Business Practices第 83 / 100 题
An investment adviser pays an accountant a fee for every client the accountant refers. Under NASAA rules, this arrangement requires that:
a.Nothing be disclosed, because the client pays no additional fee
b.The solicitor register as an investment adviser in every state
c.The arrangement be in writing and disclosed to the client in writing, so the client knows the referral was compensated
d.The referral fee be capped at five percent of the first year's advisory fee
解析
Compensated solicitation arrangements must be documented in a written agreement and disclosed to the prospective client in writing so the client can weigh the referral's independence. Whether the client pays more is beside the point; the conflict itself is the material fact. The rules impose disclosure and documentation requirements rather than a universal percentage cap, and a solicitor is not automatically an investment adviser in every state.
法律依据: NASAA Model Rule免费刷完整 100 道题库 — 无需注册。
同考点相关题目
- A state-registered investment adviser takes custody of client securities. Under the NASAA custody rule, the adviser generally must:
- An investment adviser wants to charge a fee based on a share of the capital gains in a client's account. Under NASAA rules, such a performance-based fee is:
- 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:
- An investment adviser proposes to act as broker for a client on one side of a trade while representing the counterparty on the other. This agency cross transaction:
- An agent's friend asks about the holdings and balance in a mutual acquaintance's brokerage account. The agent should:
- A client loses money on a trade the agent recommended. To keep the client from complaining, the agent quietly writes a personal check covering the loss and tells no one at the firm. The agent has: