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12#
发表于 2013-3-31 12:45
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This one slayed me.
1. B is correct. According to the general principles of the CFA Institute Soft Dollar Standards, TCB has an ongoing duty to ensure the quality of transactions made on its behalf including seeking to obtain best execution.
2. B is correct. Compliance with the Soft Dollar Standards does not absolve Macadangdang of her responsibility to comply fully with applicable law. According to the local regulatory authority, permissible research must include value added analysis. Raw data feeds of historical prices would not qualify as permissible research according to the regulatory agency’s rules.
3. C is correct. According to the Standards, research paid by client brokerage must directly assist the investment manager in investment decision-making. Calamity’s research on structured products will not assist TCB, a long-only domestic equity manager, in its current investment decision-making, but more likely will benefit new product development.
4. B is correct. The Standards require that an investment manager disclose its policies with respect to soft dollar arrangements to both clients and potential clients. The disclosure must address whether trades generating brokerage involve transactions conducted on a principal basis.
5. A is correct. In cases of client-directed brokerage, the Standards recommend that the manager disclose his duty to continue to seek to obtain best execution; the client-directed brokerage arrangement may affect the manager’s ability to seek to obtain best execution.
6. C is correct. In a client-directed brokerage arrangement, the Standards recommend that investment managers request written instructions that restate the manager’s continuing responsibility to seek to obtain best execution. |
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