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1、CFALevel11Questions#1-6of60Questions61through66relatetoEthicalandProfessionalStandards.UnitedPartnersCaseScenarioConnorBurton,CFA,isthemanagingpartnerf(rUnitedPartners,asmallinvestmentadvisoryfirmthatemploysthreeinvestmentprofessionalsandcurrentlyhasapproximately$250millbnofassetsundermanagement,The
2、clientbasefInitedPartnersisvaried,andaccountsrangeinsizefromsmaUietirementaccountstoa$30millionprivateschoolendowmentInadditiontoBurtonsadministrativeresponsibilitiesasthemanagingp?irtner*butheisnotfamiliarwiththedesignationInresponsetoCrossleysinquiry,Burtonexplainsthesignificanceoftheprogrambystat
3、ingthatthedesignation,whichisonlyawardedafterpassingthreerigorousexamsandobtainingtherequisiteyearsfworkexperience,representsaCOmmitmRnttothehigheststandardsofethicalandprofessionalconductAsaconditionofmovinghisaccounttoUnitedPartnerCrossleyinsiststhatallofhistradesbeexecutedthroughhisBrotheiHrHaw,a
4、brokerforSecurityBank.SecurityBankisalarge,NewYork-basedbroker/dealerbutisnotoneofthetwobrokeragefirmswithwhichUnitedcurrentlydoesbusiness.BurtoncontactsCrossleySbmtherjin-lawanddeterminesthatSecurityBank*stradeexecutioniscompetitivebutCrossleysaccountalonewouldnotgenerateenoughvolumetowarrantanysof
5、tdollaraangementforresearchmaterialslHoweverCrossleysbrotherdrrlawdoesofferforSecuiityBanktopayareferralfeetoBurtonfordirectinganyofUnitedSclientstoSecurityBank*Sretailbankingdivision.TobringCrossleyonasaclient,BurtonagreestothearrangementGoingforward,BurtonwilluseSecurityBanktoexecuteallMCrossleyst
6、rades.UnitedPartnerscurrentlyhasnoformalpolicyonproxyvoting.BurtonwantstodevelopapolicythatconformstotheCodeandStandards.Severalmonthslater;Burtonisinvitedtoaroadshowforaninitialpublicoffering(IPO)forSolutionWare,asoftwarecompany.SecurityBankisservingasleadunderwriteronSolutionWareSIPO.Burtonattends
7、themeeting,whichisledbytwoinvestmentbankersandonesoftwareindustryresearchanalystfromSecurityBankwhocoversSolutiWaraBurtonnotesthatthebankersfromSecurityBankhaveincludeddetailedfinancialstatementsforSolutionWareintheofferingprospectusandalsodisclosedthatSecurityBankprovidesawarehouselineofcredittoSol
8、utionWare.Afterthemeeting.BurtonCallsCrossleytocommendthepurchaseofSolutionWareequityCrossleyheedsBurtonsadviceandtellshimtopurchase5,OOOsharesBeforeplacingCrossleysier;BurtonreadstheSolutionWaremarketingmaterialsandperformsadetailedanalysisCfexpectedfutureearningsandotherkeyfactorsfortheinvestmentd
9、ecisionBurtondeterminesthattheofferingwouldbeasuitableinvestmentforhisownretirementportfoliUnitedPartners,beingasmallfchasnoformalWrittenpolicyregardingtradeallocation,employeeparticipationinequityoffeiings,orestablishedblackoutperiodsfcremployeetrading.BurtonaddshisordertoCrossleySorderandplacesapu
10、rchaseorderforthecombinednumberofsharesWithSecurityBankBurtonislaternotifiedthatthedTeringWaSoversubscribed,andUnitedPartnerswasonlyabletoobtainroughly75%ofthedesirednumberofshares.Tbbefail；BurtonallocatesthesharesonaProTatabasisbetweenCrossleysaccountandhisownretirementaccountWhenBurtonnotifiesCros
11、sleyofthesituation,Crossleyisnonethelesspleasedtohaveaposition,thoughsmallerthanrequested,insuchahotoffering.Question#1of60QuestionID:1220742DidthemarketingmaterialspresentedtoCrossleybyBuitonviolateStandardI11(D)PerformanceP,esentationorStandardVI1B)ReferencetoCFAInstitute,theCFADesignation,andtheC
12、FAProgram?A)StandardHI(D)only.B)StandardVll(B)only.C)BothStandardIII(D)andStandardVll(B)areviolated.Question#2of60QuestionID:1220743AccordingtotheCFAInstituteStandardsofProfessionalCondUCLthetradingarrangementbetweenBurtonandSecurityBankismostHkely.A)aviolationbecausethepracticeofdirectedbrokerageviolatesthemembeFSdutyofloyaltytotheclientB)adolationbecausealthoughSecurityBanksexecutioniscompetitiveBurtonWiilnotbeabletoalwaysobtainthebestexecutionforhisclientC)notaviolationbecausethebrokerageisthepropertyoftheclientQuestion#3of60Q
