If a firm uses non-discretionary leverage, it must present performance using:
Answer(s): B
According to Section B of the PPS standards - "Calculation of Returns" - for non-discretionary leverage, performance must be presented on an all-cash returns basis.
________ and other hybrid securities must be treated consistently across and within composites.
This is one of the requirements which is mandatory in order to be in compliance with the PPS.
Standard IV (B.8), Disclosure of Referral Fees, includes ________.
Answer(s): D
Under Standard IV (B.8), appropriate disclosure involves disclosing the nature of the consideration or benefit given or received for the recommending of services. Consideration includes all fees, whether paid in cash, in soft dollars, or in kind.
Which of the following relating to compliance procedures for complying with Standard III (E) is false? The compliance procedures should:
The compliance officer should be designated from within the firm.
According to the AIMR-PPS for venture and private placements, ________ internal rate of return must be presented since inception of the fund and be net of fees, expenses and carry to the limited partner.
Answer(s): C
Cumulative internal rate of return must be presented since inception of the fund and be net of fees, expenses and carry to the limited partner. Irr must be calculated based on cash-on-cash returns plus residual value.
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