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Free CFA-Level-I Exam Braindumps (page: 24)

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PDF with 3963 Questions

Which of the following AIMR standards pertains to the responsibilities of supervisors?

  1. IV
  2. II C
  3. V
  4. None of these answers

Answer(s): D

Explanation:

Responsibilities of Supervisors falls under Standard III (E).



Firms with records or performance calculations for periods prior to the applicable effective date(s) that are not in conformance with the AIMR Performance Presentation Standards can still claim compliance with the standards if certain conditions are met. Which of the following is an option available to such a firm?

  1. None of these answers are options available to such a firm.
  2. All of these answers are options available to such a firm.
  3. The firm can restate its historical performance in accordance with the Relaxed Retroactive Standards for retroactive compliance.
  4. The firm can use its nonconforming historical performance and disclose specifically when and how the performance is not in compliance.
  5. The firm can restate its historical performance numbers in accordance with the Standards.

Answer(s): B

Explanation:

Firms with records or performance calculations for periods prior to the applicable effective date(s) that are not in conformance with the Standards can choose any of the options listed.



When formulating an investment policy for a client, all of the following fall under "investor constraints," except ________.

  1. liquidity needs
  2. regulatory and legal circumstances
  3. risk tolerance
  4. tax considerations
  5. expected cash flows
  6. investable funds
  7. investor preferences, circumstances and unique needs
  8. none of these answers

Answer(s): C

Explanation:

Risk tolerance is considered under "investor objectives."



Which of the following can be found in Standard I?

  1. Members shall deliver a copy of the Code to their employer.
  2. Members shall not participate in any professional conduct involving dishonesty, fraud, deceit, etc.
  3. Members shall not knowingly participate or assist in any violation of laws, rules or regulations.
  4. Members shall exercise diligence and thoroughness in making investment recommendations or in taking investment actions.
  5. Members shall not misrepresent investment performance.

Answer(s): C

Explanation:

Standard I states that members shall: "A. Maintain knowledge of and comply with all applicable laws of any governing agency or professional association governing the member's professional activities, and B. Not knowingly participate or assist in any violation of laws, rules or regulations."






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