Business PracticesCâu 80 / 100
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:
a.Prohibited for every client without exception
b.Permitted only for clients who meet defined net worth or assets-under-management standards, with the arrangement and its risks disclosed in writing
c.Permitted for any client who signs a waiver
d.Permitted only if the adviser also guarantees against loss
Giải thích
Performance-based compensation is limited to clients who satisfy financial thresholds designed to identify investors able to bear the incentive risk, and the arrangement must be disclosed along with the conflicts it creates. A client waiver cannot substitute for the eligibility standards, and provisions purporting to waive compliance with the act are void. Guaranteeing against loss is itself prohibited, so it could never be a condition of a permitted fee.
Trích dẫn luật: NASAA Model RuleLuyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- 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:
- A state-registered investment adviser takes custody of client securities. Under the NASAA custody rule, the adviser generally must:
- 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:
- An investment adviser pays an accountant a fee for every client the accountant refers. Under NASAA rules, this arrangement requires that:
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