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0. Selma Hyek, a senior executive of Avery Capital, issues a performance report for the accounts that showed capital appreciation for the years 1990 to 2006. Avery Capital claims compliance with GIPS standards. Returns are not calculated in accordance with the GIPS standards, because the composites are not asset-weighted. Hyek most likely violates the CFA Institute Standards of Professional Conduct relating to:
Performance Presentation.
Integrity of Capital Markets.
Record Retention.
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