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A CFA candidate is recommending the purchase of a mutual fund that invests solely in long term US treasury bonds. The CFA states "since the US government guarantees payment of both the bond's principal and interest, risk of loss with this investment is virtually zero". The CFA's actions violated: the Standard on misrepresentation none of the CFA Institute Standards the Standard on communication with clients and prospective clients An elderly widow has a moderate risk tolerance and depends on her portfolio to meet living expenses. A CFA has been her investment adviser for years and always managed her account to her satisfaction. The CFA has a lunch meeting with the widow once a quarter and has always used their discussions as a basis for selecting investments in her account, over which the CFA has full discretion to set the strategies. The CFA often invests in risky derivative products to increase the return on her account. The widow's son is shocked to discover that the CFA has invested a significant amount of the account's assets in currency derivatives. According to the CFA Standards, the CFA is: in violation of the Standard concerning suitability in violation of the Standard on communication with clients and prospective clients not in violation of any Standard because the widow has been satisfied with the portfolio performance to date A CFA recommends investment advisers to high net worth individuals. Investment advisers pay a portion of their investment management fees as compensation for client referrals. When a client inquires with the CFA about his/her criteria for recommending managers, the CFA indicates that managers are selected based only on historical performance versus a universe of comparable peer investment managers, but does not mention the compensation arrangement. The CFA has most likely violated the Standard concerning: misrepresentation fair dealing referral fees