Regulations第 55 / 110 题
A representative tells a prospect, "Buy this fund before Friday's record date so you get the $0.40 per share distribution for free." This statement is:
a.Acceptable because the distribution is a real benefit to shareholders
b.Acceptable if the customer is in a low tax bracket
c.Prohibited, because it is selling dividends and misrepresents an economic benefit
d.Prohibited only if the customer holds the shares less than 60 days
解析
The pitch is selling dividends: the fund's NAV declines by the distribution amount, so the investor simply converts part of the investment into a taxable payment. A low tax bracket reduces the harm but does not make the misrepresentation acceptable. The violation lies in the misleading sales pitch, not in any holding period.
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