"morality" exercise:Behavior standard

A is correct. Certain provisions of Sections 0–5 do not apply to real estate investments, private equity investments and/or separately managed accounts. Private equity, real estate, and separately managed accounts have their own sections within the GIPS standards specific to each respective asset class (Sections 6–8).

B is incorrect because mutual funds or unit trusts would be subject to the provisions in Sections 0–5.

C is incorrect because commodity funds would be subject to the provisions in Sections 0–5.

A is correct. Standards of conduct outline the minimally acceptable behaviors expected of a member of a societal group. The code of ethics serves as a general guide for how community members should act.

B is incorrect. A code of ethics does not outline the minimally acceptable behaviors expected of its societal members, it serves as a general guide for how community of members should act.

C is incorrect. A firm’s employee handbook does not outline the minimally acceptable behaviors expected of its societal members, it outlines the expected behavior of the firm’s employees.