问一道题：NO.PZ201604030300004903

NO.PZ201604030300004903问题如下Bornelli Asset Management offers trationlong-only fun well a variety of hee fun for both private aninstitutionclients. Bornelli is a well-managefirm of more than100 employees. Its boarof rectors hvoteto apt the Asset Manager Co of ProfessionCon(the Co).Bornelli hhireAva Campanelli chief complianofficer with responsibility for implementing the Co. Campanelli velops a plto evaluate the firm’s current policies anproceres for complianwith the Co. Campanelli begins reviewing three of the firm’s complianproceres:Portfolio review Portfolio information provito clients is revieweinpennt thirparty.Campanelli then evaluates the firm’s business-continuity plan. Unr the current plan, the technology vision backs up all of the firm’s computer systems anclient recor twiily. The back-ups are storein a fireproof storage facility offsite. Bornelli outsources certain emergenplans to a saster recovery firm. The saster recovery firm is responsible for veloping animplementing plans to communicate with employees anmission-criticvenrs ansuppliers in the event of a facility or communication sruption. The same firm also provis plans for contacting ancommunicating with clients in event of extensruption.For her next project, Campanelli reviews the sclosures provito both prospective ancurrent clients. The sclosures regarng management fees state:Bornelli charges a 2% asset-basemanagement fee. In aition to the management fee, clients mpincentive fee the enof eayear. The incentive fee is equto 20% of the account’s net investment income annet realizeanunrealizecapitgains for the year.No incentive fee will paiunless the Funhoffset all prior net realizecapitlosses annet investment losses with realizecapitgains, unrealizeappreciation, annet investment income from all securities helthe FunCampanelli’s evaluation of the management fee sclosures is interruptea more urgent matter involving a client. The client hrequestemonthly performanreporting of his investment in a long-short equity hee fun The funs ainistrator argues \"Our proceres call for us to provi clients with both gross- annet-of-fees returns within 30 ys of the enof the quarter.\" He as \"Quarterly reporting is the instry stanr\"The ainistrator complains \"This client, Rossi, is overly manng. He telephoneyestery anrequesteitemization of the fees another costs chargeto him for the past three years. He wants to know the specific management fee, the incentive fee, anthe amount of commissions pai The more time we spenanswering his requests, the less time we have to researinvestments.\" Campanelli promises to look into the matter for the ainistrator.The following week, Campanelli meets with Lee Bruno, manager of the firm’s alternative assets fun Bruno informs Campanelli, \"The funha three-yelock-up perio We scloseto all the prospective clients in writing before they investeththis is a long-term investment anththey shoulnot focus on short-term performanresults. ring the lock-up perio we provi semiannureporting. After the lock-up, we report quarterly.\"Bruno informs Campanelli thwhenever possible, the firm uses fair market prices to value client holngs. He as \"Of course, our funinvests in alternative assets—some of whiare very fficult to value. They aren’t like public equities with inpennt, thirparty market quotations available, so we use internmol to value client holngs.\" He continues, \"We sclose the use of internmols for valuation purposes on all our reports.\"Following her conversation with Bruno, Campanelli researches a complaint from a new client regarng the valuations of his funs holngs. The client complains thanother management firm reportemulower valuations on similinstruments. Campanelli researches the methologies Bornelli uses for valuing funholngs. She termines the following:₤ All publicly traUS anforeign equities, inclung large-, mi, small-, anmicro-cshares are valuethe last available closing price.₤ The value of certain securities suswaps are baseon quotes collectefrom broker-alers.₤ When prices are not available from either of the above sources, valuations are baseon internmols.3. Are the firm’s sclosures regarng management fees consistent with the requireanrecommenstanr of the Asset Manager Co?A.Yes.B.No, because they not use plain language.C.No, because they not inclu the average or expecteexpenses or fees clients are likely to incur.C is correct.Accorng to the recommentions anguinof Section F(4 of the Asset Manager Co, managers must sclose to prospective clients the average or expecteexpenses or fees clients are likely to incur, anto existing clients the actufees another costs chargeto them.本题描述里没有提到潜在客户的情况，是根据推出来的吗？

NO.PZ201604030300004903 问题如下 Bornelli Asset Management offers trationlong-only fun well a variety of hee fun for both private aninstitutionclients. Bornelli is a well-managefirm of more than100 employees. Its boarof rectors hvoteto apt the Asset Manager Co of ProfessionCon(the Co).Bornelli hhireAva Campanelli chief complianofficer with responsibility for implementing the Co. Campanelli velops a plto evaluate the firm’s current policies anproceres for complianwith the Co. Campanelli begins reviewing three of the firm’s complianproceres:Portfolio review Portfolio information provito clients is revieweinpennt thirparty.Campanelli then evaluates the firm’s business-continuity plan. Unr the current plan, the technology vision backs up all of the firm’s computer systems anclient recor twiily. The back-ups are storein a fireproof storage facility offsite. Bornelli outsources certain emergenplans to a saster recovery firm. The saster recovery firm is responsible for veloping animplementing plans to communicate with employees anmission-criticvenrs ansuppliers in the event of a facility or communication sruption. The same firm also provis plans for contacting ancommunicating with clients in event of extensruption.For her next project, Campanelli reviews the sclosures provito both prospective ancurrent clients. The sclosures regarng management fees state:Bornelli charges a 2% asset-basemanagement fee. In aition to the management fee, clients mpincentive fee the enof eayear. The incentive fee is equto 20% of the account’s net investment income annet realizeanunrealizecapitgains for the year.No incentive fee will paiunless the Funhoffset all prior net realizecapitlosses annet investment losses with realizecapitgains, unrealizeappreciation, annet investment income from all securities helthe FunCampanelli’s evaluation of the management fee sclosures is interruptea more urgent matter involving a client. The client hrequestemonthly performanreporting of his investment in a long-short equity hee fun The funs ainistrator argues \"Our proceres call for us to provi clients with both gross- annet-of-fees returns within 30 ys of the enof the quarter.\" He as \"Quarterly reporting is the instry stanr\"The ainistrator complains \"This client, Rossi, is overly manng. He telephoneyestery anrequesteitemization of the fees another costs chargeto him for the past three years. He wants to know the specific management fee, the incentive fee, anthe amount of commissions pai The more time we spenanswering his requests, the less time we have to researinvestments.\" Campanelli promises to look into the matter for the ainistrator.The following week, Campanelli meets with Lee Bruno, manager of the firm’s alternative assets fun Bruno informs Campanelli, \"The funha three-yelock-up perio We scloseto all the prospective clients in writing before they investeththis is a long-term investment anththey shoulnot focus on short-term performanresults. ring the lock-up perio we provi semiannureporting. After the lock-up, we report quarterly.\"Bruno informs Campanelli thwhenever possible, the firm uses fair market prices to value client holngs. He as \"Of course, our funinvests in alternative assets—some of whiare very fficult to value. They aren’t like public equities with inpennt, thirparty market quotations available, so we use internmol to value client holngs.\" He continues, \"We sclose the use of internmols for valuation purposes on all our reports.\"Following her conversation with Bruno, Campanelli researches a complaint from a new client regarng the valuations of his funs holngs. The client complains thanother management firm reportemulower valuations on similinstruments. Campanelli researches the methologies Bornelli uses for valuing funholngs. She termines the following:₤ All publicly traUS anforeign equities, inclung large-, mi, small-, anmicro-cshares are valuethe last available closing price.₤ The value of certain securities suswaps are baseon quotes collectefrom broker-alers.₤ When prices are not available from either of the above sources, valuations are baseon internmols.3. Are the firm’s sclosures regarng management fees consistent with the requireanrecommenstanr of the Asset Manager Co? A.Yes. B.No, because they not use plain language. C.No, because they not inclu the average or expecteexpenses or fees clients are likely to incur. C is correct.Accorng to the recommentions anguinof Section F(4 of the Asset Manager Co, managers must sclose to prospective clients the average or expecteexpenses or fees clients are likely to incur, anto existing clients the actufees another costs chargeto them. No, because they not inclu the average or expecteexpenses or fees clients are likely to incur.average or expecteexpense or fee 在已经披露的数据中不都可以找到吗？

NO.PZ201604030300004903问题如下3. Are the firm’s sclosures regarng management fees consistent with the requireanrecommenstanr of the Asset Manager Co? A.Yes. B.No, because they not use plain language. C.No, because they not inclu the average or expecteexpenses or fees clients are likely to incur. C is correct.Accorng to the recommentions anguinof Section F(4 of the Asset Manager Co, managers must sclose to prospective clients the average or expecteexpenses or fees clients are likely to incur, anto existing clients the actufees another costs chargeto them.B为什么错？这里描述的语言并不是易懂的啊。一个不懂金融的人看这段描述是不可能明白这个fee是怎么charge的

NO.PZ201604030300004903问题如下3. Are the firm’s sclosures regarng management fees consistent with the requireanrecommenstanr of the Asset Manager Co? A.Yes. B.No, because they not use plain language. C.No, because they not inclu the average or expecteexpenses or fees clients are likely to incur. C is correct.Accorng to the recommentions anguinof Section F(4 of the Asset Manager Co, managers must sclose to prospective clients the average or expecteexpenses or fees clients are likely to incur, anto existing clients the actufees another costs chargeto them.plain language.如何去定义？

No, because they not use plain language. No, because they not inclu the average or expecteexpenses or fees clients are likely to incur. C is correct. Accorng to the recommentions anguinof Section F(4 of the Asset Manager Co, managers must sclose to prospective clients the average or expecteexpenses or fees clients are likely to incur, anto existing clients the actufees another costs chargeto them. 这道题在讲义的哪里有么？我根据答案找到教材的SECTION F sclosure4内容和答案不一样的