NO.PZ2018062009000028
问题如下：
Smith, an analyst in a local asset management firm, covers Brazil equities and directs brokerage to Brazil who pays Smith’s briefing trip to Brazil through a soft dollar arrangement. Smith is not sure that the broker’s execution is competitive and he decides to use commission dollars to pay for his hotel expenses. Does Smith violate the Code and Standards?
选项：
A.Yes, Smith violates Standard III(A) by not knowing whether the commissions charged by Brazil are reasonable and using commission dollars to pay hotel expenses.
B.Yes, Smith violates Standard III(A) only by using commission dollars to pay hotel expenses.
C.No, Smith doesn't violate Code and Standards.
解释：
A is correct.
Smith violates Standard III(A) by not exercising her duty of loyalty to her clients. He should have determined whether the commissions charged by Brazil are reasonable in relation to the benefit of the research provided by the trip. The hotel expenses should not be paid for with commission dollars, which is client's asset.
Smith因为没有对客户旅行忠诚的责任而违反了准则III(A)。他应该确定Brazil提供的旅行是否直接有利于帮助客户做投资决策。佣金不可以用来付旅行的费用，因为佣金依然属于客户的钱。
老师，如果这个broker的execution能力是优秀的呢，是否还能收soft dollar做差旅费？还是commission拿来付差旅费完全不能收？
另外一个问题，真实考试提到code里面具体的条款，是会把名字写出来的对吧？不会只是说“是否违反了III(A)” 但不提具体条款名吧。考生不需要记条款的数字对应的是哪个条款吧？
