bcp901

The 2a Soft Dollar example sounds diff from the 2a Original.
2a SD is saying: the client wants you to use a broker you normally don’t use, so you can’t guarantee best execution for the client if you follow her order. You need to get a written statement from the client so the client knows you are suppose to give her best execution but you may not be able to b/c of her instructions which created material change. Makes sense.
2a O sounds like it depends on the time line of this client relationship. If it’s a new client, you need a written statement for disclosure and shouldn’t trade for the account without it to meet SD standards. {if I’m wrong tell me} But if it’s an old client, then you done one before, why would you have to get another letter? Doesn’t make sense so I think it’s false in that case. It doesn’t say you are due for another annual disclosure either.
And this is why ethics is such a pain. Hope they give lots of info so you can make a better judgment call.