Stanley, CFA, a research analyst with a brokerage firm, decides to change his recommendation on the common stock of Vellon Company, Inc., from a buy to a sell. He mails this change in investment advice to all the firm’s clients on Thursday. The day after the mailing, a client calls with a buy order for 5000 shares of Vellon Company. In this circumstance, Stanley should:

单项选择题Scan, CFA, is a portfolio manager for RBS Investment Management Company-a registered investment organization that advises investment companies and private accounts-was promoted to that position three years ago. Richard, his supervisor, is responsible for reviewing Sean’s portfolio account transactions and his required monthly reports of personal stock transactions. Scan has been using Marcy, a broker, almost exclusively for portfolio account brokerage transactions. For securities in which Marcy’s firm makes a market, Marcy has been giving Scan lower prices for personal purchases and higher for personal sales than Marcy gives to Sean’s portfolio accounts and other investors. Sean has been filing monthly reports with Richard only for those months in which he has no personal transactions. Which of the following is least likely to be a violation of the Code and Standards

单项选择题Joanna, CFA, manages several pension accounts and directs most of her trades through the Torrenia Brokerage House. Joanna does this because she believes she gets expedient and low-cost trade execution, and Torrenia provides her with excellent research reports used in the management of these accounts. ZNS, a small brokerage house, has just approached Joanna and said it will execute her trades at half the cost of Torrenia. However, ZNS does not have a research department. If Joanna declines to switch her business to ZNS, has she violated any CFA Institute Standards