Under Standard III (E) - Responsibilities of Supervisors - which of the following are NOT responsible for maintaining appropriate supervision when they are in a supervisory role?
Answer(s): C
Standard III (E) states the responsibility of AIMR members, CFA charterholders and candidates for the CFA designation to take steps to prevent persons acting under their supervision from violating the law or the Code and Standards.
Standard ________ states that the financial analyst must use particular care to maintain independence and objectivity in relationships with issuers of securities.
Standard IV (A.3) - Independence and Objectivity - ensures that clients have the benefit of work and opinions unaffected by any potential conflict of interest that may adversely affect their judgment. Members should maintain their independence by being wary of "perks" offered by external sources such as corporations, issuers, underwriters and brokers.
Data Droid manages several investment accounts and directs most of the client transactions through Lore's brokerage firm. Lore provides him with excellent, reliable research, though his commissions are higher than industry standards. The research is used to manage all the client accounts. Data has just been approached by the Troy brokerage firm, which is a newcomer in the business. While this firm does not provide any research, it charges commissions that are significantly lower than those charged by Lore. If Data decides to stay with Lore's brokerage firm
Standard IV (B.1) - Fiduciary Duties
Standard IV (A.3) relates to two major components and is titled ________ and Objectivity.
Answer(s): E
Standard IV (A.3) - Independence and Objectivity, states that members shall use reasonable care and judgment to achieve and maintain independence and objectivity in making investment recommendations or taking investment action.
When a composite of international portfolios is created, firms should separate portfolios that are allowed to use currency ________ from portfolios that may not use ________, unless the use of currency ________ is considered immaterial. (Same answer for all three spaces)
Answer(s): B
If a firm makes significant use of currency hedging when allowed, it should separate portfolios that do not allow such hedging into a different composite and use a different benchmark for the highly hedged and unhedged composites. Similarly, portfolios with materially different risk exposures do not belong in the same composite.
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