Mirabelle is an experienced analyst who has worked for the investment research arm of Clifford & Clifford, Inc. for the past 7 years. Recently, TransOmega retained Clifford & Clifford to conduct a study on possible takeover candidates in the aviation industry. Mirabelle has been given the project and two assistants to conduct the research. During their review, Mirabelle's assistants located a research report created recently by Donaldson, a freelance analyst. Mirabelle found the report thorough, though she did not agree with many of Donaldson's conclusions. She carried out further inquiry along those lines and modified the report with new conclusions. She showed the completed report, with proper attributions to Donaldson in places where she had used his results, to a senior partner, John Cliff of
Clifford & Clifford. The report was approved and released to TransOmega. In this case,
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A. B. C. D.D
Since proper care was taken at all steps, no violation has occurred. The use of Donaldson's report is acceptable as long as proper acknowledgments are given.
Based on the given scenario, let's analyze the actions of Mirabelle and John Cliff in relation to the CFA® Institute's Code of Ethics and Standards of Professional Conduct.
In this case, Mirabelle's actions can be considered acceptable and compliant with the CFA® Institute's Code of Ethics and Standards of Professional Conduct. As an analyst, it is her responsibility to gather information from various sources, including third-party reports, and conduct her own analysis to arrive at her own conclusions. By giving proper attributions to Donaldson's work, Mirabelle demonstrated ethical behavior and avoided any violations of the standards.
Based on the given information, there is no indication that John Cliff violated any standards. The scenario does not provide any details about John Cliff's involvement in the project other than reviewing and approving the final report. As long as John Cliff ensured that the report was accurate, thorough, and complied with the necessary ethical standards, he would not be considered in violation of any standards.
Therefore, the correct answer is:
D. Neither Mirabelle nor John Cliff violated any of the standards.
Mirabelle followed the ethical guidelines by conducting her own analysis, properly attributing the source she used, and arriving at her own conclusions. John Cliff's role was limited to reviewing and approving the report, which does not indicate any violations.