【每日一练】CFA 一级（2015年）

Question：

Chan Liu, CFA, is the new research manager at the Pacific MicroCap Fund. Liu observed the following activities after she published a research report on a thinly traded micro-cap stock that included a "buy" recommendation: 
• Pacific traders purchased the stock for Pacific's proprietary account and then purchased the same stock for all client accounts; and 
• Pacific marketing department employees disseminated positive, but false, information about the stock in widely read internet forums. 
Liu notes the stock's price increased more than 50% within a period of two days and was then sold for Pacific's account. Which of the following steps is most appropriate for Liu to take to avoid violating the CFA Institute Standards of Professional Conduct? 

A. Remove her name from the micro-cap stock research report. 
B. Publicly refute the false information posted on internet forums. 
C. Report the observed activities to her employer. 

Answer = C 
Certain staff at Liu's employer appear to be engaged in front running, a violation of Standard VI(B)–Priority of Transactions, and market manipulation, a violation of Standard II(B)–Market Manipulation. If Liu observes these violations without taking steps to notify her employer, she will be in violation of Standard I(A)–Knowledge of the Law. Liu should know that the conduct observed is likely a violation of applicable laws, rules, and regulations as well as a violation of the CFA Institute Standards of Professional Conduct. Her first step, therefore, should be to attempt to stop the behavior by bringing it to the attention of the employer through a supervisor or the firm's compliance department. Inaction may be construed as participation or assistance in the illegal or unethical conduct.

CFA Level I
"Guidance for Standards I–VII"
Standard I (A)–Knowledge of the Law, Standard II(B)–Market Manipulation, Standard VI(B)–Priority of 
Transactions

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