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Spencer · 2020年10月08日

问一道题:NO.PZ2016040301000002 [ CFA II ]

问题如下:

Which statement about a manager’s use of client brokerage commissions violates the Code and Standards?

选项:

A.

A client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client.

B.

Client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.

C.

Client brokerage commissions may be directed to pay for the investment manager’s operating expenses.

解释:

C is correct.

This question involves Standard III(A) –Loyalty, Prudence, and Care and the specific topic of soft dollars or soft commissions. Answer C is the correct choice because client brokerage commissions may not be directed to pay for the investment manager’s operating expenses. Answer B describes how members and candidates should determine how to use brokerage commissions—that is, if the use is in the best interests of clients and is commensurate with the value of the services provided. Answer A describes a practice that is commonly referred to as "directed brokerage." Because brokerage is an asset of the client and is used to benefit the client, not the manager, such practice does not violate a duty of loyalty to the client. Members and candidates are obligated in all situations to disclose to clients their practices in the use of client brokerage commissions.  

老师请问,为何A选项不会违反Suitability以及其他客户的利益?
2 个答案

Debrah_品职答疑助手 · 2020年10月10日

同学你好,针对你的追问,可以这么理解~

Debrah_品职答疑助手 · 2020年10月09日

嗨,努力学习的PZer你好:


通常brokerage commission是指客户给投资公司的佣金,手续费或者管理费。投资公司可以购买一些外部的research或者寻找外部的交易员去做交易,而购外外部research和付给外部交易员的钱也是从客户的commission里出的。所以这部分commission只要是拿去用于购买直接有利客户的服务,就可以。A选项中这个客户的佣金给他自己买东西,是直接有利于客户的,所以可以。


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能不能明确一下这里呃commission具体指的是什么呢?如果是给funmanager的佣金,为什么不能用于operating呢?谢谢

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c为什么不对

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2020-10-08 07:40 1 · 回答

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2020-05-08 15:42 2 · 回答