第一題：

M1 The Private Wealth Management Industry

Which section of the AMC requires managers to “Give priority to investments made on behalf of the client over those that benefit the Managers’  own interests”?

A Loyalty to clients

B Trading

C Investment Processes and Actions

解析：

Answer B, Trading, is the correct answer. The Trading section has six total  requirements, also including the pledge to “Not act or cause others to act  on material non-public information that could affect the value of a publicly  traded investment” and “Give priority to investments made on behalf of the  client over those that benefit the Managers’ own interests.

第二題：

M2 Working With the Wealthy

Which section of a family constitution typically outlines how leadership  roles and ownership stakes will transition between generations or in the  event of unforeseen circumstances?

A Vision, mission statement, and values

B Governance structure

C Succession planning

解析：

C is correct. The succession planning section of a family constitution typically sets out how leadership roles and ownership stakes of the family will  transition between generations or in the event of unforeseen circumstances.

A is incorrect because the vision, mission statement, and values section  states the family’s collective vision, mission for its wealth, and its shared  values, which can guide decision making.

B is incorrect because the governance structure section outlines how the  family will make decisions, specifying roles and responsibilities. It may  include the creation of a family council, as well as advisory boards, family  office boards, and other decision-making structures.