问题如下图：
选项：
A. 
B. 
C. 
即使交易商给的价格最好，交易最好，但是没有披露自己从交易商得到的soft dollar。可以吗？
竹子 · 2020年07月21日
嗨，爱思考的PZer你好：
Investment manager通常会把下单这个任务外包给外部的Broker，所以会给broker佣金。其实下单这个任务很简单，基本上所以的brokers做的都差不多，所以为了提高吸引力，有的broker会返还给investment manager一些额外的好处，比如投资报告，投资数据等，来吸引investment manager把下单的任务给自己做。这些额外的好处就叫做soft dollar。这些soft dollar只要是直接有利于investment manager帮助客户投资决策的，就可以收，而且要披露给客户。
-------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
竹子 · 2017年04月24日
要disclose
木木__ · 2019年05月23日
那这题其实是违反了SOFT DOLLAR这一条款的吗 谢谢老师
包包_品职助教 · 2019年05月23日
同学你好，是的，这道题违反了soft dollar这一条款。对于这道题而言，broker提供的soft dollar 不是直接有利于帮客户做投资决策的，所以不应该收。
Yang · 2020年07月19日
你们讨论的soft dollar 指的是什么？
Caroleee · 2020年09月13日
那么答案里写的：It does not matter that the brokerage firm also provides research information that is not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for that information. 这个答案的意思难道不是“因为没有用客户的钱获得额外信息，所以没有关系”么
NO.PZ2016040301000014 问题如下 One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth: A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm. B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. 老师，请问题干是什么意思呀，可以讲解一下吗？
NO.PZ2016040301000014问题如下One of the scretionary accounts manageFarnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company presint, recently askeFarnsworth to vote the shares in the profit-sharing plin favor of the slate of rectors nominateJones Corporation anagainst the rectors sponsorea ssint stockholr group. Farnsworth es not want to lose this account because he rects all the account’s tras to a brokerage firm thprovis Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it es help in managing severother accounts. The brokerage firm proving this information also offers the lowest commissions for tras anprovis best execution. Farnsworth investigates the rector issue, conclus ththe management nominateslate is better for the long-run performanof the company ththe ssint group’s slate, anvotes accorngly. Farnsworth:A.Violatethe Stanr in voting the shares in the manner requesteJones but not in recting tras to the brokerage firm.B.not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm.C.Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones.B is correct.This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. Farnsworth不想失去管理这个Jones这个员工计划账户的机会，因为他把这个账户指定给了一个交易中介做交易，这个中介会给Farnsworth提供很多的信息，这些信息尽管对Jones员工计划账户没用，但是Farnsworth可以用在其他账户上受益。这里她获得的soft llor 是给别的投资交易获利而不是员工计划账户本身 也不冲突吗？
NO.PZ2016040301000014 最后一句话，broker提供了一些无用的信息给投资经理，即使投资经理没有付费给broker这没关系。 我理解了一下这一整段的解析，是不是说要在保证soft llor只要是best excution anbest commission，并且将这些soft llar披露给客户，其他附加信息不管是什么都不违反这条 loyto client? 我理解的对吗？
NO.PZ2016040301000014 not violate the Stanr in voting the shares in the manner requesteJones or in recting tras to the brokerage firm. Violatethe Stanr in recting tras to the brokerage firm but not in voting the shares requesteJones. B is correct. This question relates to StanrIII(–Loyalty, Prunce, anCare—specifically, a member’s or cante’s responsibility for voting proxies anthe use of client brokerage. Accorng to the facts statein the question, Farnsworth not violate StanrIII(A). Although the company presint askeFarnsworth to vote the shares of the Jones Corporation profit-sharing pla certain way, Farnsworth investigatethe issue anconclu inpenntly, the best wto vote. Therefore, even though his cision coinciwith the wishes of the company presint, Farnsworth is not in violation of his responsibility to loyanto provi care to his clients. In this case, the participants anthe beneficiaries of the profit-sharing plare the clients, not the company’s management. HFarnsworth not investigatethe issue or hhe yielto the presint’s wishes anvotefor a slate of rectors thhe hterminewnot in the best interest of the company, Farnsworth woulhave violatehis responsibilities to the beneficiaries of the plan. In aition, because the brokerage firm provis the lowest commissions anbest execution for securities transactions, Farnsworth hmet his obligations to the client in using this brokerage firm. It es not matter ththe brokerage firm also provis researinformation this not useful for the account generating the commission because Farnsworth is not paying extra money of the client’s for thinformation. 老师你好，请问下题目中the slate of rectors这个句子和slate是什么意思？
请问老师 这题主人公获得了SOFT LLOR且没有披露，为什么没有违反相应准则