Which of the following actions is a required, rather than recommended, action under the Standard regarding diligence and a reasonable basis for a firms research recommendations？
A. Compensate analysts based on a measure of the quality of their research.
B. Review the assumptions used and evaluate the objectivity of third-party research reports.
C. Have a policy requiring that research reports and recommendations have a basis that can be substantiated as reasonable and adequate.
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Hern Investments provides monthly emerging market research to Baker Brokerage in exchange for prospective client referrals and European equity research from Baker. Clients and prospects of Hern are no
A. Not violated the Code and Standards.
B. Violated the Code and Standards by using third-party research in discretionary accounts.
C. Violated the Code and Standards by failing to disclose the referral agreement with Baker.
A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of extremely large deviations from the mean compared to a normal distribution:
A. Is positively skewed.
B. Has positive excess kurtosis.
C. Has negative excess kurtosis.
Which of the following includes only sections of the Global Investment Performance Standards？
A. Disclosure,Public Equity,Presentation and Reporting.
B. Real Estate,Calculation Methodology,Fundamentals of Compliance.
C. Input Data,Composite Construction,Wrap Fee/Speculative Margin Account（SMA） Portfolios.
Ralph Salley, a Level I candidate in the CFA Program, is explaining Standard VI（B） Priority of Transactions, to his supervisor. Salley states, "The Standard recommends, but does not require, that
A. correct.
B. incorrect,because the Standard does not recommend that trades for family members be made after those for other clients.
C. incorrect,because the Standard requires that members and candidates not participate in initial public offerings.
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