In terms of CFA Institute's Standards of Professional Conduct per Standard VI (B) Priority of Transactions, when dealing with compliance procedures, which of the following procedures should be included to assist in complying with this standard?

I. defining personal transactions
II. defining investment (This would include any investment, including real estate etc.)
III. establishing control over trading activity
IV. defining clearly prohibited transactions

Correct Answer: I, II and IV only

Compliance procedures designed to assist members in complying with this standard are as follows:

• define personal transactions
• define investment; this would include any investment, including real estate, etc.
• define clearly prohibited transactions

III is a compliance procedure that relates to Standard III (B) Fair Dealing.