IACCP Study Questions and Correct Answers 2026

IACCP Study Questions and Correct Answers 2026 Investment Adviser manages portfolios of illiquid stocks. Adviser permits its access persons to trade in securities also held in client accounts. Adviser collects records of personal transactions at the end of each calendar quarter. Compliance Officer discovers that Portfolio Manager has historically been purchasing securities for her disclosed accounts that rightfully belonged in client accounts. Portfolio Manager is disciplined and affected clients are made whole. Has Adviser met its duty to supervise? A. No, because pre-clearance of all trades is required by the SEC Codes of Ethics Rule. B. Yes, because Adviser met all books and records requirements. C. No, because personal trading procedures were inadequate. D. Yes, because Portfolio Manager was not a principal of the firm. - Correct Answer C. No, because personal trading procedures were inadequate. XYZ Investment Adviser has been found to have engaged in numerous prohibited activities. Which THREE measures may the SEC impose? (Choose three.) A. Criminal indictment B. Revocation of registration C. Suspension D. Censure - Correct Answer B. Revocation of registration C. Suspension D. Censure Rule 206(4)-1 of the Investment Advisers Act of 1940 requires an adviser to provide conflict of interest disclosures or make sure a promoter provides disclosures for which type of client? A. A prospective client solicited by an outside promoter. B. A wrap fee program cl