The Investment Advisor Body of Knowledge + Test Bank. IMCA

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СКАЧАТЬ style="font-size:15px;">      Consultants are prohibited from using communications, written or oral, in conjunction with professional services that contain false, fraudulent, misleading, deceptive, or unfair statements or claims. This includes, but is not limited to, a statement or claim that:

      • Contains a misrepresentation of fact

      • Fails to make full disclosure of relevant facts in a way that is likely to mislead or deceive

      • Creates false or unjustified expectations of favorable results

      • Implies educational or professional attainments or licensing recognition not supported in fact

      • Represents that professional services can or will be competently performed for a stated fee when this is not the case or makes representations with respect to fees for professional services that do not disclose all variables that may reasonably be expected to affect the fees that will in fact be charged

      • Contains other representations or implications that in reasonable probability will cause a person of ordinary prudence to misunderstand or be deceived

      Consultants shall maintain the highest standards of ethics when using the media in any manner, whether for advertising or in interviews, scheduled or unscheduled.

      Procedures for Compliance

      Consultants shall not copy or use material in substantially the same form as the original prepared by another without acknowledging and identifying the name of the author, publisher, or source of such material. Consultants may use, without acknowledgment, factual information published by recognized financial and statistical reporting services or similar sources.

      Any use of performance track records must not be misleading or deceptive. Returns shall be computed and communicated in compliance with the IMCA Performance Reporting Guidelines.

      Communications shall make a clear distinction between fact and opinion. Clear distinction also shall be made between a consultant's personal standards, positions, and/or opinions and the standards, positions, and/or opinions of IMCA, the consultant's employer or firm, and associated brokers/dealers/agencies, should there be any variation.

      CIMA and CIMC licensees may not use their certifications in any form of advertising or communication, written or oral, unless their continuing education requirement has been fulfilled. IMCA membership or CIMA and CIMC certifications may be referenced only in a dignified and judicious manner. The reference to the CIMA and CIMC certifications may be accompanied by an accurate explanation of the requirements, competency, and professional application that are associated with the right to use such certification. The use of any statement misrepresenting the nature of membership in IMCA or the CIMA and CIMC certifications is forbidden.

      Impact of the Standard

      Adherence to this standard ensures that IMCA and the CIMA and CIMC certifications are associated with honesty, accuracy, and fairness. This, in turn, ensures that IMCA members and especially CIMA and CIMC licensees continue to be held in high regard.

      STANDARD 3D – A CONSULTANT'S RESPONSIBILITY TO MAINTAIN THE HIGHEST STANDARDS IN COMMENTING BEFORE REGULATORY ORGANIZATIONS

      The consultant has a responsibility to act with integrity, dignity, and competence, maintaining the highest standards of ethics, when appearing before or submitting comment to a regulatory body or organization.

      Explanation

      To uphold the high standards set by IMCA and protect the reputation of the consulting profession, consultants may not engage in any comment, testimony, or act that would compromise the integrity of IMCA, the CIMA and CIMC certifications, or the profession as a whole.

      Procedures for Compliance

      Consultants must exercise due diligence and thoroughness in making all public comments, testimony, recommendations, or actions. Consultants shall ensure that their comment, testimony, recommendation, or action is appropriate, judicial, accurate, and reasonable to the highest extent possible and have a reasonable and adequate basis, supportable through proper research and investigation, for any position put forth. Consultants shall not hold forth any comment or act involving a dishonest, fraudulent, deceitful, or misrepresentative position. Consultants shall disclose all matters relevant to their intended comment, testimony, or action. This disclosure includes, but is not limited to:

      ■ Conflicts of interest concerning clients, prospects, employers, firms, or individuals

      ■ Beneficial compensation, fees, or ownership

      ■ The inclusion or exclusion of material or relevant factors in the preparation of comment, testimony, recommendations, or actions

      In presenting their comments, consultants shall make a clear distinction between fact and opinion. Consultants also shall make a clear distinction between their personal standards, positions, and/or opinions and the standards, positions, or opinions of IMCA, their employers or firms, and/or associated brokers/dealers/agencies, should there be any variation.

      IMCA membership may be referenced only in a dignified and judicious manner. Consultants who have earned and maintained the right to use the CIMA or CIMC certification may, and are encouraged to, refer to their certification, but only in a proper, judicious, and dignified manner. The use of this reference may be accompanied by an accurate explanation of the requirements, competency, and professional application that are associated with the right to use such certification. Consultants may not make any statement misrepresenting the nature of membership in IMCA or the CIMA and CIMC certifications.

      Impact of the Standard

      By following these standards, consultants ensure that the best interests of the public are served while helping to maintain the highest regard for membership in IMCA and the CIMA and CIMC certifications.

      STANDARD 3E – A CONSULTANT'S RESPONSIBILITY TO DISCLOSE THIRD-PARTY AFFILIATIONS

      Consultants have a responsibility to fully disclose the nature and amount of any and all compensation, direct and indirect, paid to a nonaffiliated third party who refers, solicits, or otherwise assists the consultant in obtaining clients.

      Explanation

      Subject to the law and/or regulations of any governmental or regulatory body, nothing in these standards precludes consultants from compensating a nonaffiliated third party for referring, soliciting, or otherwise assisting the consultant in obtaining clients. IMCA believes, however, that it is in the best interests of the public that all financial arrangements, direct and indirect, associated with the relationship between the consultant and clients or prospective clients be fully disclosed. Disclosure of financial arrangements between consultants and third-party solicitors also is consistent with the spirit of the disclosure provisions of the IMCA Code of Professional Responsibility.

      Procedures for Compliance

      In addition to the disclosure that may be required by federal or state law and regulation, the amount and nature of the compensation paid or payable to the third-party solicitor must be fully disclosed in the written contract and/or written services agreement between the consultant and client.

      Impact of the Standard

      This standard ensures that all clients and prospective clients can be confident that a full disclosure will be made of all financial arrangements between СКАЧАТЬ