CFA® Level 1 Exam: False Procedures for Complying with Standard III (E)

False Procedures for Complying with Standard III (E)

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Question

Which of the following relating to procedures for complying with Standard III (E) is false? The compliance procedures should:

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A. B. C. D. E. F.

F

All the statements are true. Adequate compliance procedures should be drafted so that they are easy to understand. They should designate a compliance officer and clearly define the officer's authority and responsibility; outline the scope of the procedures; outline permissible conduct and delineate procedures for reporting violations and sanctions.

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