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Free CFA-Level-I Exam Braindumps (page: 80)

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What is the effective date for compliance with the AIMR-Performance Presentation Standards for discretionary fee-paying portfolios meeting the definition of a wrap-fee account?

  1. January 1, 1997
  2. July 1, 1994
  3. July 1, 1995
  4. January 1, 1995

Answer(s): C

Explanation:

From July 1, 1995, going forward, all of the firm's actual discretionary fee-paying portfolios meeting the definition of a wrap-fee account must be presented in composites that adhere to the Standards.



Connery, a smart professional, passed his Level II CFA exam 2 years ago. He could not take the Level III exam due to professional time commitments elsewhere. He is thinking of taking Level III a couple of years from now, once things settle down on his personal front. His resume, which he has sent to a few prestigious firms, states that he is a candidate in the CFA program and has successfully completed Level II exam. He makes no exaggerated claims about his abilities on his resume. Connery has:

  1. violated Standard II (A) - Use of Professional Designation. He cannot claim to be CFA - Level II.
  2. not violated any standards.
  3. violated Standard II (A) - Use of Professional Designation. He cannot claim to be in the CFA program since he is not registered to take Level III exam.
  4. violated Standard II (A) - Use of Professional Designation. He cannot claim to be in the CFA program without having completed the Level III exam.

Answer(s): C

Explanation:

Standard II (A) - Use of Professional Designation, states that a person must be registered to take the next higher level of the exam to be a "candidate" in the CFA program.



Standard IV (B.4) deals with ________.

  1. Disclosure of Conflicts to Clients and Prospects
  2. Prohibition against Misrepresentation
  3. None of these answers
  4. Disclosure of Referral Fees
  5. Priority of Transactions
  6. Prohibition against Use of Material Nonpublic Information
  7. Preservation of Confidentiality
  8. Performance Presentation

Answer(s): E

Explanation:

Standard IV (B.4) deals with the priority of transactions of clients and employers over transactions in investments in which the member is the beneficial owner.



Which of the following is NOT one of the goals of AIMR-PPS?

  1. Enforce a single standard on the various performance presentations through a mandatory adoption of the PPS.
  2. None of these answers.
  3. Bolster the notion of self-regulation and enhance the professionalism in the industry.
  4. Improve the service offered to investment management clients.

Answer(s): A

Explanation:

The PPS are voluntary standards and are not necessarily binding on AIMR members. AIMR, of course, encourages adoption of these standards. The Standards have been designed to meet the following four goals: - achieve greater uniformity and compatibility amongst the various performance presentations; - improve the service offered to investment management clients; - enhance the professionalism in the industry; - bolster the notion of self-regulation.






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