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NEW QUESTION: 1
Robert Keith, CFA, has begun a new job at CMT Investments as Head of Compliance. Keith has just completed a review of all of CMT's operations, and has interviewed all the firm's portfolio managers. Many are CFA charterholders, but some are not. Keith intends to use the CFA Institute Code and Standards, as well as the Asset Manager Code of Professional Conduct, as ethical guidelines for CMT to follow.
In the course of Keith's review of the firm's overall practices, he has noted a few situations which potentially need to be addressed.
Situation 1:
CMT Investments' policy regarding acceptance of gifts and entertainment is not entirely clear. There is general confusion within the firm regarding what is and is not acceptable practice regarding gifts, entertainment and additional compensation.
Situation 2:
Keith sees inconsistency regarding fee disclosures to clients. In some cases, information related to fees paid to investment managers for investment services provided are properly disclosed. However, a few of the periodic costs, which will affect investment return, are not disclosed to the clients. Most managers are providing clients with investment returns net of fees, but a few are just providing the gross returns. One of the managers stated "providing gross returns is acceptable, as long as I show the fees such that the client can make their own simple calculation of the returns net of fees." Situation 3:
Keith has noticed a few gaps in CMT's procedure regarding use of soft dollars. There have been cases where "directed brokerage" has resulted in less than prompt execution of trades. He also found a few cases where a manager paid a higher commission than normal, in order to obtain goods or services. Keith is considering adding two statements to CMT's policy and procedures manual specifically addressing the primary issues he noted.
Statement 1:
"Commissions paid, and any corresponding benefits received, are the property of the client. The benefit(s) must directly benefit the client. If a manager's client directs the manager to purchase goods or services that do not provide research services that benefit the client, this violates the duty of loyalty to the client." Statement 2:
"In cases of "directed brokerage," if there is concern that the client is not receiving the best execution, it is acceptable to utilize a less than ideal broker, but it must be disclosed to the client that they may not be obtaining the best execution." Situation 4:
Keith is still evaluating his data, but it appears that there may be situations where proxies were not voted.
After completing his analysis of proxy voting procedures at CMT, Keith wants to insert the proper language into the procedures manual to address proxy voting.
Situation 5:
Keith is putting into place a "disaster recovery- plan," in order to ensure business continuity in the event of a localized disaster, and also to protect against any type of disruption in the financial markets. This plan includes the following provisions:
* Procedures for communicating with clients, especially in the event of extended disruption of services provided.
* Alternate arrangement for monitoring and analyzing investments in the event that primary systems become unavailable.
* Plans for internal communication and coverage of crucial business functions in the event of disruption at the primary place of business, or a communications breakdown.
Keith is considering adding the following provisions to the disaster recovery plan in order to properly comply with the CFA Institute Asset Manager Code of Professional Conduct:
Provision 1: "A provision needs to be added incorporating off-site backup for all pertinent account information." Provision 2: "A provision mandating testing of the plan on a company-wide basis, at periodical intervals, should be added." Situation 6:
Keith is spending an incredible amount of time on detailed procedures and company policies that are in compliance with the CFA Institute Code and Standards, and also in compliance with the CFA Institute Asset Manager Code of Professional Conduct. As part of this process, he has had several meetings with CMT senior management, and is second-guessing the process. One of the senior managers is indicating that it might be a better idea to just formally adopt both the Code and Standards and the Asset Manager Code of Conduct, which would make a detailed policy and procedure manual redundant.
Which of the following statements most accurately describes the obligations of investment managers related to disclosure of fees under the CFA Institute Asset Manager Code of Professional Conduct?
A. All fees must be disclosed to the client, including any periodic account costs. Both gross- and net-of- fees returns must be disclosed.
B. All fees, including periodic costs, must be reported to the client. Either gross- or net-of-fees results are acceptable, as long as the client can make the simple "net" calculation from the information provided.
C. A general statement concerning certain fees and costs is acceptable, as long as the majority of the fees paid to the firm are disclosed to the client. Both gross- and net-of-fees returns must be disclosed.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
General statements regarding fees and costs are not enough. Disclosures of all fees and costs must be made. Also, in accordance with the "Disclosures" section of the Asset Manager Code of Professional Conduct, managers must provide returns gross- and net-of-fees. In addition, managers must show an itemization of charges if requested by the client. (Study Session 2, LOS 6.b)

NEW QUESTION: 2
Which statement below is accurate about the difference between issuespecific and system-specific policies?
A. System-specific policy is much more technically focused.
B. System-specific policy is similar to program policy.
C. Issue-specific policy is much more technically focused.
D. Issue-specific policy commonly addresses only one system.
Answer: A
Explanation:
Often, managerial computer system security policies are categorized
into three basic types:
Program policy used to create an organization's computer security
program
Issue-specific policies used to address specific issues of concern
to the organization
System-specific policies technical directives taken by management
to protect a particular system
Program policy and issue-specific policy both address policy from
a broad level, usually encompassing the entire organization. However,
they do not provide sufficient information or direction, for
example, to be used in establishing an access control list or in training users on what actions are permitted. System-specific policy fills this need. System-specific policy is much more focused, since it addresses only one system.
Table A.1 helps illustrate the difference between these three types
of policies. Source: National Institute of Standards and Technology, An
Introduction to Computer Security: The NIST Handbook Special Publica-
tion 800-12.

image002

NEW QUESTION: 3
A customer with Avaya Aura Contact Center has opened the Skillset View in the Contact Center Management component.
Which task can be performed from this view?
A. Create an Agent to Skillset Assignment.
B. Delete a supervisor.
C. Create a new skillset.
D. Import a list of agents from a spreadsheet.
Answer: C

NEW QUESTION: 4
An organization has two teams of developers. One team develops web applications. The other team develops mobile applications.
You administer servers for the organization. All four servers run Windows Server 2012 R2 and are part of a Hyper-V cluster. You create six virtual machines (VMs) for each team.
You plan to create a virtual environment for the teams. You have the following requirements:
- Both teams must use the 10.10.10.0/24 subnet. - Each VM for the web application team must have network connectivity with all other web application VMs. - Each VM for the mobile application team must have network connectivity with all other mobile application VMs. - The VMs for the web application team must NOT connect to the VMs for the mobile application team.
You need to create the network for the VMs.
What should you do?
A. Enable private virtual LAN (PVLAN) networks.
B. Configure one connected network. Do NOT allow new VM networks created on this logical network to use network virtualization.
C. Configure one connected network. Allow new VM networks created on this logical network to use network virtualization.
D. Set the virtual LAN ID for the management network.
Answer: A
Explanation:
http://blogs.technet.com/b/scvmm/archive/2013/06/04/logical-networks-part-iv-pvlanisolation.aspx Download chart from: http://www.microsoft.com/en-us/download/details.aspx?id=37137

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