NO.PZ2018062009000030
问题如下：
To improve his professional skill, Barry, a pension fund manager, decided to participate in the CFA Program recently. In the fund’s prospectus, soft dollar policies are precisely described. If Barry use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program, will he violate the Code and Standards?
选项：
A.He will not violate the Code and Standards.
B.He will violate the Code and Standards because the reasonable use of the soft dollar account does not contain the professional skill enhancement.
C.He will violate the Code and Standards because the CFA Program can not be regarded as research permitted to be purchased with brokerage commissions.
解释：
C is correct.
Based on Standard III(A) Loyalty, Prudence, and Care, if Barry decided to participate in the CFA Program, the related registration and exam fees should be regarded as a personal expense, which can not be covered by the fund’s brokerage commissions. Although soft dollar accounts can be used to purchase research services, the services must directly contribute to the investment decision making process, the educational expense can not be regarded as research.
根绝准则III(A)，如果Barry决定参加CFA项目，那么任何的注册费及考试费都因为自己出，不可以使用佣金的钱。尽管软美金账户的钱是可以用来购买调研相关的服务，但是类似的服务必须直接有利于帮助客户做投资决策，而教育费用不算作类似服务。
Soft dollar 定义是什么？
