Answer: Yes, only by Kwak

## Explanation **Yes, only by Kwak** - Kwak violated Standard V(A) Diligence and Reasonable Basis by conducting only a "quick review" of Kim's analysis before making an investment recommendation. As head of research, Kwak has supervisory responsibility and should have exercised due diligence in reviewing the analysis before relying on it for investment decisions. Kim performed a "thorough analysis" using the firm's model, so she did not violate the Standards. The violation occurred when Kwak failed to properly supervise and review the work before making the investment decision.

Author: LeetQuiz Editorial Team