In the marketing brochure, TBC Asset Manager presents the performance of several composite portfolios managed according to similar investment strategies. In constructing composites, the firm excludes individual portfolios with less than $1 million in assets, excludes terminated portfolios, and includes simulated results. TBC includes the following disclosure in the brochure: "Past performance is no guarantee of future results. Composites exclude portfolios under $1 million in assets and include results from simulated model portfolios with similar strategies." TBC’s brochure:

单项选择题Steven, CFA, manages a portfolio for Derek, a very wealthy client. Derek’s portfolio is well diversified with a slight tilt toward capital appreciation. Derek requires very little income from the portfolio. Recently Derek’s brother, Simon, has become a client of Steven. Steven proceeds to invest Simon’s portfolio in a similar manner to Derek’s portfolio based on the fact that both brothers have a similar lifestyle and are only two years apart in age. Which of the following statements is most likely correct

单项选择题Angus, CFA, is a principal at Nelson Brothers, a leading regional investment bank specializing in initial public offering of small to mid-sized biotech firms. Just before many of IPOs are offered to the general public, Angus arranges for 10% of the shares of the firm going public to be distributed to management by Nelson Brothers. This action is a violation of the Standard concerning: