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Free CFA-Level-I Exam Braindumps (page: 53)

Page 53 of 991
PDF with 3963 Questions

Portfolios

  1. can be switched from one composite to another at any time at the discretion of the investment manager.
  2. can never be switched from one composite to another, so managers must ensure they consult their clients and make appropriate choices.
  3. must not be switched from one composite to another unless documented changes in client guidelines make switching appropriate.
  4. can only be switched from one composite to another at the end of a performance period and only if documented changes in client guidelines make switching appropriate.

Answer(s): C

Explanation:

Portfolios must not be switched from one composite to another unless documented changes in client guidelines make switching appropriate. This is a requirement for creation and maintenance of composites.



An AIMR member has violated one of the AIMR code of ethics standards. However, according to the laws of the country governing his behavior, he has done nothing wrong. Then,

  1. AIMR can take disciplinary action against her.
  2. AIMR cannot take disciplinary action against her.
  3. there is no violation of the code since local laws were adhered to.
  4. none of these answers.

Answer(s): A

Explanation:

A member must always abide by the AIMR code, unless the local laws in any given case are stricter, in which case, the stricter standard applies. Standard I. Hence, every violation of the code of ethics is always subject to disciplinary action.



Convertible and other hybrid securities

  1. are never included in composites with conventional securities.
  2. are managed separately and treatment must be disclosed in performance reporting.
  3. are not assets to which the Standards are applicable.
  4. must be treated consistently across and within composites.

Answer(s): D

Explanation:

Convertible and other hybrid securities must be treated consistently across and within composites. Portfolios must not be switched from one composite to another unless documented changes in client guidelines make switching appropriate. This is a requirement for creation and maintenance of composites.



To claim compliance, firms must meet

  1. all composite, calculation, presentation and disclosure requirements of the AIMR Performance Presentation Standards.
  2. all composite, calculation, presentation and disclosure recommendations of the AIMR Performance Presentation Standards.
  3. all composite, calculation, presentation and disclosure requirements and recommendations of the AIMR Performance Presentation Standards.
  4. all composite, calculation, presentation and disclosure requirements and at least half of the recommendations of the AIMR Performance Presentation Standards.

Answer(s): A

Explanation:

To claim compliance, firms must meet all composite, calculation, presentation and disclosure requirements of the AIMR Performance Presentation Standards. Firms are also strongly encouraged to follow the recommended standards.



Page 53 of 991



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