Which of the following is true regarding Standard II (A)?
Answer(s): B
Standard II (A) relates to the responsibility of AIMR members and candidates to use their professional designation properly and in a non-misleading manner. A person must be registered to take the next scheduled CFA exam to be a "candidate" in the CFA program. There is no designation for someone who has passed Level I, II, or III of the CFA exam. Candidates may state, however, that they have completed Level I, II, or III.The standard applies to all related explanations or descriptions of the CFA designation, including letterheads and business cards, resumes, directory listings, printed advertising, brochures and oral statements to clients and prospects.
Which of the following statements is correct regarding Standard II (A) - Use of Professional Designation?
Answer(s): D
"Joe Martin, CFA II" and "Joe Martin, CFA III" are misrepresentations and a violation of Standard II (A). There is no designation for someone who has passed Level I, Level II, or Level III. He may not state he is a candidate unless he is registered for the next exam.
Composite ________ measures represent the consistency of a firm's composite performance results with respect to the individual portfolio returns within a composite.
Answer(s): C
The AIMR-PPS require that managers disclose the dispersion of portfolio returns within each composite.
Under the Performance Presentation Standards, selected firm composites can be designated as being in compliance, only if ________ of the firm's composites are in compliance.
Answer(s): A
Compliance cannot be met on a per product or per composite basis, but can only be met on a firmwide basis.Composites may not be presented as being in compliance unless all of the firm's qualifying portfolios have been accounted for in at least one composite defined according to similar strategy or investment objective.
Performance Presentation Standards require the disclosure of whether composite returns on international investments are ________ of foreign withholding taxes.
The performance presentation must disclose whether composites and benchmarks are presented gross or net of withholding taxes on dividends, interest and capital gains; if net, the assumed tax rate for both the composite and the benchmark.
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