Answer-first summary for fast verification
Answer: solicited the bank's client.
**Explanation:** - **Option A (Correct):** Soliciting the bank's client did not violate Standard IV(A)-Loyalty because Hajak is no longer an employee of the bank, and there is no indication she obtained the client information from bank sources. - **Option B (Incorrect):** According to Standard V(C)-Record Retention, Hajak violated the standard by taking the bank's property (the research report) without express permission when she left the bank. - **Option C (Incorrect):** Hajak violated Standard I(C)-Misrepresentation by referencing the Wall Street Journal instead of the actual source (the Real tors Association) for the real estate study. Best practice would require citing the original author or both sources if using intermediary information.
Author: LeetQuiz Editorial Team
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Lisa Hajak, CFA, recently started her own investment research firm after working at Cornerstone Country Bank. She updated a research report she originally wrote for the bank, replacing references to the bank with her new firm. She also incorporated conclusions from a real estate study published in the Wall Street Journal, citing the Journal as her source. Hajak provided the revised report to a former client of the bank to solicit business for her new firm. Concerning the reissued research report, Hajak least likely violated the CFA Institute Standards of Professional Conduct because she:
A
solicited the bank's client.
B
did not obtain consent to use the bank's report.
C
did not cite the actual source of the real estate study.
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