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Free CFA-Level-I Exam Braindumps (page: 33)

Page 32 of 991
PDF with 3963 Questions

Standard III (E) is known as ________.

  1. Prohibition against Use of Material Nonpublic Information
  2. Preservation of Confidentiality
  3. Fair Dealing
  4. Professional Misconduct
  5. Interactions with Clients and Prospects
  6. Investment Process
  7. Duty to Employer
  8. None of these answers

Answer(s): H

Explanation:

Standard III (E) is Responsibilities of Supervisors. Be sure you remember that this standard may often be cited as a violation, along with most other standards (because failure to supervise is often at the root of many of the standard violations).



According to the AIMR-PPS, total firm assets are defined to include

  1. all discretionary and nondiscretionary assets, as well as assets underlying overlay investment strategies.
  2. all discretionary and nondiscretionary assets.
  3. any asset deemed eligible by the firm.
  4. only assets underlying overlay investments strategies.

Answer(s): B

Explanation:

Total firm assets are defined to include all discretionary and nondiscretionary assets. Total firm assets do not refer to assets underlying overlay investment strategies, such as currency overlay, options and futures overlays, securities lending programs and asset allocation overlay strategies, unless the firm actually manages the underlying assets.



Standard V (B) addresses any practice that would lead to misrepresentation of a member's record, whether the practice involves performance ________ or performance ________.

  1. presentation; measurement
  2. none of these answers
  3. presentation; benchmarking
  4. assessment; benchmarking
  5. measurement; assessment
  6. assessment; presentation
  7. benchmarking; measurement

Answer(s): A

Explanation:

Standard V (B) addresses any practice that would lead to misrepresentation of a member's record, whether the practice involves performance presentation or performance measurement.



A(n) ________ is someone who has knowledge of pending or actual investment recommendations or action.

  1. AIMR member
  2. access person
  3. none of these answers
  4. insider

Answer(s): B

Explanation:

Access or covered persons have knowledge of pending or actual investment recommendations or action. The firm's definition of access (covered) person should be broad enough to cover all people with that knowledge.






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