答案和详解如下： 6、Being able to offer his clients discount commissions on option trades after generating a certain amount of commissions is: A) a violation because commissions on option trades are the quintessential soft dollars. B) not a violation because commissions on option trades are the quintessential soft dollars. C) a violation because it benefits those clients who are inclined to do option trading. D) not a violation because it is a benefit that all clients can share in if they so choose. The correct answer was C) Clearly some of Nagle’s clients will benefit from this arrangement more than others. 7、Which of the following is one of the four requirements for meeting fiduciary obligations with regard to soft dollar arrangements? Commissions: A) paid must be minimized. B) cannot be greater than normal unless the trades being placed are in compensation for a trading error. C) paid must be reasonable in relation to the research and execution services provided. D) paid must be held in escrow for the benefit of the client. The correct answer was C) Commissions paid must be reasonable in relation to the research and execution services provided. This does not imply that trades are always directed to the lowest cost broker. 8、Which of the following is one of the four requirements for meeting fiduciary obligations with regard to soft dollar arrangements? Items purchased with soft dollars must: A) provide a benefit to the firm. B) provide at least 50% of their benefits to the client. C) provide a benefit to the client. D) be tangible. The correct answer was C) Items purchased with soft dollars must provide a benefit to the client. 9、Which of the following is one of the four requirements for meeting fiduciary obligations with regard to soft dollar arrangements? Investment managers must: A) avoid agency relationships. B) fully disclose investment characteristics and risks. C) minimize transactions costs. D) seek the best price and execution. The correct answer was D) Investment managers must seek the best price and execution. 10、Carl Johnson, a large equity client of Madison Investment Advisors, directs Madison to pass along old copies of any research purchased with soft dollars generated by trades in his account to his friend Jacob Wisnewski. Madison receives about ten such reports per year, and, after these have been reviewed in the context of their relevance to Johnson’s account, they are forwarded on to Wisnewski. With regard to this procedure, which of the following statements is TRUE? The research: A) does not provide a benefit to Johnson but may be released to Wisnewski with the permission of the source. B) does provide a benefit to Johnson but may not be released to Wisnewski with or without the permission of the source. C) does not provide a benefit to Johnson and may not be released to Wisnewski with or without the permission of the source. D) provides a benefit to Johnson and may be released to Wisnewski with the permission of the source. The correct answer was D) Since the research received is relevant to and is used for the benefit of Johnson, there is nothing inherently wrong with passing the reports to Wisnewski unless precluded from doing so by the provider of the research. | 
发表于 2008-5-19 14:37
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