"morality" exercise:Conduct as Participants in CFA Institute Programs
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Questions 1:
Tammi Holmberg is enrolled to take the Level I CFA examination. While taking the CFA examination, the candidate on Holmberg’s immediate right takes a stretch break and a piece of paper from his pocket falls onto Holmberg's desk. Holmberg glances at the paper and realizes there is information written on the paper, which includes a formula Holmberg needs for the question she is working on. Holmberg had not memorized this formula and could not complete the question without this information. Holmberg pushes the paper off her desk and uses the formula to complete the question. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Holmberg most likely:
A 、compromised her exam.
B 、was free to act on the information that fell on her desk.
C、 is responsible for notifying exam proctors of her neighbor’s violation.
Questions 2:
Praful Chandarana, CFA, is starting a new business to offer investment consulting services to pension fund trustees in response to a new regulation that requires all pension fund Investment Policy Statements (IPS) to be reviewed and approved by an independent CFA charterholder. Prior to starting the new business, he meets with the pension fund regulator to clarify if the CFA charterholder undertaking the IPS review should be a licensed financial advisor by the capital markets regulator. The capital markets regulator requires and grants licenses to those giving investment advice to clients. The pension regulator states that they do not require the CFA charterholder to hold a financial advisor’s license, despite financial-related advice being given to the pension funds during any IPS review. Chandarana therefore starts his new business to undertake IPS reviews without obtaining a financial advisor’s license from the capital markets regulator. Subsequently, when clients of his former employer contact him he informs them of his new company and the services he offers. Does Chandarana most likely violate the CFA Code and Standards?
A 、No.
B、 Yes, with regard to Professionalism.
C、 Yes, with regard to Duties to Employer.
A is correct because Holmberg’s conduct compromised the validity of her exam and violated Standard VII(A). Her conduct was also a violation of the rules and regulations of the CFA Program, the Candidate pledge, and the CFA Institute Code and Standards.
B is incorrect because Holmberg was not free to use the information and her conduct compromised the validity of her exam and violated Standard VII(A). Her conduct was also a violation of the rules and regulations of the CFA Program and the Candidate pledge, and the CFA Institute Code and Standards.
C is incorrect because Holmberg has an obligation to report her violation but does not have an obligation to report potential violations of the Code and Standards by fellow members, even though CFA Institute encourages such action.
B is correct because the CFA Code of Ethics requires Chandarana to uphold the rules governing financial advisors. However, he failed to do so in the absence of obtaining a financial advisor’s license. The CFA Standard I(A)–Knowledge of the Law states that when rules or regulations are in conflict, members must comply with the more strict law, in this case the requirement for financial advisors to be licensed. Chandarana is not restricted from speaking with clients of his old employer by Duties to Employer Standard IV(A)–Loyalty.
A is incorrect because Chandarana failed to obtain a financial advisor’s license. The CFA Code of Ethics requires Chandarana to uphold the rules governing capital markets. The CFA Standard I(A)–Knowledge of the Law states that when rules or regulations are in conflict, members must comply with the more strict law, in this case the requirement for financial advisors to be licensed.
C is incorrect because Chandarana is not restricted from speaking with clients of his old employer by Duties to Employer Standard IV(A)–Loyalty. Chandarana did not contact the old employer’s clients; they contacted him. He did not use the old employer’s contact list. In addition, he is able to inform the clients of his new business after he has left the service of his old employer
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