{"id":38870,"date":"2021-12-08T06:10:39","date_gmt":"2021-12-08T06:10:39","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=38870"},"modified":"2026-08-27T20:14:57","modified_gmt":"2026-08-27T20:14:57","slug":"standard-iva-loyalty","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/ethical-and-professional-standards\/standard-iva-loyalty\/","title":{"rendered":"Standard IV(A) \u2013 Loyalty"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Judy Francis is an investment manager for several high-net-worth individuals. She is frustrated by the working environment at EY Partners. Francis has notified her employer of her intentions to leave the firm. Before her termination comes into effect, Francis asks two of her biggest clients to move to her new employer Lynx Capital. Her clients decline and maintain their relationship with her former employer. After joining Lynx Capital, she contacts prospective clients that EY Partners was soliciting and manages to get these clients to sign with Lynx. Additionally, she contacts current EY Partners clients using publicly available information. Which of Francis\u2019 actions most likely violate Standard IV(A) \u2013 Loyalty?\",\n    \"text\": \"Options:\\nA. Soliciting clients at EY Partners before her termination was in effect.\\nB. Signing EY Partners\u2019 prospective clients after joining her new firm.\\nC. Contacting EY Partners\u2019 current clients using publicly available information.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Francis violated Standard IV(A) \u2013 Loyalty by soliciting EY Partners clients before her employment ended. Employees must act in the best interests of their employer while still employed and cannot compete with their employer before departure. After leaving, she may contact former clients or prospective clients using public information if she has no non-compete agreement and does not misuse confidential information.\"\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Zachariah Davis has recently completed an unpaid internship at Zane Brokers. During his internship, he worked on automating trading reporting procedures. His work involved developing and improving existing code. Davis has been hired as a trading assistant at a different brokerage firm. Which of Davis\u2019 potential actions would least likely violate Standard IV(A) \u2013 Loyalty?\",\n    \"text\": \"Options:\\nA. Copying the code he used at Zane without permission.\\nB. Using his experiences and knowledge at Zane to recreate the code at his new employer with minor tweaks to fit his new employer\u2019s needs.\\nC. None of the above.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. Davis may use the skills, experience, and knowledge gained during his internship at his new employer. However, the actual code and work product developed for Zane Brokers belong to the former employer and cannot be copied or transferred without permission. The fact that the internship was unpaid does not change ownership of the work product.\"\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Craig Fisher currently works at Generous Finance \u2013 an impact investing fund. He is planning to start a firm with his business partner. They have recently applied to secure a brokerage license from the relevant regulatory authorities. Fisher has not notified his employer about his intentions of starting his firm. Neither Fisher nor his partner has solicited any clients at their current employers. Has Fisher violated Standard IV(A) \u2013 Loyalty?\",\n    \"text\": \"Options:\\nA. No.\\nB. Yes, because he has not notified his current employer about starting his firm.\\nC. Yes, because he is not allowed to set up his firm before leaving his employer.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Fisher has not violated Standard IV(A) \u2013 Loyalty because merely preparing to start a new firm does not violate his obligations to his current employer. He would violate the standard if he used employer resources, worked on the new venture during company time, or solicited clients from his current employer before leaving.\"\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Peng Chao, CFA, is a portfolio analyst at CVF Inc. Peng has given his one-month resignation notice. During this period, he has taken the contacts of his employer\u2019s clients, who he brought. He intends to market his new employer\u2019s investment products to these clients once he starts his new job. Under the CFA Institute Code and Standards, Peng\u2019s action:\",\n    \"text\": \"Options:\\nA. Violates the CFA code and standards.\\nB. Does not violate the CFA Institute Code and Standards because he brought these clients to the former employer.\\nC. Does not violate the CFA Institute Code and Standards because he did not market to clients before leaving his employer.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Peng violated Standard IV(A) \u2013 Loyalty by taking his employer\u2019s client contact information without permission. Client lists and contact databases are considered the property of the employer, even if the employee originally introduced those clients. He cannot use or remove proprietary information for the benefit of a future employer.\"\n    }\n  }\n}\n<\/script>\n\n\n\n\n<p class=\"wp-block-paragraph\">Members and Candidates must act in the best interests of their employers, not denying them the benefit of their skills and abilities, divulging sensitive information, or harming them in any other way. Members and Candidates should act in the best interests of their current employer and refrain from engaging in any activity that would clash with their duties until the resignation takes effect. Before terminating the relationship, one can make plans or preparations to change firms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They should&nbsp;not give the new employer any confidential information or take any of the old employer&#8217;s assets without consent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Application 1: Soliciting Former Clients<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Judy Francis is an investment manager for several high-net-worth individuals. She is frustrated by the working environment at EY Partners. Francis has notified her employer of her intentions to leave the firm. Before her termination comes into effect, Francis asks two of her biggest clients to move to her new employer Lynx Capital. Her clients decline and maintain their relationship with her former employer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After joining Lynx Capital, she contacts prospective clients that EY Partners was soliciting, and she manages to get these clients to sign with Lynx. Additionally, she gets in touch with current EY Partners clients using publicly available information. Francis had not signed a non-compete agreement when she was employed at EY Partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Which of Francis&#8217; actions&nbsp;<em>most<\/em>&nbsp;<em>likely<\/em>&nbsp;violate Standard IV(A)&nbsp;\u2013 Loyalty?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Soliciting clients at EY Partners before her termination was in effect.<\/li>\n\n\n\n<li>Signing EY Partners&#8217; prospective clients after joining her new firm.<\/li>\n\n\n\n<li>Contacting EY Partners&#8217; current clients using publicly available information.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>A<\/strong><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Francis has violated Standard IV \u2013 Loyalty by soliciting clients before leaving her former employer. Her actions are not in the best interest of her employer. Francis can contact her former clients and her former employer&#8217;s prospective clients provided she did not sign a non-compete.<\/p>\n\n\n\n<div style=\"margin: 18px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display: block; text-align: center; padding: 14px 18px; border: 2px solid #1a73e8; border-radius: 18px; color: #ffffff; font-weight: 600; font-size: 16px; text-decoration: none; background-color: #1a73e8;\">\n    Master CFA Standard IV(A) with our Free Trial.\n  <\/a>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Application 2: Ownership of Completed Prior Work<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zachariah Davis has recently completed an unpaid internship at Zane Brokers. During his internship, he worked on automating trading reporting procedures. His work involved developing and improving existing code. Davis has been hired as a trading assistant at a different brokerage firm. His primary task is to establish reporting procedures, like his work at Zane Brokers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Which of Davis&#8217; potential actions would&nbsp;<em>least<\/em>&nbsp;<em>likely<\/em>&nbsp;violate Standard IV(A) \u2013 Loyalty?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Copying the code he used at Zane without permission.<\/li>\n\n\n\n<li>Using his experiences and knowledge at Zane to recreate the code at his new employer with minor tweaks to fit his new employer&#8217;s needs.<\/li>\n\n\n\n<li>None of the above.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>B<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Davis can use the experience and knowledge gained during his internship at his new employer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, any work produced during his internship belongs to his employer. Using a copy of the code without permission from his former employer would be a violation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Note<\/em>: The unpaid internship is not relevant; Davis presumably used company resources to develop the work product.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application 3: Starting A New Firm<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Craig Fisher currently works at Generous Finance \u2013 an impact investing fund. He is planning to start a firm with his business partner. They have recently applied to secure a brokerage license from the relevant regulatory authorities. Fisher has not notified his employer about his intentions of starting his firm. Neither Fisher nor his partner has solicited any clients at their current employers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Has Fisher violated Standard IV(A) \u2013 Loyalty?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>No.<\/li>\n\n\n\n<li>Yes, because he has not notified his current employer about starting his firm.<\/li>\n\n\n\n<li>Yes, because he is not allowed to set up his firm before leaving his employer.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>The correct answer is A.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fisher has not violated Standard IV(A) \u2013 Loyalty. His preparations in setting up his firm do not conflict with his current obligations at his current employer. Fisher could potentially violate Standard IV(A) if he made the preparations during office hours or at his employer&#8217;s expense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Application 4: Taking Former Employer&#8217;s Client List<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Peng Chao, CFA, is a portfolio analyst at CVF Inc. Peng has given his one-month resignation notice. During this period, he has taken the contacts of his employer\u2019s clients, who he brought. He intends to market his new employer\u2019s investment products to these clients once he starts his new job. Under the CFA Institute &nbsp;Code and Standards, Peng\u2019s action:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>violates the CFA code and standards.<\/li>\n\n\n\n<li>does not violate the CFA Institute Code and Standards because he brought these clients to the former employer.<\/li>\n\n\n\n<li>not violate the CFA Institute Code and Stand because he did not market to clients before leaving his employee.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <b>A.<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The former employer\u2019s client&#8217;s contacts are the former employer&#8217;s property and can not be taken without permission. Peng violated the Standard IV(A) by taking the contact list.<\/p>\n\n\n\n<div style=\"text-align: center; margin: 30px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">\n    Master CFA Standard IV(A) requirements, loyalty obligations, employer responsibilities, and ethical decision-making principles with our study materials and practice tools.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Members and Candidates must act in the best interests of their employers, not denying them the benefit of their skills and abilities, divulging sensitive information, or harming them in any other way. Members and Candidates should act in the best&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-38870","post","type-post","status-publish","format-standard","hentry","category-ethical-and-professional-standards","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Standard IV(A) Loyalty | AnalystPrep CFA Notes<\/title>\n<meta name=\"description\" content=\"Learn CFA Standard IV(A) Loyalty, including employer duties, outside activities, and key Level 1 ethics exam concepts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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