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Alex · 2020年06月06日

问一道题:NO.PZ2016040303000014

问题如下:

One of the discretionary accounts managed by Farnsworth is the Jones Corporation employee profit-sharing plan. Jones, the company president, recently asked Farnsworth to vote the shares in the profit-sharing plan in favor of the slate of directors nominated by Jones Corporation and against the directors sponsored by a dissident stockholder group. Farnsworth does not want to lose this account because he directs all the account’s trades to a brokerage firm that provides Farnsworth with useful information about tax-free investments. Although this information is not of value in managing the Jones Corporation account, it does help in managing several other accounts. The brokerage firm providing this information also offers the lowest commissions for trades and provides best execution. Farnsworth investigates the director issue, concludes that the management-nominated slate is better for the long-run performance of the company than the dissident group’s slate, and votes accordingly. Farnsworth:

选项:

A.

Violated the Standards in voting the shares in the manner requested by Jones but not in directing trades to the brokerage firm.

B.

Did not violate the Standards in voting the shares in the manner requested by Jones or in directing trades to the brokerage firm.

C.

Violated the Standards in directing trades to the brokerage firm but not in voting the shares as requested by Jones.

解释:

B is correct.

This question relates to Standard III(A) –Loyalty, Prudence, and Care—specifically, a member’s or candidate’s responsibility for voting proxies and the use of client brokerage. According to the facts stated in the question, Farnsworth did not violate Standard III(A). Although the company president asked Farnsworth to vote the shares of the Jones Corporation profit-sharing plan a certain way, Farnsworth investigated the issue and concluded, independently, the best way to vote. Therefore, even though his decision coincided with the wishes of the company president, Farnsworth is not in violation of his responsibility to be loyal and to provide care to his clients. In this case, the participants and the beneficiaries of the profit-sharing plan are the clients, not the company’s management. Had Farnsworth not investigated the issue or had he yielded to the president’s wishes and voted for a slate of directors that he had determined was not in the best interest of the company, Farnsworth would have violated his responsibilities to the beneficiaries of the plan. In addition, because the brokerage firm provides the lowest commissions and best execution for securities transactions, Farnsworth has met his obligations to the client in using this brokerage firm. 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.

提供这些信息的经纪公司也提供最低的交易佣金,并提供最佳的执行。所以选择这家经纪公司为客户服务是正确的。

但是请问额外提供的信息算不算softdollar呢,那些信息只对其他账户有用,对这个账户没有用。

还是说,如果最低佣金最佳执行就可以不考虑softdollar了?

3 个答案
已采纳答案

王暄_品职助教 · 2020年06月08日

嗨,努力学习的PZer你好:


  • 就算best execution and best price, 依然需要考虑softdollar的问题
  • 这里是因为softdollar没有违反准则
  • 一般来说,manager给broker一笔commission都是集合了自己所有客户的钱,一次性给broker的
  • 所以只要broker返还的softdollar可以为自己的客户服务即可,不用细分具体到哪位客户

-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


Louis · 2021年11月19日

助教老师能贴一下soft dollar的定义么,现在还在考纲里面吗

王暄_品职助教 · 2021年11月19日

@Louis

助教老师能贴一下soft dollar的定义么,现在还在考纲里面吗、

Soft dollar指当投资公司拿着客户给的commission去购买外部服务时:比如投资公司本身公司小,找了外部的交易员帮客户做交易,外部交易员除了做交易,额外返还给投资公司的一些好处,例如research report等,这些叫做soft dollar。只有当soft dollar直接有利于为客户资产做投资,才能收。

王暄_品职助教 · 2020年06月08日

是的

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