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 good and services purchased must be for "research service."
According to Standard IV (B.4), Priority of Transactions, ________ is recommended when a manager has purchased a security in violation of trading policy.
Answer(s): E
This question relates to the compliance procedures for Standard IV (B.4), one of which states that firms should establish disciplinary procedures to enforce the standard. If a manager has purchased a security in violation of trading policy, disgorgement is recommended. Managers should disgorge all profits and assume any losses from the trade.
Pulser Primorak is an investment manager who recently bid in an IPO on behalf of his clients and was allowed to buy 1,000 shares of the issue. What should Primorak do?
Answer(s): C
Standard IV (B.3) - Fair Dealing. Note that the AIMR code does not prohibit investments by portfolio managers in IPOs if they are deemed appropriate investments.
Members pursuing the investment profession outside of the U.S. ________ the Code and Standards when local regulations are less stringent in order to maintain a level playing field.
Answer(s): D
The concept of fiduciary duty is not exclusive to the United States. AIMR members are expected to follow any fiduciary duties imposed on them by their country or province, in addition to being governed by the Codes and Standards. As always, the primary concern must be to follow principles of discretion, loyalty and care and to act in the client's best interest.
The AIMR Performance Presentation Standards require that firms report, at a minimum, ________ years of performance to claim compliance with the standards.
The AIMR-PPS require that firms report, at a minimum, 10 years of investment performance (or performance since the inception of the firm if inception is less than 10 years) to claim compliance with the Standards.
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