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Which of the following statements regarding fiduciary responsibility is correct?
I. Individuals who sell investments to the plan usually are considered fiduciaries.
II. The exclusive-benefit rule requires that fiduciaries discharge their duties solely in the interest of the plan's participants and beneficiaries for the exclusive purpose of providing benefits and defraying reasonable expenses.
III. Fiduciaries have to act in a manner consistent with an ordinary prudent person.
A. I only
B. II only
C. III only
D. I and II only
E. I, II, and III
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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