2021年CFA考试《Level Ⅰ》考试题库-CFA考试（Level Ⅰ）-Study Session 1　Ethics and Professional Standards-

财会经济-CFA特许金融分析师

单选题-Josef Karloff, CFA, acts as liaison between Pinnacle Financial (an investment management firm) and Summit Inc．(an investment banking boutique specializing in penny stocks)．When Summit underwrites an IPO, Karloff routinely has Pinnacle issue vague statements implying that the firm has cash flows, financial resources, and growth prospects that are better than is the case in reality．This action is most likely a violation of the section of the Standards concerning:

单选题

A.Fair dealing

B.Nonpublic information

C.misconduct

我个人认为这个应该是：C

解析：Since the statements are vague, we have no direct evidence that a violation of securities law has occurred. However, under Standard I(D) Misconduct, members and candidates are prohibited from engaging in activities involving deceit. Karloff's action is a clear attempt to mislead the investing public regarding the value of Summit IPOs.