IACCP MASTER BANK QUESTION AND ANSWERS

IACCP MASTER BANK QUESTION AND ANSWERS The SMC Capital, Inc. No-Action Letter (September 5, 1995) states that trade allocations may occur: A. Only on a rotational basis B. On a pro rata basis but other allocation methods can be used without violating the Advisers Act C. Only on a pro rata basis D. Based on the trader's good faith discretion - B. On a pro rata basis but other allocation methods can be used without violating the Advisers Act Which of the following should NOT be a factor when evaluating best execution? A. Price B. Transaction costs C. Availability of affiliated brokerage services D. Service and execution capability - C. Availability of affiliated brokerage services Under the safe harbour provided by Section 28(e) of the Securities and Exchange Act of 1934, a "mixed use" product/service, purchased with soft dollars, most likely refers to which of the following: A. A research newsletter used by analysts B. A computer terminal used only to place client trades C. Portfolio management software used to calculate client returns D. A junket to Pebble Beach for golf - C. Portfolio management software used to calculate client returns An adviser's valuation procedures should, practically speaking, be prepared with the LEAST attention to: A. Large cap stocks B. Illiquid investments C. Foreign issues D. Micro cap stocks - A. Large cap stocks