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Test Prep CFA-Level-I Exam (page: 15)
Test Prep CFA® Level I Chartered Financial Analyst
Updated on: 25-Dec-2025

Viewing Page 15 of 793
CFA-Level-I PDF 3963 Questions

NL is a country with no securities laws. LS is a country that has securities laws that are less strict than the AIMR code of ethics while MS has securities laws that are stricter than the code of ethics. Which of the following is/are true?

  1. A member who lives in NL must always follow the AIMR code.
    II. A member who lives in MS is governed by the AIMR code.
    III. A member lives in NL but does business in MS. If MS laws apply to her business transactions, she must follow the AIMR code.
    IV. A member lives in LS and does business in NL. He must always follow the AIMR code.
  2. II and IV only
  3. I and IV only
  4. I, II, III and IV
  5. II and III only

Answer(s): B

Explanation:

An AIMR member must always adhere to the code of ethics, unless the laws governing his/her behavior are stricter, in which case, the stricter laws must be followed. A member governed by MS must always follow the MS laws since they are stricter. Standard I.



Because it is not the preferred method recommended by the PPS, the use of ________ valuation needs to be disclosed.

  1. new-date
  2. settlement-date
  3. trade-date
  4. old-date
  5. survivor-date

Answer(s): B

Explanation:

Trade-date valuation is recommended when calculating performance, although settlement-date valuation is acceptable if disclosed.



A critical part of Standard IV (A.2) is to distinguish between:

  1. research reports and investment memoranda.
  2. insider trading and appropriate trading.
  3. CFA charterholders and non-CFA charterholders.
  4. none of these answers.
  5. employees and independent contractors.
  6. industry and company analysis.
  7. the buy side and the sell side.
  8. facts and opinions.

Answer(s): H

Explanation:

Standard IV (A.2) - Research Reports states the responsibility of AIMR members, CFA charterholders and candidates to include in each research report those key facts that are instrumental to the investment recommendation presented in the report. A critical part of this requirement is to distinguish clearly between opinions and facts.



When a manager is responsible for the portfolios of pension plans or trusts, the duty of loyalty is owed to the ________.

  1. beneficiaries
  2. none of these answers
  3. stockholders of the firm
  4. investing public
  5. entity who hires the manager
  6. corporation
  7. board of directors
  8. manager's supervisor(s)

Answer(s): A

Explanation:

The first step in fulfilling a fiduciary duty is to determine what the responsibility is and to who it is owed.
Members should take particular care in determining the identity of the "client" to whom the duty of loyalty is owed. In the context of an investment manager managing the portfolios of pension plans or trusts, the client is not the person or entity who hires the manager but, rather, the beneficiaries of the plan or trust. The duty of loyalty is owed to the beneficiaries.



Brokers who knowingly or recklessly engage in excessive trading in customers' accounts are known to be ________.

  1. over-selling
  2. mixing
  3. churning
  4. none of these answers
  5. shingling

Answer(s): C

Explanation:

Brokers and dealers are held to a higher standard of care than the average person. They are liable for knowingly or recklessly engaging in excessive trading in customers' accounts, (churning); for accepting funds when they are insolvent, for manipulating the market and for fraud under the shingle theory.



Viewing Page 15 of 793



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