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IACCP EXAMINATION 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
Bankruptcy petitions within past 10 years - correct answers -
Certain circumstances requiring additional ADV disclosure
Advisory program fees not based directly upon transactions in
client's account - correct answers -Definition of Wrap Fee
Program
Separate Wrap Fee Program Brochure delivered to wrap fee
clients ("Part 2A Appendix 1" in lieu of standard brochure)
Disclose whether related persons are portfolio managers in wrap
program and describe any conflicts (if they are subject to same
selection, review criteria as unaffiliated managers in program and
how such conflicts would manifest) - correct answers -"Brochure
Rule" requires what by advisers participating in Wrap Fee
Program?
Generally any advice or report relating to securities
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Could also include advice: about market trends, in the form of
statistical or historical data (unless only an objective report of
facts on non-selective basis), about selection of an IA, or
concerning advantages of investing in securities vs. other types of
investments - correct answers -Securities vs. Non-Securities
Advice
Schedule 13D Filing:
w/in 10 Days after acquisition and COPIES to each Exchange
where Traded and Issuer
- Amend material changes very promptly (1% change in BO)
- Position decreases below 5% may file Final Amend disclosing
date BO ceased
Requires information about acquiring person/entity: (1) Name and
background, (2) past legal or disciplinary proceedings, (3) source
and amount funds used for acquisition, (4) purpose of acquisition,
(5) description of the acquirings present ownership of such class,
and (6) certain Exhibits documenting (i) agreements or
understanding to acquisition or voting, and (ii) sources of finance
for acquisition - correct answers -Schedule 13D (Beneficial
Ownership, "BO"):
More than 5% outstanding shares of any (registered) Equity
Security, including those of an Insurance Company or Closed-end
Investment Co. WHEN intended or effected Change in issuer
Control
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BO defined as proprietary accounts (owns 25% or more) and/or
Shares in Client Accounts when "it" has or shares: (i) Power to
vote or direct voting of shares [and/or] Investment power
Schedule 13G Filing: Initial w/in 45 Days after calendar Year-End
(unless no more than 5% owned at yera-end) and COPY to Issuer
at Principal Office
- Amend w/in 45 Days each year-end IF changes apply to
previously reported (and/or) acquires more than 10% of
outstanding shares of issuer (or) position increases/decreases by
more than 5% (except changes in aggregate # outstanding
shares, not req)
- Position decreases below 5% may file Final Amend disclosing
date BO ceased
**File 13D if: (i) change in intent/effect to change Issuer Control
(very promptly), (ii) exceeding 10% of Class any month-end (file
w/in 10 days following month-end) - correct answers -Schedule
13G (Alternative filing in lieu of 13D):
b/w 5%-20% acquired by BO who is Registered IA or Institutional
Investor and obtained: 1) Ordinary course of business, and 2)
NOT w/ intent/purpose to change/influence control
"Passive Investor" BO less than 20% outstanding shares via
ordinary course w/out purpose change/influence control of issuer
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"Institutional Investment Manager" invests/buys/sells for own
account (or) exercises discretion over other accounts (Ex's: IAs,
Banks, Insurance Co, BDs, Pension Funds, Corporations)
"Equity Securities": traded on exchange or NASDAQ quoted
including ETFs, some options, warrants, shares of closed-end Inv.
Co. and some convertible debt securities (NOT private funds or
MFs) - correct answers -Form 13F (Equity Securities reporting):
Institutional Investment Manager w/ discretion of aggregate
$100M on last trading day any month
File initially w/in 45 Days after year-end following year in which
$100M obtained
- Quarterly each 45 Days following quarter-end (for as long
managing $100M equity securities on discretionary basis as of
month-end for AT Least 1-month during year, even if dipping
below $100M in that month or under threshold the other 11
months)
Requires disclosure names of investment managers, securities
managed, class of each, CUSIP, number shares owned, total
market value each security
Form 13H Filing:
Initial: Promptly (w/in 10 days) after triggering transaction
IACCP EXAMINATION 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
Bankruptcy petitions within past 10 years - correct answers -
Certain circumstances requiring additional ADV disclosure
Advisory program fees not based directly upon transactions in
client's account - correct answers -Definition of Wrap Fee
Program
Separate Wrap Fee Program Brochure delivered to wrap fee
clients ("Part 2A Appendix 1" in lieu of standard brochure)
Disclose whether related persons are portfolio managers in wrap
program and describe any conflicts (if they are subject to same
selection, review criteria as unaffiliated managers in program and
how such conflicts would manifest) - correct answers -"Brochure
Rule" requires what by advisers participating in Wrap Fee
Program?
Generally any advice or report relating to securities
, Page | 2
Could also include advice: about market trends, in the form of
statistical or historical data (unless only an objective report of
facts on non-selective basis), about selection of an IA, or
concerning advantages of investing in securities vs. other types of
investments - correct answers -Securities vs. Non-Securities
Advice
Schedule 13D Filing:
w/in 10 Days after acquisition and COPIES to each Exchange
where Traded and Issuer
- Amend material changes very promptly (1% change in BO)
- Position decreases below 5% may file Final Amend disclosing
date BO ceased
Requires information about acquiring person/entity: (1) Name and
background, (2) past legal or disciplinary proceedings, (3) source
and amount funds used for acquisition, (4) purpose of acquisition,
(5) description of the acquirings present ownership of such class,
and (6) certain Exhibits documenting (i) agreements or
understanding to acquisition or voting, and (ii) sources of finance
for acquisition - correct answers -Schedule 13D (Beneficial
Ownership, "BO"):
More than 5% outstanding shares of any (registered) Equity
Security, including those of an Insurance Company or Closed-end
Investment Co. WHEN intended or effected Change in issuer
Control
, Page | 3
BO defined as proprietary accounts (owns 25% or more) and/or
Shares in Client Accounts when "it" has or shares: (i) Power to
vote or direct voting of shares [and/or] Investment power
Schedule 13G Filing: Initial w/in 45 Days after calendar Year-End
(unless no more than 5% owned at yera-end) and COPY to Issuer
at Principal Office
- Amend w/in 45 Days each year-end IF changes apply to
previously reported (and/or) acquires more than 10% of
outstanding shares of issuer (or) position increases/decreases by
more than 5% (except changes in aggregate # outstanding
shares, not req)
- Position decreases below 5% may file Final Amend disclosing
date BO ceased
**File 13D if: (i) change in intent/effect to change Issuer Control
(very promptly), (ii) exceeding 10% of Class any month-end (file
w/in 10 days following month-end) - correct answers -Schedule
13G (Alternative filing in lieu of 13D):
b/w 5%-20% acquired by BO who is Registered IA or Institutional
Investor and obtained: 1) Ordinary course of business, and 2)
NOT w/ intent/purpose to change/influence control
"Passive Investor" BO less than 20% outstanding shares via
ordinary course w/out purpose change/influence control of issuer
, Page | 4
"Institutional Investment Manager" invests/buys/sells for own
account (or) exercises discretion over other accounts (Ex's: IAs,
Banks, Insurance Co, BDs, Pension Funds, Corporations)
"Equity Securities": traded on exchange or NASDAQ quoted
including ETFs, some options, warrants, shares of closed-end Inv.
Co. and some convertible debt securities (NOT private funds or
MFs) - correct answers -Form 13F (Equity Securities reporting):
Institutional Investment Manager w/ discretion of aggregate
$100M on last trading day any month
File initially w/in 45 Days after year-end following year in which
$100M obtained
- Quarterly each 45 Days following quarter-end (for as long
managing $100M equity securities on discretionary basis as of
month-end for AT Least 1-month during year, even if dipping
below $100M in that month or under threshold the other 11
months)
Requires disclosure names of investment managers, securities
managed, class of each, CUSIP, number shares owned, total
market value each security
Form 13H Filing:
Initial: Promptly (w/in 10 days) after triggering transaction
