12-24 months. To preserve her client’s wealth, the manager sells small-cap
equities that she considers most vulnerable to price declines. After considerable
research, the manager buys large-cap equities that she believes are better
positioned to weather the expected economic downturn. The manager provides
complete disclosure of these trades to her clients after the purchase. Has the
manager violated any CFA Institute Standards of Professional Conduct?
A. No.
B. Yes, relating to suitability.
C. Yes, relating to misconduct.
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