The Investment Advisor Body of Knowledge + Test Bank. IMCA

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СКАЧАТЬ or portfolio segment occurs, and the interim market value is available or can be obtained, interim time-weighted calculations should be performed.

      C. Trade-date accounting using accrued interest should be used to calculate returns and valuations.

      D. If sufficient history exists, one-, five-, and ten-year cumulative returns should be presented.

      E. An internal or dollar-weighted rate of return should be shown for the period from inception of the firm or inception of the investment product to date.

      F. Comparative samples should contain portfolios whose performance has been calculated on the same fee basis as the portfolio(s) being analyzed.

      G. Gross and net performance should be shown.

      Part IV IMCA Disciplinary Rules and Procedures

      Glossary

       Candidate

      Individual who has been admitted to an IMCA program that may lead to an IMCA Designation.

       Client

      Person or entity who receives professional services from an IMCA Licensee.

       CIMA

      Certified Investment Management Analyst.

       CIMC

      Certified Investment Management Consultant.

       Code of Professional Responsibility (Code)

      A set of statements adopted by IMCA to promote and maintain the highest standards of personal and professional conduct in the investment management consultant profession.

       CPWA

      Certified Private Wealth Advisor.

       Disciplinary Rules and Procedures (Rules)

      A set of rules adopted by IMCA to enforce the IMCA Code of Professional Responsibility and Standards of Practice in order to maintain the integrity and goodwill of IMCA designations among members of the financial services industry and the public. The Rules may be amended from time to time.

       Good Standing

      The status of an IMCA Designation that indicates the Licensee has met and continues to meet all requirements set by IMCA to maintain a license for the IMCA Designation.

       Hearing Panel

      A panel appointed by the Professional Review Board (PRB) to hear a disciplinary case as more fully described herein. A Hearing Panel shall be composed of three individuals, all of whom hold an IMCA Designation, are IMCA members in good standing, and have held an IMCA Designation for at least two (2) years.

       IMCA

      Investment Management Consultants Association.

       IMCA Appeals Board

      Five (5) person board appointed by the IMCA Board of Directors to review and consider appeals from a final order issued by the PRB.

       IMCA designation

      CIMA, CIMC, or CPWA license.

       Licensee

      Person who is licensed by IMCA to use an IMCA Designation.

       Legal Counsel

      A licensed attorney who is retained by IMCA for the purposes of assisting IMCA staff, the PRB, Hearing Panels, IMCA Appeals Board, and the IMCA Board of Directors in implementing the Code, Standards of Practice, and Rules.

       Professional Loss or Suspension

      Loss or suspension of a professional license, designation, or certification to offer services to the public as a registered securities representative, broker–dealer, insurance agent, real estate sales person or broker, attorney, accountant, investment advisor, or similar professional license, designation, or certification.

       Professional Review Board (PRB)

      A Board established by IMCA to review, investigate, and rule on any Licensee's alleged infractions of the Code, Standards of Practice, and/or Rules.

       Respondent

      An IMCA Licensee or a Candidate for an IMCA Designation who is the subject of a disciplinary petition.

       Serious Crime

      (1) any felony; (2) any lesser crime, a necessary element of which as determined by its statutory or common law definition involves misrepresentation, fraud, extortion, misappropriation, or theft; and/or (3) an attempt or conspiracy to commit such crime, or solicitation of another to commit such crime.

       Standards of Practice

      A set of statements adopted by IMCA, which sets forth the standards of conduct for Licensees and Candidates.

      Disciplinary Rules and Procedures

      ARTICLE 1: INTRODUCTION

      IMCA has adopted a Code and Standards of Practice, which set forth the standards of conduct for Licensees and Candidates. IMCA may amend the Code and Standards of Practice from time to time in its sole discretion. The Code and Standards of Practice define professional conduct by Licensees and Candidates. IMCA enforces the Code and Standards of Practice in order to protect and maintain the integrity and goodwill of the IMCA Designations among members of the financial services industry and the public. Licensees and Candidates are required to adhere to the Code and the Standards of Practice. Failure to do so may result in disciplinary action including termination or suspension of the right to use an IMCA Designation or termination of the right to pursue an IMCA Designation.

      ARTICLE 2: PROFESSIONAL REVIEW BOARD

      2.1 Jurisdiction

      IMCA has established a PRB to review, investigate, and rule on violations of the Code, Standards, or Rules by Licensees and Candidates and to conduct other activities as described in these Rules. The PRB shall be composed of at least six (6) Licensees in good standing who have held an IMCA Designation for at least two years. One of the PRB members shall serve as chair. The members of PRB shall be nominated by the IMCA President and ratified by the IMCA Board of Directors (IMCA Board). Each member of the PRB shall serve a three-year term on a staggered basis. Appointments to the PRB shall be made in a manner to ensure that the terms are staggered. For example, two of the appointees may have an initial term of one year; two appointees may have an initial term of two years; and two appointees may have an initial term of three years. As set forth herein, the PRB shall have exclusive jurisdiction over matters arising under the Code, Standards, and Rules.

      2.2 Powers and Duties of the Professional Review Board and IMCA Staff

      The PRB is empowered to:

      a. Investigate alleged infractions of the Code, Standards of Practice, and Rules and issue orders regarding private or public censure, the suspension or termination of the СКАЧАТЬ