1. Exhibit 2 Prints Instead of
Curriculum location: Jurisdictions and Equity Classes, Exhibit 2, p. 30.
The displayed inputs give , which rounds to , not . The wrong value is repeated in the exhibit, equation, and conclusion, so a candidate cannot reproduce the worked result as printed.
Correct reading: With the displayed ratio and prices, the implied exchange rate is per .
Candidates otherwise risk rechecking a correct setup because their calculator does not match the book.
2. GDRs Are Called Exempt from Home-Country Ownership and Capital Controls
Curriculum location: Jurisdictions and Equity Classes, Global Depositary Receipts, p. 31.
"they are not subject to the foreign ownership and capital flow restrictions that may be imposed by the issuing company’s home country"
Trading a receipt outside the issuer's home country can reduce direct-market access frictions, but it does not erase home-country control over the underlying shares, issue eligibility, conversion, distributions, voting, or movement of proceeds.
Correct reading: GDRs may reduce some direct-investment frictions, but the receipts, their underlying shares, and related capital flows may remain subject to the issuer's home-country laws and restrictions.
Candidates otherwise risk confusing an offshore trading venue with exemption from ownership and capital-control risk.
3. The 120-Day Deadline Uses the Planned Release Instead of the Prior-Year Anniversary
Curriculum location: Equity Voting Process, shareholder proposal preparation, p. 36.
"all shareholder proposals must be received at least 120 days prior to the planned release of meeting materials"
Rule 14a-8 does not apply to every shareholder proposal. For a regularly scheduled annual meeting, the ordinary calculation starts with the release date disclosed in the previous year's proxy statement, advances that date by one year, and counts back 120 calendar days. The anchor is therefore the anniversary of the prior-year release date, not the current year's planned release. Alternative timing applies in the rule's specified cases.
Correct reading: Rule 14a-8 proposals submitted for inclusion in proxy materials for a regularly scheduled annual meeting generally must reach the company's principal executive offices at least 120 calendar days before the anniversary of the prior year's proxy-statement release date, subject to the rule's alternative timing provisions.
Candidates otherwise learn the wrong scope and reference date for an explicit deadline calculation.
Complete Module 2 Errata Index
Scope: Module 2, pp. 25–44 (printed page numbers).
What this review covers. Errors in the printed curriculum that would change a candidate's answer or understanding: wrong numbers, wrong formulas, reversed logic, and statements that contradict the module's own data. It does not list spelling mistakes, equation-numbering slips, or wording that is loose but defensible.
The table below lists all high-value, objectively confirmed curriculum errors covered by this article, including eligible errors in printed Practice Problems and their solutions. Repeated instances of the same defect are consolidated into one row. Import-only defects, question errors not printed in the module source, disputed or reasonably defensible claims, and low-value editorial corrections such as typos or numbering and cross-reference errors are outside scope.
References
- Companies (Issue of Global Depository Receipts) Rules, 2014
- SEC Rule 14a-8: Shareholder Proposals
- SEC Staff Legal Bulletin No. 14: Rule 14a-8 deadlines and process
This article is an independent candidate-focused analysis of confirmed errors in the CFA Level I 2027 Curriculum, Volume 5 Equity Investments, Module 2 Equity Jurisdictions, Classes, and the Voting Process. It is not an official CFA Institute errata notice, and inclusion here must not be read as CFA Institute confirmation, endorsement, or approval.