is least likely to have violated the CFA Institute Standards of Professional Conduct related to: A. duty to clients. B. reasonable basis. C. priority of transactions. Answer: B

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“Guidance for Standards I-VII”, CFA Institute 2010 Modular Level I, Vol. 1, pp. 48-50, 80-81, 94-95 Study Session 1-2-a

Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity. B is correct because there is nothing to suggest that Wong does not have a reasonable basis for his conclusion related to Nolvec. Standard V (A).

3. During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the company’s tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely can not use the information because:

A. it relates to a tender offer.

B. it was overheard and might be considered unreliable.

C. she does not have a reasonable and adequate basis for taking investment action. Answer: A

“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 36-42 Study Session 1-2-a

Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity. A is correct because trading on the information is restricted as it relates to a tender offer。 it is clearly material, nonpublic information. Standard II (A).

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4. Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services, with O’Sullivan receiving 40,000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory stock as a “buy.” According to the CFA Institute Standards of Professional Conduct, O’Sullivan is most likely required to disclose his ownership of Mallory stock in the:

A. press releases only. B. research report only.

C. both the press release and the research report.

Answer: C

“Guidance for Standards I-VII”, CFA Institute 2009 Modular Level I, Vol. 1, pp. 21-26, 89-91 Study Session 1–2–a

Demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to situations involving issues of professional integrity. C is correct because members should disclose all matters that reasonably could be expected to impair the member’s objectivity. Standard I (B), Standard VI (A)

5. Jefferson Piedmont, CFA, a portfolio manager for Park Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’s profits.

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