IACCP Master Exam Question Bank With
Correct Answers 2024
The bSMC bCapital, bInc. bNo-Action bLetter b(September b5, b1995) bstates bthat btrade
ballocations bmay boccur: b
A. bOnly bon ba brotational bbasis b
B. bOn ba bpro brata bbasis bbut bother ballocation bmethods bcan bbe bused bwithout bviolating bthe
bAdvisers bAct b
C. bOnly bon ba bpro brata bbasis b
D. bBased bon bthe btrader's bgood bfaith bdiscretion b- bcorrect banswer.B. bOn ba bpro brata bbasis
bbut bother ballocation bmethods bcan bbe bused bwithout bviolating bthe bAdvisers bAct
Which bof bthe bfollowing bshould bNOT bbe ba bfactor bwhen bevaluating bbest bexecution? b
A. bPrice b
B. bTransaction bcosts b
C. bAvailability bof baffiliated bbrokerage bservices b
D. bService band bexecution bcapability b- bcorrect banswer.C. bAvailability bof baffiliated
bbrokerage bservices
Under bthe bsafe bharbor bprovided bby bSection b28(e) bof bthe bSecurities band bExchange bAct
bof b1934, ba b"mixed buse" bproduct/service, bpurchased bwith bsoft bdollars, bmost blikely brefers
bto bwhich bof bthe bfollowing: b
A. bA bresearch bnewsletter bused bby banalysts b
B. bA bcomputer bterminal bused bonly bto bplace bclient btrades b
C. bPortfolio bmanagement bsoftware bused bto bcalculate bclient breturns b
D. bA bjunket bto bPebble bBeach bfor bgolf b- bcorrect banswer.C. bPortfolio bmanagement
bsoftware bused bto bcalculate bclient breturns
An badviser's bvaluation bprocedures bshould, bpractically bspeaking, bbe bprepared bwith bthe
bLEAST battention bto: b
A. bLarge bcap bstocks b
B. bIlliquid binvestments b
C. bForeign bissues b
D. bMicro bcap bstocks b- bcorrect banswer.A. bLarge bcap bstocks
Agency bcross btransactions bdo bNOT brequire: b
A. bAnnual bdisclosure bto badvisory bclients bof bthe bnumber bof bagency bcross btransactions b
,B. bAnnual bdisclosure bof bthe btotal bremuneration breceived bby bthe badviser bthrough bagency
bcross btransactions b
C. bConsent bfrom bat bleast btwo badvisory bclients b
D. bDisclosures bthat bwritten bconsent bmay bbe brevoked bat bany btime b- bcorrect banswer.C.
bConsent bfrom bat bleast btwo badvisory bclients
"Bailey bdisclosure" brefers bto bthe bconcept bof badvising bclients bof bthe beffect bof bdirecting
bthe badviser bto buse ba bparticular bbroker(s). bDisclosure babout bthe bramifications bof
bbrokerage bdirection bshould binclude: b
A. bPotential bconflicts bof binterest bwhen ba bdirected bbroker breferred bthe bclient bto bthe
badviser b
B. bLimits bon bthe bability bof bthe badviser bto bnegotiate bcommissions b
C. bRestrictions bon bplacing bdirected btrades bwith bother bclient btrades b
D. bAll bof bthe babove b- bcorrect banswer.D. bAll bof bthe babove
Which bof bthe bfollowing bstatements bis bFALSE? b
A. bTrade berrors bmust bbe bresolved bfor bthe bclient's bbenefit. b
B. bPrincipal btransactions brequire bconsent bprior bto bsettlement. b
C. bCommissions bgenerated bfrom bERISA bplan btransactions bmay bnever bbe bused bto
bgenerate bsoft bdollars. b
D. bAn badviser's bfiduciary bduty bincludes ballocating binvestment bopportunities bfairly band
bequitably. b- bcorrect banswer.C. bCommissions bgenerated bfrom bERISA bplan btransactions
bmay bnever bbe bused bto bgenerate bsoft bdollars.
A bclient bdirects ban badviser bto bexecute bsecurities btransactions bwith bABC bBroker. bWhat
bare badviser's bobligation(s) bin btrading bfor bthis bclient? b
A. bTo bconsider bABC bBroker bwhen bconducting bclient's btransactions b
B. bTo bexecute ball bof bclient's btransactions bwith bABC bBroker b
C. bTo bexecute bsome bof bclient's btransactions bwith bABC bBroker bregardless bof bbest
bexecution b
D. bTo bexecute ball bof bclient's btransactions bwith bABC bBroker, bconsistent bwith bthe
badviser's bduty bto bachieve bbest bexecution b- bcorrect banswer.B. bTo bexecute ball bof bclient's
btransactions bwith bABC bBroker
Some bof badviser's bclients bhave bdirected bthat bcertain bbrokers bbe bused bto btrade bfor btheir
baccounts. bWhen bexecuting bsimilar btransactions bfor bnon-directed band bdirected bbusiness,
bthe badviser bshould: b
A. bEnsure bits border bof btransactions bis bconsistent bwith bits bdisclosure b
B. bPromise bto breceive bequal bexecution bfor bnon-directed band bdirected bbusiness b
C. bAlways bexecute bdirected btransactions bfirst b
D. bConsider bwhich bclient's baccounts bneed bimproved bperformance b- bcorrect banswer.A.
bensure bits border bof btransactions bis bconsistent bwith bits bdisclosure
Which bof bthe bfollowing bstatements bis bFALSE? b
A. bIn ba bsoft bdollar barrangement, ban badviser balways breceives bresearch bservices
bproduced bby ba bthird bparty bwhom bthe bbroker-dealer bpays. b
,B. bSoft bdollar barrangements bthat bfail bto bcomply bwith bthe bSection b28(e) bsafe bharbor bare
bnot bprohibited bunder bthe bInvestment bAdvisers bAct bof b1940. b
C. bRiskless bprincipal btransactions bmay bbe bused bto bgenerate bsoft bdollar bcommissions. b
D. bSoft bdollars bmay bnot bbe bused bto bcorrect btrade berrors bin bclient baccounts. b- bcorrect
banswer.A. bIn ba bsoft bdollar barrangement, ban badviser balways breceives bresearch bservices
bproduced bby ba bthird bparty bwhom bthe bbroker-dealer bpays.
After ba btrade bhas bbeen bcompleted, ban badviser bchecking bfor btrade berrors bshould
breconcile btrade bconfirmations bwith bwhich bof bthe bfollowing? b
A. bTrade brecommendations bmemorialized bin bthe bminutes bof ba bBrokerage bCommittee
bmeeting. b
B. bA btrade border bticket bcompleted bafter bthe border bwas bcompleted. b
C. bA bclient's binvestment bpolicy bguidelines. b
D. bA btrade border bticket bcompleted bprior bto bthe bexecution bof bthe border b- bcorrect
banswer.D. bA btrade border bticket bcompleted bprior bto bthe bexecution bof bthe border.
The bduty bof ban binvestment badviser bto bseek bbest bexecution bfor bclient bsecurities
btransactions bis bderived bfrom bwhich bof bthe bfollowing? b
A. bInvestment bAdvisers bAct bof b1940 bInterpretative bReleases b
B. bCommon bLaw bFiduciary bPrinciples b
C. bSecurities band bExchange bAct bof b1934 b
D. bThe bInvestment bCompany bAct bof b1940 b- bcorrect banswer.B. bCommon bLaw bFiduciary
bPrinciples
Prior bto bentering ban baggregated btrade border, ban badviser bshould bdo bwhich bof bthe
bfollowing bpursuant bto bthe bSMC bNo-Action bletter? b
A. bPrepare ba bwritten ballocation bstatement. b
B. bObtain bthe bwritten bconsent bof beach bclient bparticipating bin bthe baggregated border bprior
bto bentering beach baggregated border. b
C. bObtain ba bblanket bconsent bfrom beach bclient bparticipating bin baggregated borders bat bthe
binception bof bthe badvisory brelationship. b
D. bEnsure bthat ban baffiliated bbroker bis bnot bused bfor bexecution bof bthe baggregated border. b-
bcorrect banswer.A. bPrepare ba bwritten ballocation bstatement.
When bengaging bin binternal bcross btransactions b(or b"cross btrading"), bwhere ban badviser
bcauses bthe bpurchase band bsale bof bsecurities bbetween btwo bor bmore bclient baccounts band
bneither bthe badviser bnor bany baffiliate breceives bcompensation bfor beffecting bthe
btransaction, bthe badviser bshould bdo ball bof bthe bfollowing bEXCEPT: b
A. bMake bfull bdisclosure bin bForm bADV bPart b2. b
B. bEnsure bthat bbest bexecution bis bachieved. b
C. bObtain bthe bprior bwritten bconsent bof ball bclients binvolved bin bthe bcross btrade. b
D. bConfirm bthat bno bclient bis bdisfavored bby bthe bcross btrade. b- bcorrect banswer.C. bObtain
bthe bprior bwritten bconsent bof ball bclients binvolved bin bthe bcross btrade
Dewey bCheatem b& bHowe bAdvisers b("DCH") bis binvestment badviser bto btwo bhedge bfunds
bformed bas b3(c)(1) bfeeder bfunds. bThe bGeneral bPartner bof bDCH band beach bof bthe btwo
, bfunds bis bXYZ bAdvisors bLP, bwhich bowns b100% bof bDCH band bhas ba b30% bownership
binterest bin beach bof bthe btwo bfunds. bMoreover, ban bERISA bpension bplan bhas ba b5%
binterest bin beach bof bthe bfeeder bfunds. bIf bDCH bwishes bto brebalance bthe ballocations bof bthe
btwo bfunds bvia ban binternal bcross btransaction bbetween bthe btwo bfunds, bwhich bof bthe
bfollowing bis btrue bpursuant bto bthe bGardner bRusso bNo-Action bletter? b
A. bDCH bhas bengaged bin ban bagency bcross btransaction. b
B. bDCH bhas bengaged bin ba bprincipal btransaction. b
C. bDCH bhas bengaged bin ba bprohibited btransaction bunder bERISA. b
D. bDCH bhas bbreached bits bfiduciary bduty bto bthe bfunds. b- bcorrect banswer.B. bDCH bhas
bengaged bin ba bprincipal btransaction.
Which bTHREE bpersons bor bfirms bmay bbe bexcluded bfrom bhaving bto bregister bunder bthe
bInvestment bAdvisers bAct bof b1940? b(Choose bthree.)
A. bAccountants bwhose badvisory bservices bpertain bsolely bto bincidental bfinancial bplanning.
B. bPersons bor bfirms bwhose badvice band breports bare brelated bsolely bto bU.S. bgovernment
bsecurities.
C. bPublishers bof bgenerally bcirculated, bbona bfide bnewspapers bor bfinancial bjournals.
D. bDomestic bbanks band bbank bholding bcompanies. b- bcorrect banswer.B. bPersons bor bfirms
bwhose badvice band breports bare brelated bsolely bto bU.S. bgovernment bsecurities.
C. bPublishers bof bgenerally bcirculated, bbona bfide bnewspapers bor bfinancial bjournals.
D. bDomestic bbanks band bbank bholding bcompanies.
Which bactivity bis bNOT bmandated bfor binvestment badvisers bthat bstore brequired brecords
belectronically?
A. bProviding bthe bSEC bwith bprompt baccess, bretrieval, band breproduction.
B. bMaintaining bcopies bof ball belectronically bstored brecords busing bWORM bformat.
C. bArranging band bindexing brecords bto bprovide beasy baccess band bretrieval.
D. bDeveloping bprocedures bto bpreserve band bmaintain brecords. b- bcorrect banswer.B.
bMaintaining bcopies bof ball belectronically bstored brecords busing bWORM bformat.
The bInvestment bAdvisers bAct bof b1940 bdefines bthe bscope bof bthe banti-fraud bprovisions bas
bextending bto:
b
A. bSEC-registered badvisers band bforeign badvisers bwith ba bplace bof bbusiness bin bthe bU.S.,
bwhether bregistered bor bexempt.
B. bSEC-registered badvisers band bforeign badvisers bdoing bbusiness bin bthe bU.S., bwhether
bregistered bor bexempt.
C. bSEC-registered binvestment badvisers.
D. bAll binvestment badvisers, bwhether bregistered bor bexempt. b- bcorrect banswer.D. bAll
binvestment badvisers, bwhether bregistered bor bexempt.
The bfiduciary bduty bimposed bon badvisers bunder bthe bInvestment bAdvisers bAct bof b1940
bcan bBEST bbe bdescribed bas:
b
A. bproviding bequal bdisclosure bto ball bclients.
B. bimposing ban bERISA bfiduciary bstandard.
Correct Answers 2024
The bSMC bCapital, bInc. bNo-Action bLetter b(September b5, b1995) bstates bthat btrade
ballocations bmay boccur: b
A. bOnly bon ba brotational bbasis b
B. bOn ba bpro brata bbasis bbut bother ballocation bmethods bcan bbe bused bwithout bviolating bthe
bAdvisers bAct b
C. bOnly bon ba bpro brata bbasis b
D. bBased bon bthe btrader's bgood bfaith bdiscretion b- bcorrect banswer.B. bOn ba bpro brata bbasis
bbut bother ballocation bmethods bcan bbe bused bwithout bviolating bthe bAdvisers bAct
Which bof bthe bfollowing bshould bNOT bbe ba bfactor bwhen bevaluating bbest bexecution? b
A. bPrice b
B. bTransaction bcosts b
C. bAvailability bof baffiliated bbrokerage bservices b
D. bService band bexecution bcapability b- bcorrect banswer.C. bAvailability bof baffiliated
bbrokerage bservices
Under bthe bsafe bharbor bprovided bby bSection b28(e) bof bthe bSecurities band bExchange bAct
bof b1934, ba b"mixed buse" bproduct/service, bpurchased bwith bsoft bdollars, bmost blikely brefers
bto bwhich bof bthe bfollowing: b
A. bA bresearch bnewsletter bused bby banalysts b
B. bA bcomputer bterminal bused bonly bto bplace bclient btrades b
C. bPortfolio bmanagement bsoftware bused bto bcalculate bclient breturns b
D. bA bjunket bto bPebble bBeach bfor bgolf b- bcorrect banswer.C. bPortfolio bmanagement
bsoftware bused bto bcalculate bclient breturns
An badviser's bvaluation bprocedures bshould, bpractically bspeaking, bbe bprepared bwith bthe
bLEAST battention bto: b
A. bLarge bcap bstocks b
B. bIlliquid binvestments b
C. bForeign bissues b
D. bMicro bcap bstocks b- bcorrect banswer.A. bLarge bcap bstocks
Agency bcross btransactions bdo bNOT brequire: b
A. bAnnual bdisclosure bto badvisory bclients bof bthe bnumber bof bagency bcross btransactions b
,B. bAnnual bdisclosure bof bthe btotal bremuneration breceived bby bthe badviser bthrough bagency
bcross btransactions b
C. bConsent bfrom bat bleast btwo badvisory bclients b
D. bDisclosures bthat bwritten bconsent bmay bbe brevoked bat bany btime b- bcorrect banswer.C.
bConsent bfrom bat bleast btwo badvisory bclients
"Bailey bdisclosure" brefers bto bthe bconcept bof badvising bclients bof bthe beffect bof bdirecting
bthe badviser bto buse ba bparticular bbroker(s). bDisclosure babout bthe bramifications bof
bbrokerage bdirection bshould binclude: b
A. bPotential bconflicts bof binterest bwhen ba bdirected bbroker breferred bthe bclient bto bthe
badviser b
B. bLimits bon bthe bability bof bthe badviser bto bnegotiate bcommissions b
C. bRestrictions bon bplacing bdirected btrades bwith bother bclient btrades b
D. bAll bof bthe babove b- bcorrect banswer.D. bAll bof bthe babove
Which bof bthe bfollowing bstatements bis bFALSE? b
A. bTrade berrors bmust bbe bresolved bfor bthe bclient's bbenefit. b
B. bPrincipal btransactions brequire bconsent bprior bto bsettlement. b
C. bCommissions bgenerated bfrom bERISA bplan btransactions bmay bnever bbe bused bto
bgenerate bsoft bdollars. b
D. bAn badviser's bfiduciary bduty bincludes ballocating binvestment bopportunities bfairly band
bequitably. b- bcorrect banswer.C. bCommissions bgenerated bfrom bERISA bplan btransactions
bmay bnever bbe bused bto bgenerate bsoft bdollars.
A bclient bdirects ban badviser bto bexecute bsecurities btransactions bwith bABC bBroker. bWhat
bare badviser's bobligation(s) bin btrading bfor bthis bclient? b
A. bTo bconsider bABC bBroker bwhen bconducting bclient's btransactions b
B. bTo bexecute ball bof bclient's btransactions bwith bABC bBroker b
C. bTo bexecute bsome bof bclient's btransactions bwith bABC bBroker bregardless bof bbest
bexecution b
D. bTo bexecute ball bof bclient's btransactions bwith bABC bBroker, bconsistent bwith bthe
badviser's bduty bto bachieve bbest bexecution b- bcorrect banswer.B. bTo bexecute ball bof bclient's
btransactions bwith bABC bBroker
Some bof badviser's bclients bhave bdirected bthat bcertain bbrokers bbe bused bto btrade bfor btheir
baccounts. bWhen bexecuting bsimilar btransactions bfor bnon-directed band bdirected bbusiness,
bthe badviser bshould: b
A. bEnsure bits border bof btransactions bis bconsistent bwith bits bdisclosure b
B. bPromise bto breceive bequal bexecution bfor bnon-directed band bdirected bbusiness b
C. bAlways bexecute bdirected btransactions bfirst b
D. bConsider bwhich bclient's baccounts bneed bimproved bperformance b- bcorrect banswer.A.
bensure bits border bof btransactions bis bconsistent bwith bits bdisclosure
Which bof bthe bfollowing bstatements bis bFALSE? b
A. bIn ba bsoft bdollar barrangement, ban badviser balways breceives bresearch bservices
bproduced bby ba bthird bparty bwhom bthe bbroker-dealer bpays. b
,B. bSoft bdollar barrangements bthat bfail bto bcomply bwith bthe bSection b28(e) bsafe bharbor bare
bnot bprohibited bunder bthe bInvestment bAdvisers bAct bof b1940. b
C. bRiskless bprincipal btransactions bmay bbe bused bto bgenerate bsoft bdollar bcommissions. b
D. bSoft bdollars bmay bnot bbe bused bto bcorrect btrade berrors bin bclient baccounts. b- bcorrect
banswer.A. bIn ba bsoft bdollar barrangement, ban badviser balways breceives bresearch bservices
bproduced bby ba bthird bparty bwhom bthe bbroker-dealer bpays.
After ba btrade bhas bbeen bcompleted, ban badviser bchecking bfor btrade berrors bshould
breconcile btrade bconfirmations bwith bwhich bof bthe bfollowing? b
A. bTrade brecommendations bmemorialized bin bthe bminutes bof ba bBrokerage bCommittee
bmeeting. b
B. bA btrade border bticket bcompleted bafter bthe border bwas bcompleted. b
C. bA bclient's binvestment bpolicy bguidelines. b
D. bA btrade border bticket bcompleted bprior bto bthe bexecution bof bthe border b- bcorrect
banswer.D. bA btrade border bticket bcompleted bprior bto bthe bexecution bof bthe border.
The bduty bof ban binvestment badviser bto bseek bbest bexecution bfor bclient bsecurities
btransactions bis bderived bfrom bwhich bof bthe bfollowing? b
A. bInvestment bAdvisers bAct bof b1940 bInterpretative bReleases b
B. bCommon bLaw bFiduciary bPrinciples b
C. bSecurities band bExchange bAct bof b1934 b
D. bThe bInvestment bCompany bAct bof b1940 b- bcorrect banswer.B. bCommon bLaw bFiduciary
bPrinciples
Prior bto bentering ban baggregated btrade border, ban badviser bshould bdo bwhich bof bthe
bfollowing bpursuant bto bthe bSMC bNo-Action bletter? b
A. bPrepare ba bwritten ballocation bstatement. b
B. bObtain bthe bwritten bconsent bof beach bclient bparticipating bin bthe baggregated border bprior
bto bentering beach baggregated border. b
C. bObtain ba bblanket bconsent bfrom beach bclient bparticipating bin baggregated borders bat bthe
binception bof bthe badvisory brelationship. b
D. bEnsure bthat ban baffiliated bbroker bis bnot bused bfor bexecution bof bthe baggregated border. b-
bcorrect banswer.A. bPrepare ba bwritten ballocation bstatement.
When bengaging bin binternal bcross btransactions b(or b"cross btrading"), bwhere ban badviser
bcauses bthe bpurchase band bsale bof bsecurities bbetween btwo bor bmore bclient baccounts band
bneither bthe badviser bnor bany baffiliate breceives bcompensation bfor beffecting bthe
btransaction, bthe badviser bshould bdo ball bof bthe bfollowing bEXCEPT: b
A. bMake bfull bdisclosure bin bForm bADV bPart b2. b
B. bEnsure bthat bbest bexecution bis bachieved. b
C. bObtain bthe bprior bwritten bconsent bof ball bclients binvolved bin bthe bcross btrade. b
D. bConfirm bthat bno bclient bis bdisfavored bby bthe bcross btrade. b- bcorrect banswer.C. bObtain
bthe bprior bwritten bconsent bof ball bclients binvolved bin bthe bcross btrade
Dewey bCheatem b& bHowe bAdvisers b("DCH") bis binvestment badviser bto btwo bhedge bfunds
bformed bas b3(c)(1) bfeeder bfunds. bThe bGeneral bPartner bof bDCH band beach bof bthe btwo
, bfunds bis bXYZ bAdvisors bLP, bwhich bowns b100% bof bDCH band bhas ba b30% bownership
binterest bin beach bof bthe btwo bfunds. bMoreover, ban bERISA bpension bplan bhas ba b5%
binterest bin beach bof bthe bfeeder bfunds. bIf bDCH bwishes bto brebalance bthe ballocations bof bthe
btwo bfunds bvia ban binternal bcross btransaction bbetween bthe btwo bfunds, bwhich bof bthe
bfollowing bis btrue bpursuant bto bthe bGardner bRusso bNo-Action bletter? b
A. bDCH bhas bengaged bin ban bagency bcross btransaction. b
B. bDCH bhas bengaged bin ba bprincipal btransaction. b
C. bDCH bhas bengaged bin ba bprohibited btransaction bunder bERISA. b
D. bDCH bhas bbreached bits bfiduciary bduty bto bthe bfunds. b- bcorrect banswer.B. bDCH bhas
bengaged bin ba bprincipal btransaction.
Which bTHREE bpersons bor bfirms bmay bbe bexcluded bfrom bhaving bto bregister bunder bthe
bInvestment bAdvisers bAct bof b1940? b(Choose bthree.)
A. bAccountants bwhose badvisory bservices bpertain bsolely bto bincidental bfinancial bplanning.
B. bPersons bor bfirms bwhose badvice band breports bare brelated bsolely bto bU.S. bgovernment
bsecurities.
C. bPublishers bof bgenerally bcirculated, bbona bfide bnewspapers bor bfinancial bjournals.
D. bDomestic bbanks band bbank bholding bcompanies. b- bcorrect banswer.B. bPersons bor bfirms
bwhose badvice band breports bare brelated bsolely bto bU.S. bgovernment bsecurities.
C. bPublishers bof bgenerally bcirculated, bbona bfide bnewspapers bor bfinancial bjournals.
D. bDomestic bbanks band bbank bholding bcompanies.
Which bactivity bis bNOT bmandated bfor binvestment badvisers bthat bstore brequired brecords
belectronically?
A. bProviding bthe bSEC bwith bprompt baccess, bretrieval, band breproduction.
B. bMaintaining bcopies bof ball belectronically bstored brecords busing bWORM bformat.
C. bArranging band bindexing brecords bto bprovide beasy baccess band bretrieval.
D. bDeveloping bprocedures bto bpreserve band bmaintain brecords. b- bcorrect banswer.B.
bMaintaining bcopies bof ball belectronically bstored brecords busing bWORM bformat.
The bInvestment bAdvisers bAct bof b1940 bdefines bthe bscope bof bthe banti-fraud bprovisions bas
bextending bto:
b
A. bSEC-registered badvisers band bforeign badvisers bwith ba bplace bof bbusiness bin bthe bU.S.,
bwhether bregistered bor bexempt.
B. bSEC-registered badvisers band bforeign badvisers bdoing bbusiness bin bthe bU.S., bwhether
bregistered bor bexempt.
C. bSEC-registered binvestment badvisers.
D. bAll binvestment badvisers, bwhether bregistered bor bexempt. b- bcorrect banswer.D. bAll
binvestment badvisers, bwhether bregistered bor bexempt.
The bfiduciary bduty bimposed bon badvisers bunder bthe bInvestment bAdvisers bAct bof b1940
bcan bBEST bbe bdescribed bas:
b
A. bproviding bequal bdisclosure bto ball bclients.
B. bimposing ban bERISA bfiduciary bstandard.
