Laws & Regulations第 15 / 100 题
Which of the following best describes a fiduciary obligation that an investment adviser owes but a broker-dealer historically did not owe under a pure suitability standard?
a.An ongoing duty of loyalty and care requiring the adviser to place the client's interest first and disclose all material conflicts
b.A duty only to ensure a single transaction is not unsuitable at the point of sale
c.A duty to guarantee investment performance
d.A duty owed only to institutional clients
解析
An investment adviser is a fiduciary with continuing duties of loyalty and care, including full disclosure of material conflicts and placing the client's interest first. A historical suitability standard focused on whether a specific recommendation was suitable at the moment of sale. No adviser can guarantee performance.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
同考点相关题目
- A broker-dealer with no place of business in a state deals exclusively with which type of client and may qualify for an exemption from registration in that state?
- Under the Investment Advisers Act, an adviser's brochure (Form ADV Part 2) must be delivered to a client:
- An investment adviser wants to enter a contract that assigns the advisory agreement to another firm following a merger. Under the Uniform Securities Act, assignment of an advisory contract generally requires:
- An agent 'churns' a client's account. This unethical practice is best defined as:
- Under the Uniform Securities Act, the term 'security' would NOT typically include:
- An agent shares in the profits and losses of a customer's account. Under NASAA standards, this is permitted only if: