Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases

Recommendations need a reasonable and adequate basis. Research from colleagues or outside providers may be relied on only after judging its assumptions, rigour, timeliness and objectivity; quantitative models must be understood and tested before use, including under adverse conditions outside the data history. A member who disagrees with a group decision need not remove their name if the consensus is reasonable and independent. Communication now has five parts: disclose the nature and costs of services, including costs arising at affiliates and third parties; describe the investment process and promptly disclose material changes to it; disclose significant risks and limitations; include the important factors; and separate fact from opinion. Records supporting advice belong to the firm.