Q1. Which of the following is NOT part of the ethical responsibilities related to the Asset Manager Code of Professional Conduct?

A)   Maintain the confidentiality of client information.

B)   Maintain your independence.

C)   Always act in a professional manner.

Q2. Which of the following is NOT part of the ethical responsibilities related to the Asset Manager Code of Professional Conduct?

A)   Communicating with clients on a regular basis.

B)   Acting in an independent manner.

C)   Trading regarding insider information, priority of transactions, soft dollars, and best execution.

Q3. All of the following are NOT part of the ethical responsibilities related to the Code EXCEPT:

A)   communicating with clients in an accurate manner.

B)   seeking best execution.

C)   disclosing conflicts of interest.

The ethical responsibilities related to the Code are:

§     Always act ethically and professionally;

§     Act in the best interest of the client

§     Act in an objective and independent manner;

§     Perform actions using skill, competence, and diligence;

§     Communicate accurately with clients on a regular basis; and

§     Comply with all legal and regulatory requirements.

Maintaining the confidentiality of client information is part of the section of the Code dealing with Loyalty and is not considered one of the ethical responsibilities.

Q2.Correct answer is C)         

The ethical responsibilities related to the Code are:

§     Always act ethically and professionally;

§     Act in the best interest of the client;

§     Act in an objective and independent manner;

§     Perform actions using skill, competence, and diligence;

§     Communicate accurately with clients on a regular basis; and

§     Comply with all legal and regulatory requirements.

Trading is not specifically mentioned in the ethical responsibilities section of the Asset Manager Code and is instead one of the six components of the Asset Manager Code specifically regarding trading which deals with insider information, fair dealing, soft dollars, best execution, and the allocation of shares.

Q3.Correct answer is C)      

 The ethical responsibilities related to the Code are:

§     Always act ethically and professionally;

§     Act in the best interest of the client;

§     Act in an objective and independent manner;

§     Communicate accurately with clients on a regular basis; and

§     Comply with all legal and regulatory requirements.

The other answer choices deal with specific sections of the Code and are not considered ethical responsibilities.

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