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Blevin Case

Scenario
Trevor Blevin, a CFA
candidate and a former
employee of Regal Bank
(Regal), recently
joined Spalding Asset
Management as the head of
compliance. He is shocked
by
today’s front- page business
news headline: “Regal
Depositors Left in the Cold:
Central
Bank Regulator Places Bank
under Statutory
Management.” e article
mentions the
reason for Regal’s closure
was the CEO’s illegal
behavior, including fraud, as
well as
money laundering
associated with a major
client. e discovery
occurred one month
after the death of Regal’s
CEO, Mr. James Antonio. Up
until three weeks ago, Blevin
headed Regal’s internal
audit department and knew
nothing of any fraud or
client
money laundering, despite
having recently supervised a
major internal audit
exercise.
Wanting to get more
information, Blevin calls his
former colleague, Mira
Chaudry,
CFA. Chaudry, who works in
Regal’s business
development department,
acts as the
investor relations ocer and
headed the team for Regal’s
recent corporate bond issue.
e bond issue, approved by
the central bank and the
capital markets regulator,
was
hugely successful and
oversubscribed.
Chaudry tells Blevin she too
was shocked by the central
bank's actions. Nothing
seemed out of line or
suspicious regarding Regal’s
nancial well- being when
the team
diligently prepared the bond
oering documents. She
reminds Blevin, that he,
along
with Regal’s compliance
ocer, signed o on all of
the public marketing
materials used
for the bond issue, which
included reviewing all of the
extensive nancial analysis
undertaken. Chaudry adds,
“In the latest regulatory
inspection, all of the anti-
money-
laundering and lending
procedures were reviewed
with no queries raised.”
Regal’s board of directors is
concerned that the
newspaper’s headline will
cre-
ate panic among depositors
and cause a run on Regal if
it is allowed to reopen. In
an attempt at damage
control, the board instructs
Chaudry to draft a public
press
release regarding the
central bank’s investigations
of fraud by the deceased
CEO and
the money laundering
charges made against one of
the bank’s major clients.
Chaudry
presents the following three
draft statements to the
board.
Statement 1 “Regal Bank
has been placed under
statutory management by
the central bank as a result
of illegal activity by Mr.
Antonio, the
deceased CEO, and Wesley
Mining Corp, a major client.”
Statement 2 “e central
bank has placed Regal Bank
under statutory man-
agement pending further
investigation into alleged
illegal activity
by a former senior manager
and a bank client.”
Statement 3 “Regal Bank
has been placed under
statutory management by
the
central bank as a result of
illegal activity.”
During the next few days,
Chaudry receives several
phone calls from disgrun-
tled nancial advisers who
purchased the bonds for
their clients. In a heated
phone
conversation, one adviser,
Paul Meshak, CFA, threatens
to report Chaudry to CFA
Institute for violating her
duciary duty. He adds,
“I’m going to make sure you
never
work in this industry again.”
Chaudry responds, “Go
ahead and report this to CFA
Institute, but I didn’t violate
the Code of Ethics and
Standards of Professional
Conduct.
I understand my obligations.
For your information, I
passed all three CFA exams,
including the ethics portions,
consecutively.”
Meanwhile, Blevin, still
reeling from the Regal Bank
saga, decides to take
another
look at Spalding’s
compliance policies and
procedures to ensure they
are fully in line
with the CFA Institute
Standards of Professional
Conduct. While reviewing
the rm’s
2 2017 Level II Mock
Exam AM
2017 LEVEL II
MOCK EXAM
AM
Blevin Case
Scenario
Trevor Blevin, a CFA
candidate and a former
employee of Regal Bank
(Regal), recently
joined Spalding Asset
Management as the head of
compliance. He is shocked
by
today’s front- page business
news headline: “Regal
Depositors Left in the Cold:
Central
Bank Regulator Places Bank
under Statutory
Management.” e article
mentions the
reason for Regal’s closure
was the CEO’s illegal
behavior, including fraud, as
well as
money laundering
associated with a major
client. e discovery
occurred one month
after the death of Regal’s
CEO, Mr. James Antonio. Up
until three weeks ago, Blevin
headed Regal’s internal
audit department and knew
nothing of any fraud or
client
money laundering, despite
having recently supervised a
major internal audit
exercise.
Wanting to get more
information, Blevin calls his
former colleague, Mira
Chaudry,
CFA. Chaudry, who works in
Regal’s business
development department,
acts as the
investor relations ocer and
headed the team for Regal’s
recent corporate bond issue.
e bond issue, approved by
the central bank and the
capital markets regulator,
was
hugely successful and
oversubscribed.
2 Examen simulado de nivel II de 2017 AM2017 NIVEL II EXAMEN MOCK
AMBlevin Caso Escenario Trevor Blevin , candidato a CFA y ex empleado de Regal Bank (Regal), se
unió recientemente a Spalding Asset Management como jefe de cumplimiento. Está
conmocionado por el titular de las noticias de negocios de primera plana de hoy: "Los
depositantes reales se quedaron en el frío: el regulador del banco central coloca al banco bajo la
administración legal". El artículo menciona que la razón del cierre de Regal fue el comportamiento
ilegal del CEO, incluido el fraude, así como el lavado de dinero asociado con un cliente
importante. El descubrimiento ocurrió un mes después de la muerte del CEO de Regal, el Sr. James
Antonio. Hasta hace tres semanas, Blevin dirigió el departamento de auditoría interna de Regal y
no sabía nada de fraude o lavado de dinero de clientes, a pesar de haber supervisado
recientemente un importante ejercicio de auditoría interna. Para obtener más
información, Blevin llama a su ex colega, Mira Chaudry, CFA. Chaudry, quien trabaja en el
departamento de desarrollo de negocios de Regal, actúa como las relaciones con los
inversores o  CER y se dirigió al equipo por emisión de bonos corporativos reciente de Regal. La
emisión de bonos, aprobada por el banco central y el regulador de los mercados de capitales, tuvo
un gran éxito y se suscribió en exceso.
 

Chaudry le dice a Blevin


que ella también se
sorprendió por las acciones
del banco central. Nada
parecía fuera de lugar o
sospechoso con respecto
al bienestar financiero
de Regal cuando el equipo
diligentemente preparado el
vínculo
o  Ering documentos. Ella
le recuerda a Blevin que él,
junto
con el cumplimiento del
Regal o  CER , o
firmado  en todos los
materiales de marketing
utiliza públicas
para la emisión de bonos,
que incluyó la revisión
de toda la
extensa  financiera análisi
s
emprendido Chaudry
agrega: "En la última
inspección reglamentaria,
todo el anti-dinero-
los procedimientos de
lavado y préstamo fueron
revisados sin consultas ".
La junta directiva de Regal
está preocupada de que el
titular del periódico cree :
comió pánico entre los
depositantes y provocó una
carrera en Regal si se le
permite volver a abrir. En
En un intento por controlar
los daños, la junta le da
instrucciones a Chaudry
para que redacte una prensa
pública
comunicado sobre las
investigaciones de fraude
del banco central por parte
del CEO fallecido y
Los cargos de lavado de
dinero realizados contra uno
de los principales clientes
del banco. Chaudry
presenta los siguientes tres
borradores de declaraciones
a la junta
Chaudry le dice a Blevin que ella también se sorprendió por las acciones del banco central. Nada
parecía fuera de lugar o sospechosa respecto del Regal  financiera bienestar cuando el equipo
preparó diligentemente el vínculo o  Ering documentos. Ella recuerda Blevin , que, junto con la
conformidad del Regal o  CER , firmado o  en todos los materiales de marketing públicos
utilizados para la emisión de bonos, que incluyó la revisión de toda la extensa  financiera análisis
realizado. Chaudry añade: “En la última inspección reglamentaria, la totalidad de la prevención de
lavado de dinero y los procedimientos de préstamo fueron revisados sin consultas planteadas.”
Regal consejo de administración le preocupa que el titular del periódico se cre el pánico entre los
depositantes -ate y causar una corrida en Regal si se le permite reabrir. En un intento por controlar
los daños, la junta le da instrucciones a Chaudry para que redacte un comunicado de prensa
público sobre las investigaciones de fraude del banco central por parte del CEO fallecido y los
cargos de lavado de dinero contra uno de los principales clientes del banco. Chaudry presenta los
siguientes tres borradores de declaraciones a la junta

Declaración 1 “ Regal Bank


ha sido puesto bajo
administración legal por
el banco central como
resultado de la actividad
ilegal del Sr. Antonio, el
CEO fallecido y Wesley
Mining Corp, un cliente
importante ".
Declaración 2: “ El banco
central ha colocado a Regal
Bank bajo el hombre
estatutario -
agement espera de la
investigación sobre la
presunta actividad ilegal
por un ex gerente superior y
un cliente bancario ".
Declaración 3 “ Regal Bank
ha sido puesto bajo
administración legal por el
banco central como
resultado de actividad ilegal
".
Declaración 1 "Regal Bank ha sido puesto bajo administración legal por el banco central como
resultado de actividades ilegales por parte del Sr. Antonio, el CEO fallecido, y Wesley Mining Corp,
un cliente importante ". Declaración 2 " El banco central ha colocado a Regal Banco en el marco
legal de gestión espera de la investigación sobre la presunta actividad ilegal por un ex alto
directivo y un banco del cliente.”Declaración 3‘Regal Banco ha sido puesto bajo la gestión legal por
el banco central como resultado de la actividad ilegal’.
 

Durante los próximos días,


Chaudry recibe varias
llamadas telefónicas
de disgrun -
tLED  financiera asesores
que han comprado los bonos
para sus clientes. En un
teléfono calentado
conversación, un asesor,
Paul Meshak , CFA, amenaza
con denunciar a Chaudry al
CFA
Instituto por violar
su deber  duciary . Y
agrega: "Me aseguraré de
que nunca
trabajar de nuevo en esta
industria ". Chaudry
responde: "Adelante,
denúncielo al CFA
Instituto, pero no violé el
Código de Ética y los
Estándares de Conducta
Profesional.
Entiendo mis
obligaciones. Para su
información, pasé los tres
exámenes CFA,
incluyendo las porciones de
ética, consecutivamente ".
Mientras tanto, Blevin ,
todavía recuperándose de la
saga Regal Bank, decide
tomar otro
mire las políticas y
procedimientos de
cumplimiento de Spalding
para asegurarse de que
estén completamente en
línea
con los Estándares de
Conducta Profesional del
Instituto CFA. Mientras
revisa las  rm's
Durante los próximos días, Chaudry recibe varias llamadas telefónicas de disgrun-
tled  financiera asesores que han comprado los bonos para sus clientes. En una acalorada
conversación telefónica, un asesor, Paul Meshak , CFA, amenaza con denunciar a Chaudry al
Instituto CFA por violar su deber cia duciary . Y agrega: "Me aseguraré de que nunca más vuelvas a
trabajar en esta industria". Chaudry responde: “Adelante, informe esto al CFA Institute, pero no
violé el Código de Ética y los Estándares de Conducta Profesional. Entiendo mis obligaciones. Para
su información, aprobé los tres exámenes CFA, incluidas las porciones de ética, consecutivamente
”. Mientras tanto , Blevin , todavía recuperándose de la saga Regal Bank, decide volver a analizar
las políticas y procedimientos de cumplimiento de Spalding para asegurarse de que estén
totalmente en línea con Los Estándares de Conducta Profesional del Instituto CFA. Mientras revisa
el Examen simulado de Nivel II de 2017 de la AMrm AManti - políticas de lavado de dinero, él nota
fallas con respecto a las leyes recientemente implementadas, y teme que la rma ya esté en
violación. Se tiene previsto actualizar las políticas en vigor tan pronto como
sea possible.After concluir su revisión, Blevin recomienda al consejo de administración de cambios
en el Spalding  de rm estafadores  ictos de intereses políticas. Blevin se refiere a la sta  no
puede poner los intereses de los clientes por delante de su propio cuando el comercio para sus
cuentas personales. Él pide el respaldo de la junta de revisiones en los dos siguientes políticas:
Política 1 Sta  no se les permite participar en cualquier privado placements.Policy 2 Las cuentas
de clientes que incluyen sta  como bene  ciarios deben operar después de todos los demás
clientes de accounts.Spalding El gerente de desarrollo comercial le pide a Blevin que haga una
presentación ante un cliente potencial de fondos de pensiones, Makar Sta  Retirement
Fund.  e manager le informa de que el  RM previamente la cuenta Makar pero lo perdió. Un
Makar fiduciario le informa que se Spalding  rojo porque los administradores no podían
entender sus estados de cuenta mensuales y no podía decir cómo se llevan a cabo en relación con
otras cuentas de pensiones bajo la administración de Spalding. Durante la
presentación, Blevin afirma: “Estamos en el proceso de actualizar nuestras políticas de
cumplimiento, incluidos nuestros requisitos mínimos para la presentación de informes de
rendimiento.
2 2017 Level II Mock Exam AM2017 LEVEL II MOCK EXAM AMBlevin Case ScenarioTrevor Blevin, a
CFA candidate and a former employee of Regal Bank (Regal), recently joined Spalding Asset
Management as the head of compliance. He is shocked by today’s front- page business news
headline: “Regal Depositors Left in the Cold: Central Bank Regulator Places Bank under Statutory
Management.” e article mentions the reason for Regal’s closure was the CEO’s illegal behavior,
including fraud, as well as money laundering associated with a major client. e discovery
occurred one month after the death of Regal’s CEO, Mr. James Antonio. Up until three weeks ago,
Blevin headed Regal’s internal audit department and knew nothing of any fraud or client money
laundering, despite having recently supervised a major internal audit exercise.Wanting to get
more information, Blevin calls his former colleague, Mira Chaudry, CFA. Chaudry, who works in
Regal’s business development department, acts as the investor relations ocer and headed the
team for Regal’s recent corporate bond issue. e bond issue, approved by the central bank and
the capital markets regulator, was hugely successful and oversubscribed.

Chaudry tells Blevin she too


was shocked by the central
bank's actions. Nothing
seemed out of line or
suspicious regarding Regal’s
nancial well- being when
the team
diligently prepared the bond
oering documents. She
reminds Blevin, that he,
along
with Regal’s compliance
ocer, signed o on all of
the public marketing
materials used
for the bond issue, which
included reviewing all of the
extensive nancial analysis
undertaken. Chaudry adds,
“In the latest regulatory
inspection, all of the anti-
money-
laundering and lending
procedures were reviewed
with no queries raised.”
Regal’s board of directors is
concerned that the
newspaper’s headline will
cre-
ate panic among depositors
and cause a run on Regal if
it is allowed to reopen. In
an attempt at damage
control, the board instructs
Chaudry to draft a public
press
release regarding the
central bank’s investigations
of fraud by the deceased
CEO and
the money laundering
charges made against one of
the bank’s major clients.
Chaudry
presents the following three
draft statements to the
board
Chaudry tells Blevin she too was shocked by the central bank's actions. Nothing seemed out of line
or suspicious regarding Regal’s nancial well- being when the team diligently prepared the bond
oering documents. She reminds Blevin, that he, along with Regal’s compliance o cer, signed
o on all of the public marketing materials used for the bond issue, which included reviewing all
of the extensive nancial analysis undertaken. Chaudry adds, “In the latest regulatory inspection,
all of the anti- money- laundering and lending procedures were reviewed with no queries
raised.”Regal’s board of directors is concerned that the newspaper’s headline will cre-ate panic
among depositors and cause a run on Regal if it is allowed to reopen. In an attempt at damage
control, the board instructs Chaudry to draft a public press release regarding the central bank’s
investigations of fraud by the deceased CEO and the money laundering charges made against one
of the bank’s major clients. Chaudry presents the following three draft statements to the board

Statement 1 “Regal Bank


has been placed under
statutory management by
the central bank as a result
of illegal activity by Mr.
Antonio, the
deceased CEO, and Wesley
Mining Corp, a major client.”
Statement 2 “e central
bank has placed Regal Bank
under statutory man-
agement pending further
investigation into alleged
illegal activity
by a former senior manager
and a bank client.”
Statement 3 “Regal Bank
has been placed under
statutory management by
the
central bank as a result of
illegal activity.”
Statement 1 “Regal Bank has been placed under statutory management by the central bank as a
result of illegal activity by Mr. Antonio, the deceased CEO, and Wesley Mining Corp, a major
client.”Statement 2 “e central bank has placed Regal Bank under statutory man-agement
pending further investigation into alleged illegal activity by a former senior manager and a bank
client.”Statement 3 “Regal Bank has been placed under statutory management by the central
bank as a result of illegal activity.”

During the next few days,


Chaudry receives several
phone calls from disgrun-
tled nancial advisers who
purchased the bonds for
their clients. In a heated
phone
conversation, one adviser,
Paul Meshak, CFA, threatens
to report Chaudry to CFA
Institute for violating her
duciary duty. He adds,
“I’m going to make sure you
never
work in this industry again.”
Chaudry responds, “Go
ahead and report this to CFA
Institute, but I didn’t violate
the Code of Ethics and
Standards of Professional
Conduct.
I understand my obligations.
For your information, I
passed all three CFA exams,
including the ethics portions,
consecutively.”
Meanwhile, Blevin, still
reeling from the Regal Bank
saga, decides to take
another
look at Spalding’s
compliance policies and
procedures to ensure they
are fully in line
with the CFA Institute
Standards of Professional
Conduct. While reviewing
the rm’s
During the next few days, Chaudry receives several phone calls from disgrun-tled nancial
advisers who purchased the bonds for their clients. In a heated phone conversation, one adviser,
Paul Meshak, CFA, threatens to report Chaudry to CFA Institute for violating her duciary duty.
He adds, “I’m going to make sure you never work in this industry again.” Chaudry responds, “Go
ahead and report this to CFA Institute, but I didn’t violate the Code of Ethics and Standards of
Professional Conduct. I understand my obligations. For your information, I passed all three CFA
exams, including the ethics portions, consecutively.”Meanwhile, Blevin, still reeling from the Regal
Bank saga, decides to take another look at Spalding’s compliance policies and procedures to
ensure they are fully in line with the CFA Institute Standards of Professional Conduct. While
reviewing the rm’s32017 Level II Mock Exam AManti- money- laundering policies, he notices
lapses with respect to recently implemented laws, and he is afraid the rm may already be in
violation. He plans to update the existing policies as soon as possible.After concluding his review,
Blevin recommends to Spalding’s board of directors changes to the rm’s con icts of interest
policies. Blevin is concerned the sta may not be putting clients’ interests ahead of their own
when trading for their personal accounts. He asks for the board’s endorsement of revisions in the
following two policies:Policy 1 Sta are not allowed to participate in any private
placements.Policy 2 Any client accounts that include sta  as bene ciaries must trade after all
other client accounts.Spalding’s business development manager asks Blevin to make a
presentation to a potential pension fund client, Makar Sta  Retirement Fund. e manager
informs him that the rm previously managed the Makar account but lost it. A Makar trustee
informs him that Spalding was red because the trustees could not understand their monthly
statements and could not tell how they performed relative to other pension accounts under
Spalding’s management. During the presentation, Blevin states, “We are in the process of updating
our compliance policies, including our minimum requirements for performance presentation
reporting.