问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，请问为什么不选B？用soft dollar 去报考cfa改善investment skill确实是错的啊，soft dollar一般是用来买研究报告的吧。另外C选项的意思是什么？
发亮_品职助教 · 2018年05月24日
我明白你的问题了，我觉得B确实挺难解释的。
根据他答案的解释，同时查阅了一下协会的soft dollar standards，关于reasonable use找到以下内容，我觉得可以解释一下为什么B是错的：
在判定reasonable use时，一般情况是，products、或者services的某一个部分可以benefit投资者；所以客户只用付这一部分的钱。
例如，公司购买的Bloomberg终端，显然是整体上是benefit公司投资决策的，对于A客户来说，reasonable use是：bloomberg 2%的时间都是为A客户用的，所以A客户的soft dollar可以付2%的Bloomberg费用
Be able to make a reasonable, justifiable, and documentable allocation of the cost of the Research according to its expected usage.
B选项的问题，在于考试不在reasonable use的判定范畴内；而考试直接属于公司的事情。
sunxiaoye2010 · 2018年05月26日
多谢老师！解释的太清楚了，完全明白了！
发亮_品职助教 · 2018年05月23日
C选项就是本题的正确答案。
Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.
他是说案例里的人是违反了Codes and standards；因为CFA不包括在Soft dollar可以购买的research范围内。
Soft dollar是客户的资产，能购买的东西，只能直接benefit客户。
如下，能直接帮助基金经理做投资决策的可以用Soft dollar购买。研究报告就属于这一类，而CFA等教育支出不属于这一类。
Managers must determine whether it will directly assist in the Manager's investment decision-making process.
sunxiaoye2010 · 2018年05月23日
明白c选项了。但是b选项感觉也没错啊，b选项说软美元不能用于去改善投资技能，也就是不能用软美元报考cfa，这么说有错吗？
NO.PZ2016040301000030问题如下Stafforis a portfolio manager for a specializereestate mutufun Her firm clearly scribes in the funs prospectus its soft llpolicies.Stafforcis thentering the CFA Progrwill enhanher investment cision-making skill ancis to use the funs soft llaccount to pthe registration anexfees for the CFA Program. Whiof the following statements is most likely correct?A.Staffornot violate the Co anStanr because the prospectus informeinvestors of the funs soft llpolicies.B.Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount.C.Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions.C is correct.Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research. 这一题我觉得B、C都是错的，为什么是C，求高手解答
NO.PZ2016040301000030 对于这两个概念brokerage commission和soft llar，我有点晕了 brokerage commission是基金经理寻找broker下单时候支付的佣金费用 那soft llar到底是真的付了真金白银，还是只是指broker 返还给的现金或者非现金的好处？
b能再一下么？我觉得这句话很对啊，没有错的地方，为什么不选
今年12月份的二级考试考纲要求soft llar还是必须要披露吗？
Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions. C is correct. Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research. 老师请问，C中的佣金也是soft llar一种吗？