Question：
Which of the following statements concerning the objectives of market regulation is least accurate?
Regulators:
A. set standards to ensure that all agents acting in the market are skilled.
B. ensure systems are in place to prevent fraud.
C. promote fair and orderly markets.
Answer = A
Regulators help solve agency problems by setting minimum standards of competence, not skill, for agents and by defining and enforcing minimum standards of practice.
CFA Level I
"Market Organization and Structure," Larry Harris
Section 10
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