答案和详解如下： 16、Springfield Investment Advisors uses soft dollars generated with mutual fund transactions to get software that is only useful for the management of client assets. Which of the following statements is TRUE? This is: A) permissible, since items purchased with soft dollars must provide a benefit to the client. B) not permissible, since items purchased with soft dollars must provide a benefit to the firm. C) not permissible, since items purchased with soft dollars must provide at least 50% of their benefits to the firm. D) not permissible, since items purchased with soft dollars must be tangible, and software is intangible The correct answer was A) This action is permissible, since the software is relevant and provides a benefit to the client. 17、Rochelle Bell is the Chief Investment Officer at a money management company that claims it is in compliance with CFA Institute Soft Dollar Standards. Last year the company had $10 million of soft dollar funds accruing from commissions available but only spent $8 million on research services. This year Bell estimates that the company will have $11 million of soft dollar funds available. Bell analyzes the research services that the firm wishes to purchase and places them into four categories: fully available for soft dollars, mixed usage, not available for soft dollars, and cannot be determined. The total of soft dollars allocated to the first two groups is $7 million, and there are $500,000 of expenditures in the group for which she cannot determine whether they are suitable for soft dollar expenditures. Bell should: A) not allocate any of the soft dollars to this last group. B) allocate $500,000 of this year's soft dollars to this last group. C) not allocate any of this year's soft dollars to this last group, but allocate $500,000 of last year's excess soft dollars to this last group. D) use the 50-50 rule and allocate $250,000 of soft dollars to this last group. The correct answer was A) In cases when the manager cannot determine whether the expenditure qualifies for soft dollars, soft dollars cannot be used. 18、Jason Wariner manages an equity mutual fund and directs trades to various brokers on the basis of their research coverage of the equity being traded. The commissions paid vary somewhat (i.e., he knows that he could occasionally save on the commission by dealing with a broker other than the one handling the transaction) but are believed to be reasonable in relation to the research and execution services provided. With regard to this practice, which of the following statements is TRUE? This action is: A) not permissible; Wariner is not in violation of his fiduciary duties. B) not permissible; Wariner is in violation of his fiduciary duties. C) permissible; Wariner is not in violation of his fiduciary duties. D) permissible; Wariner is in violation of his fiduciary duties. The correct answer was C) Since the research is relevant to the client assets and is used for the benefit of the client, the action is permissible, and there is no violation so long as the value of the research obtained is commensurate with the differential in cost paid. 19、Springfield Investment Advisors uses soft dollars generated with mutual fund transactions to get software that is only useful for the management of the investment firm. Which of the following statements is TRUE? This is: A) permissible since items purchased with soft dollars must provide a benefit to the firm. B) not permissible since items purchased with soft dollars must provide at least 50% of their benefits to the client. C) not permissible since items purchased with soft dollars must provide a benefit to the client. D) not permissible since items purchased with soft dollars must be tangible, and software is intangible. The correct answer was C) This action is not permissible – items purchased must provide a benefit to the client. The firm is responsible for securing assets necessary for the operation of the firm from the firm’s resources. 20、Springfield Investment Advisors uses soft dollars generated with mutual fund transactions to get software that is used 50 percent of the time to assist in the management of client assets. Which of the following statements is TRUE? This action is: A) permissible only if the firm pays for 50% of the software cost with its own resources. B) not permissible since items purchased must provide 100% of their benefits to clients. C) not permissible since items purchased must provide 100% of their benefits to the firm. D) permissible since items purchased with soft dollars must be tangible, and software is intangible. The correct answer was A) As long as the software is used for the benefit of clients 50% of the time it is permissible to pay for 50% of the software with soft dollars. The remainder must be paid for by the firm with its own resources. | 
发表于 2008-5-19 14:54
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