QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

12. When Abdullah Younis, CFA, was hired as a portfolio manager at an asset management firm two

years ago, he was told he could allocate his work hours as he saw fit. At that time, Younis served

on the board of three non-public golf equipment companies and managed a pooled investment

fund for several members of his immediate family. Younis was not compensated for his board

service or for managing the pooled fund. Younis’ investment returns attract interest from

friends and co-workers who persuade him to include their assets in his investment pool. Younis

recently retired from all board responsibilities and now spends more than 80% of his time

managing the investment pool for which he charges non-family members a management fee.

Younis has never told his employer about any of these activities. To comply with the CFA

Institute Standards of Professional Conduct with regards to his business activities over the past

two years, Younis would least likely be required to disclose which of the following to his

employer?

A. Board activities

B. Family investment pool management

C. Non-family member management fees