Jamison is a junior research analyst with Howard & Howard, a brokerage and investment banking firm. Howard & Howard's mergers and acquisitions department has represented the Britland Company in all of its acquisitions for the past 20 years. Two of Howard & Howard's senior officers are directors of various Britland subsidiaries. Jamison has been asked to write a research report on Britland. What is the best course of action for her to follow?
Answer(s): C
The question involves Standard IV (B.7), Disclosure of Conflicts to Clients and Prospects. There are two conflicts of interest that must be disclosed: (1) the company is a client of Jamison's employer, (2) two directors of the company are senior officers of her employer. As long as the relationship the analyst's employer has with the company is disclosed, the analyst is not prevented from writing a report. She can or not express opinions, which is irrelevant to her duty to disclose a conflict of interest, which is the relationship between the two companies.
When formulating an investment policy for a client, all of the following fall under "investor constraints," except ________.
Answer(s): B
Type and nature of clients is considered under the "client identification" category.
What is the name of the act enacted in 1940 that reflects a Congressional recognition of the "delicate" fiduciary nature of an investment advisory relationship and the intent to eliminate, or at least to expose all conflicts of interest?
The U.S. Investment Advisers Act of 1940 (Advisers Act) states "that advisors cannot employ any device or scheme to defraud any client or prospective client; engage in any transaction or course of business that may operate as a fraud or deceit upon any client or prospective client; engage in transactions as a principle or as an agent in a client's account without first disclosing the transaction to the client and receiving the client's consent; or engage in any act or course of business that is fraudulent, deceptive, or manipulative."
Performance results for a portfolio need to be presented with cash, ________ equivalents, or substitute assets.
Answer(s): D
Returns from cash and cash equivalents held in portfolios must be included in return calculations and the cash and cash equivalents must be included in the portfolio amount (total assets) on which the return is calculated.
Anamese Barrytone is a broker with Caledonia Investments. Caledonia also provides investment recommendations through its weekly letter. In its last letter released 3 days ago, Caledonia changed its investment recommendation on Sell-Me-Now, Inc. from "hold" to "sell." Anamese has just received a call from Sloan who wants to place a market-buy order on 600 shares of Sell-Me-Now. Anamese should
According to the SEC rules, if a person places an order contrary to current firm recommendation, he or she should first be informed about the firm's position before accepting the order. Standard IV (B.3) - Fair Dealing.
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