12. Mailaka Securities (MS) advertises the use of a “bottom up” investment style in its marketing
material. Recently, MS senior management decided to switch to a “top down” approach, citing
the fact that it is less labor intensive. All other aspects of the research process are to remain the
same. The head of research at MS, Mara Cherogony, CFA, is instructed to supervise the
implementation of the new procedures, notify clients of the changes, and revise the text of
marketing materials when new material is produced. Which of the following CFA Standards
pertaining to Investment Analysis, Recommendations and Actions is Cherogony least likely in
danger of violating?
A. Supervisory Responsibility.
B. Communication with Clients.
C. Diligence and Reasonable Basis.
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