Various countries' securities laws permit a manager to pay up for goods and services without violating the manager's fiduciary duty, so long as the requirements of the law are followed. Each of the following are typical requirements, except:
Answer(s): A
The soft-dollar practice must be disclosed.
According to the AIMR-PPS, all actual fee-paying discretionary portfolios must be included in at least one composite defined according to
Answer(s): B
All fee-paying discretionary portfolios must be included in at least one composite defined according to similar strategy or investment objective. This is a requirement for creation and maintenance of composites.
According to Standard IV (B.4), Priority of Transactions, a member is a "beneficial owner" if the member has each of the following, EXCEPT:
Answer(s): C
The authority to supervise those below the member has no relation to the concept of "beneficial owner." Also, supervisory responsibility is covered under Standard III (E).
According to Standard IV (B.7), Disclosure of Conflicts, the most prevalent conflict pertains to ________.
Under Standard IV (B.7), Disclosure of Conflicts, the most prevalent conflict pertains to members' ownership of stock in companies they recommend. To avoid discrimination against members, sell-side members should disclose any materially beneficial ownership interest in a security or other investment that the member is recommending. Buy-side members should disclose their procedures for reporting requirements for personal transactions.
The manager must seek BEST price and execution.
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