问题如下：
Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund’s prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program. Which of the following statements is most likely correct?
选项：
A.Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies.
B.Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.
C.Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.
解释：
C is correct.
Answer According to Standard III(A) –Loyalty, Prudence, and Care, the CFA Program would be considered a personal or firm expense and should not be paid for with the fund’s brokerage commissions. Soft dollar accounts should be used only to purchase research services that directly assist the investment manager in the investment decision-making process, not to assist the management of the firm or to further education. Thus, answer A is incorrect. Answer B is incorrect because the reasonableness of how the money is used is not an issue; the issue is that educational expense is not research.
B选项的问题：Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.
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发亮助教之前解释如下：
另外B选项纠结的点在于Reasonable use.
在判定reasonable use时，一般情况是，products、或者services的某一个部分可以benefit某个投资者；所以享受多少好处，客户只用付多少钱。
例如，公司购买的Bloomberg终端，显然是整体上是benefit公司投资决策的，没了终端也不能做投资决策，对于A客户来说，reasonable use是：bloomberg 2%的时间都是为A客户用的，所以A客户的soft dollar可以付2%的Bloomberg费用，
Be able to make a reasonable, justifiable, and documentable allocation of the cost of the Research according to its expected usage.
B选项的问题是考试都不能在research（包括products）的判定范畴内，更不用说reasonable use的判定范畴内；而考试直接属于公司内部的事情。
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请问，考试是公司的事情，确实不是reasonable use啊，那么说is not a reasonable use of the soft dollar account又什么错啊？
是我哪里理解偏了么？
