Trademark Trial and Appeal Board Electronic Filing System. https://estta.uspto.gov
`
`ESTTA Tracking number:
`
`ESTTA1291093
`
`Filing date:
`
`06/13/2023
`
`IN THE UNITED STATES PATENT AND TRADEMARK OFFICE
`BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD
`
`Proceeding no.
`
`91272514
`
`Party
`
`Correspondence
`address
`
`Submission
`
`Filer's name
`
`Filer's email
`
`Signature
`
`Date
`
`Attachments
`
`Defendant
`Stoxdox, Inc.
`
`THOMAS G VARNUM
`BROOKS PIERCE MCLENDON HUMPHREY & LEONARD LLP
`115 N 3RD STREET SUITE 301
`WILMINGTON, NC 28401
`UNITED STATES
`Primary email: tvarnum@brookspierce.com
`Secondary email(s): kwong@brookspierce.com, jlund@brookspierce.com, gwar-
`ren@brookspierce.com
`910-444-2000
`
`Testimony For Defendant
`
`Katarina Wong
`
`kwong@brookspierce.com
`
`/Katarina Wong/
`
`06/13/2023
`
`Exhibits 283-284.pdf(2692809 bytes )
`Exhibits 287-293.pdf(4602737 bytes )
`Exhibit 294 - Part 1.pdf(5645863 bytes )
`Exhibit 294 - Part 2.pdf(4502447 bytes )
`Exhibit 294 - Part 3.pdf(3138908 bytes )
`Exhibit 294 - Part 4.pdf(3681136 bytes )
`Exhibit 294 - Part 5.pdf(3755738 bytes )
`Exhibit 294 - Part 6.pdf(4526114 bytes )
`Exhibit 294 - Part 7.pdf(4727801 bytes )
`Exhibits 295-299.pdf(2338957 bytes )
`Exhibit 300 Part 1.pdf(3293100 bytes )
`Exhibit 300 Part 2.pdf(4203804 bytes )
`Exhibits 301-302.pdf(949882 bytes )
`Exhibits 304-305.pdf(1757284 bytes )
`
`

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`EXHIBIT 283
`EXHIBIT 283
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`Our Services
`
`Reports ~
`
`About Us ~ Members +
`
`
`
`Brian Kapp, CFA
`
`Co-Founder and CEO
`
`briankapp@stoxdox.com
`
`Brian is the co-founder and CEO of stoxdox, Inc., a universal platform
`for investment research and perspective. He started in the investment
`industry in 1996 and spent the first half of his career as a portfolio
`manager at Merrill Lynch then UBS Financial Services. Later, he founded
`and served as the portfolio manager at both Kapp/Scanlon Financial
`Group and Oasis Capital.
`
`Being an experienced investment strategist with 26 years of wisdom
`across the broad market is a key differentiator. The analyst side enables
`the creation of the highest quality, unbiased, and insightful analysis.
`The portfolio manager enables the design and delivery of timely and
`actionable information.
`
`Brian is a CFA® charterholder and earned a BS in Industrial
`
`Management and a BS in Economics at Carnegie Mellon University. His
`experience combined with a strong foundation in strategic
`management and economics offers a uniquely full-spectrum, full-cycle,
`and global perspective.
`
`

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`in|
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`Show all 7 experiences 3
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`Education
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`
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`Carnegie Mellon University
`BS Industnal Management and BS Economics
`1997 - 1995
`
`Licenses & certifications
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`ae Chartered Financial Analyst (CFA)
`
`CFA Institute
`so <I Pa
`SsUled seo 2c
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`Series 7, 3, 9, 10, 6, 63, 65 (various dates)
`oe FINRA
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`Brian Kapp, CFA
`Co-Founder and CEQ at stoxdox
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`
`—__Experience
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`Co-Founder and CEO
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`stoxdox. Inc,
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`May 2070 - Pi sani: 3 yrs ime
`VWilrapmaion Merth fearthi m4 3 chi 7 = iti Ei
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`ty =r li =F iti tri
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`General Partner
`
`Oasis Capital
`May 20065 -Sep 2020-12 yrs & mas
`afeater Pittsurah Area
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`Director
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`PRISM Sustainability in the Built Environment
`Feb 2015 - May 2020-4 yrs 4 mas
`Sate | itisouron Ares
`
`=_
`
`rw
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`
`
`Portfolio Manager, Principal
`Kapp/Scanion Financial Group
`Way 2009 - May 2015-7 yrs 7 mo
`Greater Fittspurah Area
`
`a Portfolio Manager
`
`UBS
`
`EEE)
`id
`Witts
`ieee
`Jun 2002 - May 2009
`«7
`yts
`Greater Pittsburgh Area
`
`as Account Executive, Financial Advisor
`
`x==60sMerrill Lynch
`
`Jun 1996 -Jjun 2082-6 yt Preo
`
`sreater Pittsburgh Area
`
`
`
`Account Executive
`
`BIS¥YS Fund Services
`
`Jul 7995 - Jun 7996-7 ve
`as
`
`afeater Pittsburgh Area
`
`

`

` Qa
`
`Brian Kapp, CFA: ‘=
`Co-Founder and CEO at stoxdoxi ae A ae
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`BB) <tox00x. inc
`ee Carnegie Mellon University
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`EXHIBIT 284
`EXHIBIT 284
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`world
`
`DataScience forInvestment
`Professionals
`
`i ere
`New Certificate.
`
`New Certificate
`
`InvestmentFoundations®Certificate
`
`Complete the CRA Program
`
`Earn the CFA Charter
`
`Gan Global Reoeealtian
`
`Join Investment iiry beachers
`
`3
`
`EXAMS
`—
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`4,000
`
`HOURS WORK EXPERIENCE
`—
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`162
`
`MARKETS GLOBALLY
`—
`
`190,000
`
`ACTIVE CHARTERHOLDERS
`
`Covering 10 tepies and Pravihinig hands-on practical skills
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`Completed ina minerof 34 revs
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`he £680 Stand of Wrestment coedentias
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`IeeeProteases Pence res ore The
`
`

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`ay
`sy at
`ae CFA Institute
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`Login | Create an Account
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`Ss About
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`CEA institute
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`r
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`CRA iretiinte Progr ATC
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`}
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`CRA Priggram
`
`Ue LOLsAad
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`CFA Program
`
`Achieve one of the highest distinctions in the invesiment management profession: Become a
`Chartered Financial Analyst®(CFA®), As a CFA charterholder, you will have the knowledge
`and the skills to thrive in the competitive investing industry.
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`The CRA charter gives you expertise and real-world skills in investment analysis, Join more
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`ethics and professionalism.
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`eeeeme erEta te peeee Me teaaeed tele sasso ietoeddeeoeeteae tay god
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`Why the CFA Program Is Right for You
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`AS an aspiring or practicing ivestment professional, you néed the knowhedge and skills te thrive ina highly competitive industry, The
`
`CFA Program is designed to equip you wath the kind of expertise and realbworld skills in investment analysis that will help you advance
`your carcer. Whether you are a practicing investment professional,astudent, switching careers or looking te start acareer in this freld,
`
`the CFA Program offers aivay to move forward and achieve your professional goals.
`
`WhatIs a CFA Charter?
`
`A Chartered Financial Analyst (CRAS) charter is adesignation given to those who have completed the CFA® Program and completed
`
`acceploble work experience requirements.
`
`The CRA Program isa three-part etam that tests the fundamentals of investment tools, valuing assets, portfolio management, and
`
`wealth planning. The CFA Program is tepically completed by those with backgrounds in finance, accounting, economics, or business, CFA
`charterholders earn the right to use the CFA designation after pragram completion. aplication, and acceptance by CFA Institute. CFA
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`charterholders are qualified to werk in senior and executive positions in investment management, risk management, asset management,
`and more,
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`AS a globally recognized credentialin the Designed with your future inmind, the CFA
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`DemonstratingYourExpansiveRelevantinaVarietyofCareerPathsValueinanEvolvingIndustry
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`Knowledge and Skills
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`CFA Program Benefits
`
`CEA charterholders otcupy a range of investoient
`decision-making roles, typically as aresearch
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`investment management profession, earning the
`
`

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`CFAInstitute Programs
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`WoeCoeee eebe le emahr edeRet 4
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`managenrent practioes, Qur edicational programs aré recognized and respected around the
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`PeUeaMereweeliemeCgesraeReTetyee
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`HO&
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`Programs Designed to Unlock Your Potential
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`From foundational bnewdedge to investment mastery, our industry acclaimed programs ate developed to help professionals excel at all
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`stages of their career, Explore three distinct educational programs to discover which one best aligns to-your goals,
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`CFA Program
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`CIPM Program
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`Certificate in ESG Investing
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`Tria eam ee
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`investment management profession
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`The Chartered Financial Analyst (CFA*)
`credential sets the standard as the most
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`highly respected designation in the
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`The Certificate in Investment Performance
`Measurement (CIPM*} designation offers
`career distinctian for all investment
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`professionals changed with appraising and
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`Selecting portale managers, evaluating
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`porthoiactrhormance. and comnncatine
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`The CPA Institute Certiicate in ESG
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`Investing affers you bath practical
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`an opportunity fo both accelerate
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`application and technical knowledge in
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`the fast-growing held of ES% Investing
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`Whatis it for?
`
`credential sets the standard as the most
`
`highiy respected destination in lhe
`investment management profession.
`
`seen eis, oe
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`Portiotia and weallh mangerers,
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`Investment and research anabysts.
`
`professionals invehaed in the
`
`investment decision: making process
`and finance students who vant to work
`
`in the investment management
`prefession
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`etalfettatg The Chartered Financial Analyst (FA)
`
`2:+
`el
`
`Ceetenee La
`eg
`
`A Gini of one war bo complele
`
`three exams (Level |, 1, arsel UN),
`
`assuming 4.000 hours work experience
`
`requnrenvent 15 already met
`
`PteRe)
`
`Yes. You must have one of the following:
`
`* A bachelor's lor tqurvabent) degree
`ior be within 23 months.of your
`
`praduatian manth by the tine you
`
`sit for your Level lexan)
`
`* Have a combination of 4.000 haurs
`
`The Certificate in Investment Performance
`Measurement (CIRM i bce Sreremligy obfers
`career distinctionfor all investment
`
`professionals charged with anpraising are
`selecting portiolio managers, evaluating
`portfolio performance, and communicating
`Wt che rnks
`
`Portfolio manarers, investment consultants.
`
`hinancral advisers, ales and chentaservce
`
`professionals, and other inves tiivenet
`
`professionals invebved in selecting portfolio
`managers, evaluating portiolie perlarmmance,
`on Communicating with lent
`
`ATUNIMUM OG! One year lo compbete two
`
`decane (Lewel Land Ul), assuming 400K) hours
`work experience requirement 6 already met
`
`No
`
`The CFA Institute Certificate in ESG
`
`Investing otters you bath practical
`
`apolication and technical Bunce pre: in
`
`the fast-prowing feld of ESG investing
`
`an opportunity to bothacoclerabe
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`progness and demonstrate purpose,
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`Analysts, portialia managers, C-suite
`
`executes, or aneone with a foundation
`
`in investinient managenvent interested
`
`in mastering BSG bivesting
`
`Ala
`
`From the date of initial registration
`candidates will have six months to sit
`
`for their exam
`
`

`

`@ Investopedia
`Table of Contents
`* Chartered Financial Anahyst
`icra)
`
`Tit Gaiies of Beconeng &
`CFA
`
`Lirtilationie ad tite CFA
`Phartne
`
`EPA Eeanies Fibs
`
`:
`
`‘
`
`;
`
`NEWS
`
`From 1063 to the dre half et 2022, more than tie million candidanes have sat
`
`for the Leween, with 201,500 candidates wlierately Mone On (oO Mass te
`bewel (gam), repeesenting a weighted average completbon rate af argund
`Lits, In the fast 10 years, the completion rate was-alightly lower at 9.6%!!!
`
`Important Historically the pass rates on each axa have bien
`bel! SO: ang obtain the OFA Charter one of the most
`dificult seco! financial cerlicanons: 6 minimum of 300 hoursal
`tfudy is fecommended for each exaer.
`
`The CRA chartersone of the mast mespected dewenatrons in finance
`and 6 widely considered te be the gold standard in che field of
`ives ee analysis.
`
` PERSONALFINANCE
`ECONOMY
`SIMULATOR
`INVESTING
`WhatIs a Chartered Financial Analyst (CFA)?
`A chartered finaociahanatyst (CFA) 64 pliobalh- recognized professeomal
`f
`e
`J
`F
`F
`designation ginen by the DFAjosthule, (formerly (he AIM (Assecration for
`lhVestittient Management and Research)), that teasuies and certifies the
`Competence and integrity af financral analysts, Candidates are required te pass
`three livels of Mare COVMRIAg peas, Such Ss AOCOUnLNe Boenortics, othils
`None Mangement, and security analysis.
`
`olliced jworldvede and 156 local member sotieltnes,
`
`REVIEWS
`
`ACADEMY
`
`et
`
`Fad Meret Bega et Chances
`Unique tools to help you
`invest your way,
`
`iach iinaiaitincce le EZ
`
`in
`
`bes
`
`é
`
`To Deron a charter holder candidates must pass thee cliffs
`exams, fave a bachelors dégtreée, and hawe at least four years of
`releyant professional auperance Passing the CFA Program) exams
`fequires shane disopline and an extensive amounl of shucking
`
`There are more than 1600000 CFA chartholders vporldyyece in led
`
`DUUnIneS and regions
`
`The deaenation 3 handed out by the CFA legtinute, which bos sine
`
`

`

`WhatIs STOXX?
`STON, a oubsdiary of Deutsche Bore Group (stock syarbel OBGEF), 64
`ladding provider af market injexes al ane repredentative of Eumipean anct
`global markets. Some Ol the more notable indexes provided by STOMN | nelude
`
`Eire Stews50,Siow: Eu60%), cura Shp 50 6S.and the Stow Global 1600,
`
`Table of Contents
`* Whar is STO?
`
`Lin ewudaied ing STEM
`
`The fora Fier Midd
`i Hieaessla ge TH ees Esra SPERE
`4
`Tien. Store uLopeG00 Indes
`ThiStoss Glibal 100
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`Thé Eure Sess oo 20 tree
`
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`aT
`
`FCP| | F idelity’
`Stocks for
`f|
`ei
`ETE
`In ation
`Make the most of an
`inflationary market,
`%
`Lo
`
`Fidelity
`
`Widesores
`aunreue gee anit
`
`jOl0T Venture Deter Deny Jones, Deutsche.Borge AG. and the SIX Groujs ita
`
`KEY TAKEAWAYS
`* STORM, asubucdary Of Deuische-BoreGroup fatocksymbol: DBOEF),
`Saleading provider of maihetndexes thatace reormesentative of
`Eulopean and giobal miankets.
`STON indiges ate licensed ti more [han 500) conipanies globally,
`whieh include the worlds largestfinancial productsisswers, capital
`OWES, 2nd woe Managers,
`
`The meet papiae STON ides athe Eure Shoes $3 ices, Evipoge's
`leading blur-chipandex, covering 50 stocks fam & eurozone countries:
`Beaiuith, Finland, France, Germany, ireland, italy, the Netherlands, and
`Sis,
`
`STORE (ndices ane used 45 the unclertying instrument for financial
`products suchas ETEs, fulures and options, aed slructured products,
`hit aso for risk and petformance measurement,
`
`Understanding STOXX
`indices provided by STOXK Cover a wide nange of equity market segments,
`including the begad maiber, blue ctups, individual sectors, and plobal indexes.
`
`While global jndeves ate also included, the maporiiy of STORY indices place an
`Eniphasisan the European marcel The STORK indices were created out ofa
`
`'
`
`ri.
`
`-
`
`i
`
`ie
`
`=i
`
`

`

`Contents [hide
`
`
`Autiely=Talk esd Eat Wigwiutiory Toots
`
`34 1a languages +
`
`(Top)
`Hisinry
`
`From VWilldpacia the free encyclopedia
`
`The Chartered Financial Anahyst (CRA) program a poiqtaduate pep isso Cethcation otendd intemaSonally by the Ammencan-laed CFA inet
`SFA Charter
`
`(Correa theAueeorigSon for ImasmeManefeubePees) i wickerpemeht and Pasch ot ALRIRL) 06 inept, ahd im incual profepaactiais. Thar pecegraury
`
`CCL eae tte
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`range ofsubjects relabng to advanced mvesimentanalysisincluding Secunty analyst. -slatisties, pronanady theory, tend income, denvatives, econcrmecs.
`NRARCLA Snbly sis ferpeate Bnanee, Aeimalre SesIments, portions maragemnenl—ond prevides O panei knewiadge of ciner aréas of Anance
`Coots tingulatory and begal
`recogneson
`
`Eficacy of the CFA program
`
`Trackertane Geigutess
`Lan CFA chaner-yoiders
`
`Ber AD
`
`Beer Seneree
`
`AGIneicite Whe SuCCeeCkey COMpisies The prOGun anid masts other Etenucnal fequeteenenis i avanied fe “CRA charter and Becnes a CRA
`Chau” Ag OT Avene 20gat Was! 190000 pope dint chaner-houken gloheety growing Oty annually sande A? (iNcning ¢hects ofihe
`pandemic) |"! Suocesstit candetales take an average of foul years toeam thew CFA charles1!
`The CFAenim ane noid to Be eotonouet: diMioul vath bow pass mbes. Dunng the period 20100-2004. pass raves for Levets 1-3 ranged from 22-56% i
`The CEA Level 1 examination in May 2001 ane Juty 2007 made news neacenet afer plummeting boa necerdow pass mane os and 22%.
`respectedSFE") preg in Aap2001. he Reve 2 pee cone fend bo Po 2
`
`Exterpunl Bndch Chartered Financial Analyst
`
`History |=)
`Sectors with the highest
`The predecessor of tne CFA Insttute, ihe Financial Anaiysts Federazon (FAF), was evabdaned in 1947 as a service
`
`SCPATTASON fot InRmens proheieonael, Thee FAP food be ineiqese oo Chartered Finan Anatsts in 1SSa- ine Proportion of CFACharter
`earbestCRA chartes-nokters were “grandtathered” mn through work expenence only, bul then a senes ofthier examinations
`helgers|":
`Was ASbished aang wiih a reqUTeMment fo be a prochbener for several peans before Lalung Ine eat in TSE, in the
`Sector
`ome
`nepes of Dogan) Ihe credennans puDke profile, ie CRA Iniiule (formechy iesAasocuinen for ieinent Management
`“Pomteio
`28
`and Research) menged with the FAF and the insthute of Chartered FinancialAnatysts
`| eseasch
`The CFA exam was frst adminstened in 1963 and began in the Unted States and Canada, but has become global with
`|
`| COMMING
`Inany people Decomang charter-nckgers across Europe, Asa andAustfaka By 2003, fewer than hailine camdcates in ine
`|
`CRApeogiam were based m the Linned States and Canada, with mostof the cinercanmdsies based i Asia or Europe. The heel knrel executive ‘ot
`it
`numberofchaner-hoigersin india andChinahad mcteased by 25%) and53%, respectrety, trom2005 to 2006.!""!
`“investenent strategy |i |
`CFACharter |=)
`Tire CFeae ey SaAarES Te
`TANG ETeN, ROCOTERTaddWith SNe ermiphas an ested practice:
`
`THE 10D CMpOyetk Of CFA Chanter heer Qin) Inchede IP Wergat, LSS, Reval Bank or Canada, and Sark ofa
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`Accharhérneiger is held to the highest ethical standards Gooe an investment profesmonal obhains ihe Charter, ms
`Acpeeruentineg | teat
`ndeival ao rakesan ane! comenimend tp uphokd and abide by a-siricl peotessional codeof cenduct and eltical
`(Financial planning a
`andeds Viewbons of ihe CFAcode of hic may nesun in industry riked sanchons. sampereean of the ngni io erat he
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`(GFec agree aLTraeSe. =
`
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`Fram Viopadia, the irae enmcyclogegcn
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`SSE — Geelong. maintaining. Gslnbuting and manortng a comprehensive global family of siocity mules.
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`STOXX Ltd,
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`Mpeequanen. ii. Setter
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`
`(ETFS), prulial hana fiaines, ophore, struciieed prducts, and other punpones Keypecole9Seturian Cru (cret
`Ege Qeicer et Gonkya)
`|
`@NCk Manan caked
`Ganhge: Deutitee Bove
`Group
`ee ae
`
`de PiaeaefeLD a
`
`in adkhin acts a5 the admensuator for the Dvocewices
`
`Founded
`
`or
`
`History | eat]
`STOXX Limited was tonmed in 1997 and in 1980 the fest STON indices were launched. in 2000 STOKX
`was the frst index gxowder to implement free fost marketcapeanzanon in al as indices In December 2009
`Deutache Etre and Six Group became sole shareholders ofSTOXX after Dow Jones extiedthe joint
`venture Shorty afer STOKX renamed ad indices by temoving Ihe “DuvDow! tomes™ prefoc tn July 2010
`STOMX became the marketing agent for Deutsche Borerand SIX Sitss Exchange medices.™
`
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`
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`ats in Ae Yor, Zug aid London oonhge - Press RebeaSra” Ur Wap eT
`
`In 2015 Cesc Bere puetiased the remaining 25.9% shane of STOOGS from 21k Group along wih Ihe remaining Suwed of Ihe pan vente Ine
`AG al a cost of 650m Svies Francs
`
`Indices [ eat]
`Th STOMM Index, faenilty RAERErES Ob wide Rane OMIOTIG COVETIAg GITETEr Mae! SagTeNtS ANd CINMeN! WEIMER! GrateESOn a egIONAl level Ihe
`neces aly covered Eucope, Bre Eurovone and Eastem Ewope
`
`In 2011 STCMIN expanded its inden range by adding a consistent glopal ides famey for global negens are counties
`
`STORX caloulaies and astinutes ne well-nown EURO) STORE 2. STORE Europe 50, and STON Eutoge B00 Indios, Which are used as the
`LSTigIES fot AUT Seth Ce SUS oT Oe CRIT, Tunesa Wer Pus
`
`In 2018 STOO Ruanched tsESSenter vereone of more tain 40 benehenarks Tha! meet ihe scan responding orien of adi ase
`
`Since 2013 with te GC Posting index tamaly ATOOOX ofers a completely rules based iierbank tate Denchenaek based on secured euro lending
`rangactors"4! The European Cenwal Bank (ECEuses Ine STORX GC Pooding iIntiors as new eure secured benchmarks
`
`In 2016, STORM introduced its first fed income index. the EURO STOMX 50 Corporate Bord dex The ides tracks Ine comporaie dant of ine EURO
`STOXX 50 companies
`
`owners. The sue otters Ser ereeee HegOn aNd emerging murkey benchmarks, inna Bo versions of the EL) STOO S0d ane
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`EXHIBIT 285
`EXHIBIT 285
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`CODE OF ETHICS
`AND STANDARDS OF
`PROFESSIONAL CONDUCT
`
`PREAMBLE
`
`The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving
`its mission to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the
`ultimate benefit of society. High ethical standards are critical to maintaining the public’s trust in financial markets and in the investment profession.
`Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for meas-
`uring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute
`members (including holders of the Chartered Financial Analyst® [CFA®] designation) and CFA candidates must abide by the Code and Standards
`and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can
`include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.
`
`THE CODE OF ETHICS
`
`Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation (“Members and Candidates”) must:
`(cid:127) Act with integrity, competence, diligence, respect and in an
`(cid:127) Practice and encourage others to practice in a professional and
`ethical manner with the public, clients, prospective clients,
`ethical manner that will reflect credit on themselves and the
`employers, employees, colleagues in the investment profession,
`profession.
`and other participants in the global capital markets.
`(cid:127) Promote the integrity and viability of the global capital markets for
`(cid:127) Place the integrity of the investment profession and the interests
`the ultimate benefit of society.
`of clients above their own personal interests.
`(cid:127) Maintain and improve their professional competence and strive
`(cid:127) Use reasonable care and exercise independent professional judg-
`to maintain and improve the competence of other investment
`ment when conducting investment analysis, making investment
`professionals.
`recommendations, taking investment actions, and engaging in
`other professional activities.
`
`STANDARDS OF PROFESSIONAL CONDUCT
`
`I. PROFESSIONALISM
`A. Knowledge of the Law. Members and Candidates must under-
`stand and comply with all applicable laws, rules, and regulations
`(including the CFA Institute Code of Ethics and Standards of
`Professional Conduct) of any government, regulatory organiza-
`tion, licensing agency, or professional association governing
`their professional activities. In the event of conflict, Members and
`Candidates must comply with the more strict law, rule, or regula-
`tion. Members and Candidates must not knowingly participate
`or assist in and must dissociate from any violation of such laws,
`rules, or regulations.
`B. Independence and Objectivity. Members and Candidates must
`use reasonable care and judgment to achieve and maintain inde-
`pendence and objectivity in their professional activities. Members
`and Candidates must not offer, solicit, or accept any gift, benefit,
`compensation, or consideration that reasonably could be expected
`to compromise their own or another’s independence and objectivity.
`
`C. Misrepresentation. Members and Candidates must not knowingly
`make any misrepresentations relating to investment analysis,
`recommendations, actions, or other professional activities.
`D. Misconduct. Members and Candidates must not engage in any
`professional conduct involving dishonesty, fraud, or deceit or
`commit any act that reflects adversely on their professional repu-
`tation, integrity, or competence.
`
`II. INTEGRITY OF CAPITAL MARKETS
`A. Material Nonpublic Information. Members and Candidates who
`possess material nonpublic information that could affect the
`value of an investment must not act or cause others to act on the
`information.
`B. Market Manipulation. Members and Candidates must not engage
`in practices that distort prices or artificially inflate trading volume
`with the intent to mislead market participants.
`
`© 2014 CFA Institute
`
`www.cfainstitute.org
`
`

`

`III. DUTIES TO CLIENTS
`A. Loyalty, Prudence, and Care. Members and Candidates have a duty
`of loyalty to their clients and must act with reasonable care and
`exercise prudent judgment. Members and Candidates must act for
`the benefit of their clients and place their clients’ interests before
`their employer’s or their own interests.
`B. Fair Dealing. Members and Candidates must deal fairly and objec-
`tively with all clients when providing investment analysis, making
`investment recommendations, taking investment action, or
`engaging in other professional activities.
`C. Suitability.
`1. When Members and Candidates are in an advisory relationship
`with a client, they must:
`a. Make a reasonable inquiry into a client’s or prospective
`client’s investment experience, risk and return objectives,
`and financial constraints prior to making any investment
`recommendation or taking investment action and must
`reassess and update this information regularly.
`b. Determine that an investment is suitable to the client’s
`financial situation and consistent with the client’s written
`objectives, mandates, and constraints before making an
`investment recommendation or taking investment action.
`c. Judge the suitability of investments in the context of the
`client’s total portfolio.
`2. When Members and Candidates are responsible for managing
`a portfolio to a specific mandate, strategy, or style, they must
`make only investment recommendations or take only invest-
`ment actions that are consistent with the stated objectives
`and constraints of the portfolio.
`D. Performance Presentation. When communicating investment
`performance information, Members and Candidates must make
`reasonable efforts to ensure that it is fair, accurate, and complete.
`E. Preservation of Confidentiality. Members and Candidates must
`keep information about current, former, and prospective clients
`confidential unless:
`1. The information concerns illegal activities on the part of the
`client or prospective client,
`2. Disclosure is required by law, or
`3. The client or prospective client permits disclosure of the
`information.
`
`IV. DUTIES TO EMPLOYERS
`A. Loyalty. In matters related to their employment, Members and
`Candidates must act for the benefit of their employer and not
`deprive their employer of the advantage of their skills and abili-
`ties, divulge confidential information, or otherwise cause harm to
`their employer.
`B. Additional Compensation Arrangements. Members and Candi-
`dates must not accept gifts, benefits, compensation, or
`consideration that competes with or might reasonably be
`expected to create a conflict of interest with their employer’s
`interest unless they obtain written consent from all parties
`involved.
`C. Responsibilities of Supervisors. Members and Candidates must
`make reasonable efforts to ensure that anyone subject to their
`supervision or authority complies with applicable laws, rules,
`regulations, and the Code and Standards.
`
`V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS
`A. Diligence and Reasonable Basis. Members and Candidates must:
`1. Exercise diligence, independence, and thoroughness in
`analyzing investments, making investment recommendations,
`and taking investment actions.
`2. Have a reasonable and adequate basis, supported by appro-
`priate research and investigation, for any investment analysis,
`recommendation, or action.
`B. Communication with Clients and Prospective Clients. Members
`and Candidates must:
`1. Disclose to clients and prospective clients the basic format
`and general principles of the investment processes they use
`to analyze investments, select securities, and construct port-
`folios and must promptly disclose any changes that might
`materially affect those processes.
`2. Disclose to clients and prospective clients significant limita-
`tions and risks associated with the investment process.
`3. Use reasonable judgment in identifying which factors are
`important to their investment analyses, recommendations,
`or actions and include those factors in communications with
`clients and prospective clients.
`4. Distinguish between fact and opinion in the presentation of
`investment analysis and recommendations.
`C. Record Retention. Members and Candidates must develop and
`maintain appropriate records to support their investment anal-
`yses, recommendations, actions, and other investment-related
`communications with clients and prospective clients.
`
`VI. CONFLICTS OF INTEREST
`A. Disclosure of Conflicts. Members and Candidates must make
`full and fair disclosure of all matters that could reasonably be
`expected to impair their independence and objectivity or inter-
`fere with respective duties to their clients, prospective clients,
`and employer. Members and Candidates must ensure that such
`disclosures are prominent, are delivered in plain language, and
`communicate the relevant information effectively.
`B. Priority of Transactions. Investment transactions for clients and
`employers must have priority over investment transactions in
`which a Member or Candidate is the beneficial owner.
`C. Referral Fees. Members and Candidates must disclose to their
`employer, clients, and prospective clients, as appropriate, any
`compensation, consideration, or benefit received from or paid to
`others for the recommendation of products or services.
`
`VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE
`A. Conduct as Participants in CFA Institute Programs. Members and
`Candidates must not engage in any conduct that compromises
`the reputation or integrity of CFA Institute or the CFA designation
`or the integrity, validity, or security of the CFA Institute programs.
`B. Reference to CFA Institute, the CFA Designation, and the CFA
`Program. When referring to CFA Institute, CFA Institute member-
`ship, the CFA designation, or candidacy in the CFA Program,
`Members and Candidates must not misrepresent or exaggerate
`the meaning or implications of membership in CFA Institute,
`holding the CFA designation, or candidacy in the CFA program.
`
`www.cfainstitute.org
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`EXHIBIT 286
`EXHIBIT 286
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`STANDARDS
`OF PRACTICE
`HANDBOOK
`
`2014
`ELEVENTH EDITION
`
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`Standards
`of Practice
`Handbook
`
`ELEVENTH EDITION
`
`2014
`
`

`

`©2014, 2010, 2006, 2005, 1999, 1996, 1992, 1990, 1988, 1986, 1985 (supplement),
`1984, 1982, by CFA Institute
`
`All rights reserved. No part of this publication may be reproduced or transmitted in
`any form or by any means, electronic or mechanical, including photocopy, record-
`ing, or any information storage and retrieval system, without permission of the
`copyright holder. Requests for permission to make copies of any part of the work
`should be mailed to: Copyright Permissions, CFA Institute, 915 East High Street,
`Charlottesville, Virginia 22902.
`
`CFA®, Chartered Financial Analyst®, CIPM®, Claritas® and GIPS® are just a few
`of the trademarks owned by CFA Institute. To view a list of CFA Institute trade-
`marks and the Guide for the Use of CFA Institute Marks, please visit our website at
`www.cfainstitute.org.
`
`ISBN: 978-0-938367-85