Answer: both by discarding third-party research reports used to support her analysis and by discarding her research notes for cases in which recommendations do not change.

## Explanation Mary Lawrence has violated CFA Institute Standards in two ways: ### 1. Discarding research notes for cases where recommendations do not change - **Violation of Standard V(C): Record Retention** - This standard requires members to maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications. - Even when recommendations don't change, research notes should be retained as they document the analytical process and support the decision to maintain the existing recommendation. - These records are essential for demonstrating compliance with standards and for potential regulatory reviews. ### 2. Discarding third-party research reports used to support her analysis - **Violation of Standard V(C): Record Retention** - Third-party research reports that are used to support an analyst's own analysis and recommendations must be retained. - These reports form part of the supporting documentation for investment recommendations and decisions. - Discarding them prevents proper documentation of the complete analytical process and sources used. ### Key Principles: - **Record Retention Requirements**: CFA Institute Standards require maintaining records that substantiate investment recommendations and actions. - **Comprehensive Documentation**: Both internal research notes and external research materials that influence decisions must be preserved. - **Time Period**: Records should generally be maintained for at least 7 years (or longer if required by local regulations). **Correct Answer**: C - Both actions violate the Standards.

Author: LeetQuiz .