第一题：
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.
第二题：
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.
