Level ________ verification applies to specific composites.
Answer(s): C
Level I verification applies to all firm composites. Level II verification requires a Level I verification at least on the specific composites being verified at Level II. (Note: There are only two levels of verification.)
Standard V (A), Prohibition against Use of Material Nonpublic Information, states that the test for determining if a tipper is breaching a fiduciary duty
Answer(s): B
Standard V (A), Prohibition against Use of Material Nonpublic Information, states that the test for determining if a tipper is breaching a fiduciary duty is whether the tipper benefits directly or indirectly from the disclosure. The three types of personal benefits are: 1. pecuniary benefit, 2. a quid pro quo between the insider and recipient, and 3. a gift of confidential information to a relative. An insider who selectively discloses material nonpublic information without a legitimate business purpose may be found to have breached a fiduciary duty.
All of the following statements about a member's use of clients' brokerage commissions are true except
Answer(s): A
This question deals with Standard IV (B.1), Fiduciary Duties and the specific topic of soft dollars. All the answers deal with the use of client brokerage commissions and the criteria for their use - (1) fairness to the client and (2) commensurate with the value of the services provided. The only statement that is not true is that client brokerage commissions may not be directed to pay the investment manager's operating expenses.
Standard III includes which of the following?
Standard III deals with Obligation to Inform Employer of Code and Standards, Duty to Employer, Disclosure of Conflicts to Employer, Disclosure of Additional Compensation Arrangements and Responsibilities of Supervisors.
Which of the following persons does AIMR hold most accountable for fiduciary duties owed to clients?
AIMR's Code and Standards do not make distinctions among brokers, dealers and investment advisors when it comes to fiduciary duties toward customers. All members must comply with the conduct required of them by the Code and Standards or applicable law, whichever is higher.
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