问题详情

MidlandInvestmentBankingissuesaprospectusforitsopen-endMidlandGoldFund.Intheprospectus,theinvestmentpolicyisdisclosedas,"Wewillmaintainaninvestmentpostureof50%ormoreingoldstocksand/orbullion,dependinguponmarketconditions."Thispolicyismaintaineduntilthepriceofgoldfallsby20%,leavingthefund40%investedingoldstocksandbullion.Managementdecidesthatsincetheallocationwasaffectedbymarketconditions,noactiontoeitherchangetheinvestmentpolicyortorebalancetheportfolioisrequired.Thisdecisionis:
A)underthecircumstances,notinviolationoftheCodeandStandards.
B)inviolationoftheStandardconcerningdisclosureofinvestmentprocesses.
C)inviolationoftheStandardconcerningfiduciarydutiestoclients.
D)inviolationoftheStandardconcerningprohibitionagainstmisrepresentation.