Q1. A manager of pooled funds must do all of the following to remain in compliance with the Standards EXCEPT:

A)     Print the investment policy statement in all quarterly reports.

B)     Disclose basic security selection processes.

C)     Notify potential investors of any changes in investment policy.

Q2. An internal audit of Vega Fund has determined that the fund is out of compliance with its investment policy statement as disclosed in the prospectus. Vega should do all of the following EXCEPT:

A)    revise the investment process in order to be consistent with the investment policy statement.

B)    seek authorization should it be determined that the investment policy requires alteration.

C)    revise the internal audit procedure to allow such occurrences in the future.

Q3. A manager of pooled funds must do all of the following to remain in compliance with the Standards EXCEPT:

A)     seek authorization for any trade that involves more than 1 percent of the fund's assets.

B)     seek authorization for any proposed changes.

C)     disclose portfolio construction processes.

Q4. In order to remain in compliance when managing private client accounts, members must do all of the following EXCEPT:

A)     Use a risk-factor model to assess the client's risk tolerance.

B)     Conduct regular reviews of client circumstances.

C)     Seek authorization for changes in investment policy.

答案和详解如下：

Q1. A manager of pooled funds must do all of the following to remain in compliance with the Standards EXCEPT:

A)     Print the investment policy statement in all quarterly reports.

B)     Disclose basic security selection processes.

C)     Notify potential investors of any changes in investment policy.

Correct answer is A)

There is no requirement to include the investment policy statement in all quarterly reports.

Q2. An internal audit of Vega Fund has determined that the fund is out of compliance with its investment policy statement as disclosed in the prospectus. Vega should do all of the following EXCEPT:

A)    revise the investment process in order to be consistent with the investment policy statement.

B)    seek authorization should it be determined that the investment policy requires alteration.

C)    revise the internal audit procedure to allow such occurrences in the future.

Correct answer is C)

It would appear that the internal audit procedure has effectively uncovered a compliance violation, and that is an objective of the procedure. Hence, there is no need to revise the internal audit procedure.

Q3. A manager of pooled funds must do all of the following to remain in compliance with the Standards EXCEPT:

A)     seek authorization for any trade that involves more than 1 percent of the fund's assets.

B)     seek authorization for any proposed changes.

C)     disclose portfolio construction processes.

Correct answer is A)

There is no requirement to seek authorization for trades on the basis of size.

Q4. In order to remain in compliance when managing private client accounts, members must do all of the following EXCEPT:

A)     Use a risk-factor model to assess the client's risk tolerance.

B)     Conduct regular reviews of client circumstances.

C)     Seek authorization for changes in investment policy.

Correct answer is A)

There is no requirement to use a specific model in order to assess and document a client’s risk tolerance. Risk tolerance is more likely to be addressed implicitly in the asset allocation guidelines that are established and updated based upon client circumstances.

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