Verification of compliance with GIPS:
A. May be performed on single composites.
B. Is required for a firm to claim GIPS compliance.
C. Requires the verification report to be issued for the entire firm.
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The Standard regarding suitability most likely requires that:
An advisor must analyze an investments suitability for the client prior to recommending or acting on the investment.
B. A member or candidate must decline to carry out an unsolicited transaction that she believes is unsuitable for the client.
C. When managing a fund to an index,a manager who is evaluating potential investments must consider their suitability for the funds shareholders.
Frist Investments, Inc. has just hired Michael Pulin to manage institutional portfolios, most of which are pension related. Pulin has just taken the Level III CFA exam and is awaiting his results. Pul
A. Has many years of investment experience which,along with his participation in the CFA program,will allow him to deliver superior investment performance relative to other managers.
B. Is a CFA Level III and passed the first two exams on the first attempt.He is an affiliate member of the CFA Institute.We expect him to become a regular member if he passes the Level III examination.
C. Is a Level III CFA candidate and has many years of excellent performance in the investment management industry.Pulin is an affiliate member of the CFA Institute and will be eligible to become a CFA charterholder and regular member if he passes the Level III CFA Exam.
Which of the following actions is most likely a violation of the Standard on fair dealing？
A portfolio manager allocates IPO shares to all client accounts,including her brothers fee-based retirement account.
B. An investment firm routinely begins trading for its own account immediately after announcing recommendation changes to clients.
C. After releasing a general recommendation to all clients,an analyst calls the firms largest institutional clients to discuss the recommendation in more detail.
An investment management firm, Investco, Inc., was recently audited by the United States Securities and Exchange Commission （SEC）. Investco included the following statement in its performance presenta
A. No,only one party may perform GIPS verification.
B. No,neither party involved in the audit constitutes an acceptable GIPS verification.
C. Yes,because an audit was performed implicitly by the SEC and explicitly by the firms audit team.
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