Business PracticesCâu 79 / 100
A state-registered investment adviser takes custody of client securities. Under the NASAA custody rule, the adviser generally must:
a.Notify the Administrator that it has custody, segregate client assets with a qualified custodian, send account statements to clients, and arrange for an independent verification of the assets
b.Hold the securities in the firm's own name to simplify administration
c.Send statements only upon client request
d.Avoid any recordkeeping beyond a summary ledger
Giải thích
The custody rule requires notice to the Administrator, use of a qualified custodian, segregation of client assets from firm assets, periodic account statements sent directly to clients, and an independent surprise verification of the funds and securities. Registering client assets in the firm's name defeats the segregation requirement. Custody also raises the adviser's recordkeeping and financial requirements rather than lowering them.
Trích dẫn luật: NASAA Model RuleLuyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A client intends to invest $48,000 in a mutual fund whose sales charge drops at a $50,000 breakpoint. The agent processes the order at $48,000 without mentioning the breakpoint. This is:
- An agent regularly advises clients to redeem shares of one mutual fund family and buy a similar fund in another family, generating a new front-end sales charge each time. Absent a documented benefit to the client, this is:
- A customer emails an agent complaining that a trade was never authorized. The agent should:
- An investment adviser wants to charge a fee based on a share of the capital gains in a client's account. Under NASAA rules, such a performance-based fee is:
- An investment adviser directs client brokerage to a firm that provides research reports and also pays the adviser's office rent. Regarding these soft dollar arrangements, the adviser:
- An investment adviser proposes to act as broker for a client on one side of a trade while representing the counterparty on the other. This agency cross transaction:
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