Adam Schute, CFA, is on a conference call with the CFO of an investment banking client with his phone speaker on and his door open. As a result, salesmen and traders overhear the CFO describing proble
A. Not violated the Standard because he has not acted on the information,but the traders and salesmen have violated the Standard.
B. Violated the Standard because he should have taken steps to prevent the dissemination of the information.
C. Violated the Standard by not making the information public when he realized others had overheard the call.
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To protect shareholders long-term interests, the most appropriate characteristic for a board of directors is that:
A. The board meets regularly with management present.
B. The majority of board members are not firm executives.
C. Board members represent firm suppliers,customers,or pension advisers.
Compared to the underlying MBS, a collateralized mortgage obligation （CMO）:
A. Has lower duration.
B. May have more or less prepayment risk.
C. Allows an investor to select an exact maturity.
If the government regulates a natural monopoly and enforces an average cost pricing, what are the effects on output quantity and price compared to an unregulated natural monopoly？
A. Both are lower under average cost pricing.
Both are higher under average cost pricing.
C. One is higher and one is lower under average cost pricing.
Which portion of an investment policy statement is most likely to state any restriction on portfolio leverage？
A. Procedures.
B. Investment guidelines.
C. Duties and responsibilities.
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