Business Practices第 81 / 100 题
An investment adviser directs client brokerage to a firm that provides research reports and also pays the adviser's office rent. Regarding these soft dollar arrangements, the adviser:
a.May accept research and brokerage services that benefit clients within the recognized safe harbor and must disclose the arrangement, but paying general overhead such as rent falls outside it
b.May accept anything of value so long as commissions are competitive
c.Need not disclose soft dollar arrangements because they cost the client nothing extra
d.May accept overhead payments if the client's returns are positive
解析
Soft dollar benefits are acceptable only when they consist of research or brokerage services that assist the adviser's investment decision-making for clients, and the arrangement must be disclosed because it creates a conflict in the choice of executing broker. Payments for ordinary business overhead such as rent, salaries, or travel are outside the safe harbor and amount to using client commissions for the adviser's benefit. Client commissions are a real cost, so the claim that nothing extra is paid is false.
法律依据: NASAA Model Rule免费刷完整 100 道题库 — 无需注册。
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