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Free CFA-Level-I Exam Braindumps (page: 364)

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PDF with 3963 Questions

Standard IV (A.3) relates to two major components and is titled ________ and Objectivity.

  1. None of these answers
  2. Impartiality
  3. Justice
  4. Autonomy
  5. Independence

Answer(s): E

Explanation:

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)

  1. selection
  2. hedging
  3. exchanges
  4. swaps
  5. strategy

Answer(s): B

Explanation:

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.



Standard III (A) is ________.

  1. Duty to Employer
  2. Disclosure of Conflicts to Employer
  3. Obligation to Inform Employer of Code and Standards
  4. Disclosure of Additional Compensation Arrangements
  5. None of these answers
  6. Responsibilities of Supervisors

Answer(s): C

Explanation:

Standard III (A) deals with the Obligation to Inform Employer of Code and Standards. Standard III (B) deals with the Duty to Employer. Standard III (C) deals with Disclosure of Conflicts to Employer. Standard III (D) deals with Disclosure of Additional Compensation Arrangements. Standard III (E) deals with Responsibilities of Supervisors.



Performance (relating to Performance Presentation Standards) is the record of the ________.

  1. person
  2. investment manager
  3. individual
  4. child
  5. firm

Answer(s): E

Explanation:

To be in compliance with the PPS, a firm's presentation of performance must comply on a firmwide basis and must consist of 10 years of performance (or records since the date of inception if the firm is younger than 10 years).






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